Category: Finance

Bacs software has still not been fully adopted

Bacs has been around for 45 years now. Despite this history, and its track record of being speedy, easy and secure, bacs software has not been universally adopted by firms and other organisations. It tends to be the smaller outfits who refuse the longest, for obvious reasons. However, instead of making bacs payments, many of these are still paying their bills with cheques or, in some cases, even with cash. This leads to a number of problems and makes for inefficient and even risky practices.

Times are changing, and now the vast majority of financial transactions occur in the virtual arena. The reasons for this are diverse, but speed and security are repeating ones. It is very simple to transfer money with bacs, and because it includes multiple layers of safety measures it is very secure; should you – against all odds – run into a problem, you will almost certainly be insured and protected from any financial impact, unless the issue is unarguably your fault.

Bacs transfers take a maximum of three working days to happen, but the new FPS (faster payments system) is almost instant, and costs no more. Effectively, when people talk about bacs nowadays, they are using it as a encompassing term for electronic transfers, including FPS.

All of this is important for organisations, even the smaller ones who are holding on to cheques and cash. (Although there was an outcry at the time, quite recently the banks suggested that they would be eradicating cheques within the foreseeable future – suggesting the low regard in which they hold them…) No organisation, large or small, wants to have significant quantities of cash on the premises. Furthermore, cheques are time-consuming to write, require counter-signing, and you have no idea when they will be cashed – which can cause cash-flow headaches.

So, if you haven’t already adopted bacs payments for your organisation, now is a good time. So many other outfits use bacs that it smooths the process of making payments – allowing you to budget more easily, and to give time to other areas of your business that are more important. Everything can be automated, and bacs software can even be integrated with your accounts package, streamlining things further. Bacs is safe, secure, fast, and saves you time and money. At a time when every pound is important, this cannot be a bad thing.

Please visit http://www.bottomline.co.uk/ for further information about this topic.

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Recovery audit software: correcting and preventing avoidable problems

Back in the good times it was easy to be a little relaxed about accounting and cash flow. Confidence was strong, credit was cheap, business was easy. But then everything changed and even those firms that were strong on paper found it tough to get a loan, and as the climate changed many found themselves running too close to the wire for comfort. Now, meticulous accounting isn’t a luxury: it’s a necessity. The problem is that glitches still happen; they are almost unavoidable. The good news is that they are not completely unavoidable. An accounts payable audit will tell you where you have lost income in the past – thereby giving you a chance to grab it back. recovery audit software uncovers the vulnerabilities of your systems, allowing you to avoid errors in the future that have already cost you money. One of the biggest accounting errors that cost businesses money is duplicate payments. These occur when, for one reason or another, you end up paying a supplier or client twice. It can be due to real error; invoices can have a dozen or so fields of data and it is quite possible to make mistakes and have two sent through unnoticed. However, there are the cases in which fraudulent individuals exploit holes in your accounting systems and send you two identical invoices, knowing that you probably won’t notice the duplicate.

Duplicate payments are just one frequent form of many different accounting errors. These all add up and can drain the resources of a company – especially at a time when there is very little room for manoeuvre. Real issues can occur if your business is reliant on a large volume of small transactions and has a high turnover but fairly modest profit; in those cases, there is far more room for small errors to aggregate unnoticed, killing your profit margin.

This is why recovery audit software can pay for itself the first occasion you use it. For a small or medium-sized company an accounts payable audit can highlight a five-figure discrepancy – and obviously, the larger your company and the longer the problem has been going on for, the bigger the sum of lost money is going to be. Duplicate payments are just one of the variants of overpayment, but they are very common and you will naturally want to put a stop to them.

Please visit http://www.fiscaltechnologies.com/ for further information about this topic.

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Implementing bacs software will improve the professionalism of your business

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?

Please visit http://www.bottomline.co.uk/ for further information about this topic.

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Bacs software to benefit your business

There is no need for businesses to use up valuable time and physical resources on making and receiving payments these days. Indeed, ever since bacs software was conceived of in the late 1960s, increasing numbers of businesses have been made aware of the savings they can make by switching from payment by means such as issuing paper invoices and cashing cheques, to BACS payments that permit them to do the same job with maximum ease and minimum expenditure. BACS are certainly the way forward now, and numerous vendors can assist the companies who decide to their BACS services.

However how big or small the business, the above company is first and foremost interested in helping enterprises manage their cash flow issues in the best of possible ways. BACS suggests itself straight away as the system that all businesses need to know about, so websites supplying technological assistance with BACS payments should be the initial port of call for a great number of organisations keen to find the answers to questions they have about achieving their ultimate goals of efficiency, security, and optimum control when it comes to dealing with BACS.

Certain payments technology websites will be very enlightening, offering solutions to all sorts of business dilemmas encountered every day by those dealing with their enterprise’s incomings and outgoings. These are the sorts of websites both small and large would be well advised to refer themselves to as they are both dependable and well-established.

Whatever the nature of your business then, be it a commercial, not-for-profit, or public sector organisation, if you need to make and receive payments using bacs software, you really should choose a BACS payments technology provider with ample experience of UK clients. The way in which BACS are managed really will make a difference to your business, not only in the short term but in the long term too. Your customers will expect their money to be handled with the utmost care and will want to know where it is at every stage of the payment process. So, because these customers’ expectations are everything, businesses should be sure to respect them: sure to prioritize their customers interests in order to protect the future of their enterprise.

Please visit http://www.bottomline.co.uk/ for further information about this topic.

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Bacs involves a series of important regulations: make sure you are compliant

bacs, or Bankers’ Automated Clearing Services, is a payment scheme that governs payments in a range of transactions in industries all across the United Kingdom. Bacs payments are processed all the time between companies and individuals, and the scheme makes up a huge proportion of wage transactions for employees. As a result, most business payments need to be processed through bacs on a daily, weekly or monthly basis. This can result in clunky and ineffective procedures, which can slow companies up. Part of this is due to the fact that bacs takes three working days to be processed, which can lead to challenges in accounts payable. Often a top quality bacs software solution is in order.

Bacs software providers can customise solutions to the needs of individual businesses. The potential benefits are numerous, and they begin with the saving of costs on payment processing. It is usually integrated with your company’s accounts system, which helps to boost the efficiency of your payment processes. Accounts payable teams have enough to do, without having to chase down duplicate payments or rectify other errors in the payment system. That is why a dependable bacs solution is absolutely necessary if your business is going to stay competitive. The leading high street banks will be able to inform you about this, and will probably also be able to provide recommendations.

Aside from these basic benefits – that is, making life easier for accounts payable teams and saving on payment processes – there are a number of others. For instance, a quality software solution will give you a tight control over your payments, the upshot of which is that you will be able to comply with the legislation that governs bacs payments. The same factor – your optimised level of payment control – can prove to be a factor in minimising your exposure to the risk of fraud. Whatever answer you go for in the end, it is absolutely imperative that it is fully approved by bacs. Otherwise, you might run into all kinds of problems.

Whether your company is small or big, it could potentially benefit from the use of bacs software. The best solutions from top bacs specialists are likely to remove a number of obstacles to the efficiency, and thereby the success, of your company. bacs payments are a reality you have to deal with on a regular basis, and it would be an error to process them in anything but the most effective way possible.

Please visit http://www.bottomline.co.uk/ for further information about this topic.

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