Using bacs software for all your business’s financial transactions gives greater reliability to your operations, a more fluid cashflow and makes instant cost savings on apparatus such as cheque stationary and postage costs. Bacs can be used to pay wages and salaries, for supplier payments, refunds, pensions, dividends, employee expenses and insurance settlements, covering all expenditure requirements of any size of organisation. What is more, bacs payments benefit both payer and payee.
For the payer, bacs reduces on administration costs and time spent banking. Sorting, preparing and collating cheques is a time-consuming task, not to mention adhering to relevant remittance advice – whereas using bacs to make and authorise a payment is simple and inexpensive. Bacs payments also give the payer greater control over cashflow management, so that the payer always knows precisely when the payment leaves their account. Thanks to this always up-to-date information, you can make your money work for you right up until the moment it leaves your account.

By generating only a single debit from your account on a specified date, the need to track individual payments is obviated. As well as cutting down on reconciliation, bacs payments improve efficiency and put you, the payer, in the position of being able to settle more favourable payment terms.
As a payee, bacs software makes your life much easier. Organisations that pay using this system tend to pay earlier than those who do not use bacs. They also tend to be more reliable, as they rely less on more fallible human handling of payments. On top of being reliable, its is more secure than cheques and cash, which are more likely to go missing.

Like the payer, as a bacs payee you will save time handling and banking cheques and cash – with bacs, the money goes straight into your account electronically. Cashflow is smoother, as payments instantly appear as cleared funds, ready to be withdrawn directly. And all this time-saving means you’ll earn interest earlier, too.

In conclusion, bacs software can really provide you with dependable solutions to slow financial transactions, greatly reducing the margin for error, easing cashflow and saving time. For both payer and payee, bacs payments are faster and smoother, which leads to other benefits, such as negotiating potential and early interest. To make the most efficient use of your finance resources, bacs provides a solution and more.

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

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