Keeping on top of your financial transactions is a must for any business. If things get delayed, not only will your suppliers put you on their black list, but your staff will not be happy, your cash flow will be slothful, and the professionalism of your business will be sullied. Clients will not be impressed with overdue payments. bacs software can prevent all of these difficulties. When your business uses bacs payments, there is much reduced risk of human error. Implementing bacs for your financial transactions mean that payday is something you can tick off your to-do list.
As every good business knows, it’s the details that count. Bacs saves you money in small but important ways. These include the money wasted on stationary such as envelopes, stamps and so on. An electronic system avoids the need for this paraphernalia.
Time savings are even more major, and time is money. Count up the number of transactions your business has to look after: wages, refunds, pensions, dividends, insurance settlements, expenses… the list goes on and on. Each of these requires the preparation, sorting and collating of invoices, cash and cheques. On top of all this each payment has to meet with the necessary remittance advice. All in all, bacs will save you much more than the cost of postage. The associated administration costs associated with a non-electronic transaction system are substantial in terms of time and money.
Cash flow is integral to the fluid running of organisations small and large, and this is something else that will gain from the implementation of electronic transaction systems. As soon as transactions are managed non-manually, the margin for error is much diminished, and eradicates the problem of cheques disappearing. Individual payments are automatically tracked, so you will know precisely when the money leaves your account, enabling you to make that money work as hard as possible. When cash flow is smoother, clients look to you as a professional provider, and you, the payer, will be in the enviable position of being able to negotiate more favourable terms. You’ll also benefit from their recommendations.
The greater control created by bacs extends to all the finer details that can make such a difference to the professionalism your business presents. bacs software produces only a single debit from your account, and payments appear as cleared funds instantly, with the added bonus that payees earn interest immediately. Negotiating potential and early interest are other benefits bacs payments provide. What are you waiting for?
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