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Financial software is an essential part of any company's IT set up. However 12% of UK companies have suffered a failure in them in the last two years.

The survey was of a 1,000 firms. Failures ranged from producing the wrong information to whole systems crashing. Widespread dissatisfaction was also found over quality of financial software.

The Institute of Chartered Accountants in England and Wales found the most expensive products generated the most dissatisfaction. Poor product support was the most common reason.

Even if a system only gives incorrect information, this can have an impact on confidence. Additionally the increased number crunching and regulatory regime makes accurate reporting essential.

It would be useful if the companies producing the software could understand the importance of detecting and removing faults before the customer finds them as defects. The need for proper software testing never seemed clearer.

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