bacs payments have been around for a long time and bacs software has become an integral part of the process of transferring money between accounts. Bacs stands for Bankers’ Automated Clearing Services, although this full name is rarely used now. The acronym, like the Bacs process, is far more convenient. The Bankers’ Automated Clearing Service was conceived and developed in the United Kingdom in the late 1960s by a man called Denis Gladwell. Since then it has become immensely popular as a means of making payments and managing accounts both with businesses and with the wider public.

One of the biggest advantages of using Bacs is that there is far less paper to worry about and to keep track of when you are attempting to transfer money between bank accounts. Bacs is efficient and easy. These traits have made it a very convenient method of settling invoices, paying salaries and paying the other assorted expenses that are a frequent part of business life. It has also significantly reduced the need to store substantial sums of cash to meet future expenses claims and has also greatly reduced the amount of time that a business’ employees have to spend tracking down and storing the paper documents needed to carry-out their transactions at the bank. This makes for a much happier and more productive workforce, because people are able to get on with other more interesting work to develop and improve the business.

Nowadays, many people in accounts departments make relatively few trips to banks and the same is increasingly true for individual customers. A large proportion of banking these days is done online. Using your knowledge of key details of your account (such as the account number and the sort code) and remembering passwords and security information enables people to conduct their banking business over the internet. This means that they are able to access their account information twenty-four hours a day, seven days a week from the comfort of their favourite armchair in their living room if they so wish. This means that bacs payments can now be planned and arranged much more easily. It should, however, be remembered that the bacs system does not make payments instantly, but normally takes three working days.

Bacs payments were an excellent invention and bacs software enables these transactions to be processed smoothly and securely. bacs may one day be superseded by another invention, but members of accounts and finance departments will always be grateful to Denis Gladwell.

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

http://www.bottomline.co.uk/

4d235ee253372

« »