Thursday, December 09, 2004

Tech companies struggle with Sarbanes-Oxley

Small tech companies are howling as they scramble to comply with the Enron-inspired Sarbanes-Oxley corporate governance act.

Smaller tech firms say the act, designed to prevent accounting fraud, creates busywork that drains resources — and shareholders' pockets. "All of this is really just paper-pushing," says David Anastasi, CEO of business software maker Captaris. "I haven't met one investor that thinks it's a good thing."

The 2002 law affects all public companies. Tech firms with 500 employees or less say they're particularly hard hit because they run fast and lean. They warn of added bureaucracy and stifled innovation. "It's a drag on entrepreneurial companies," says Brian Henry, CFO of Bellevue, Wash.-based Onyx Software.

Tech companies struggle with Sarbanes-Oxley

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