Whether your company operates in the private, not for profit or the public sector, the chances are its payments systems need streamlining. Indeed, where such different areas of work come together is in the simple fact of their need to make and receive payments. As of 1961, when Dennis Gladwell invented the Inter-Bank Computer Bureau, the way in which the payments process is undertaken has been nigh-on revolutionised. More efficient than any previous method of administrating incoming and outgoing sums, Gladwell’s invention later became known as bacs, (an abbreviation of ‘Bankers’ Automated Clearing Services’ that has now evolved into ‘Bacs Payment Schemes Limited’). It goes without saying, the speed with which BACs payments can be processed is impressive and has undoubtedly helped us see the death of the cheque: direct debits and credits that use BACs take only three working days to clear. We may recently have come into an era in which instant transfers can be set up for moving money from one online account to another but because this way of operating is impractical and costly for businesses to take up BACs payments and BACs software still represent the working scheme of choice.
BACs is just as relevant for businesses to know about as the details of BACs payments in themselves. While BACs’ efficiency is guaranteed, BACs software adds that additional level of security that consists of protecting financial data and the personal data of a company’s employees and clients. Using the software can also bring with it the benefit of setting up a kind of financial calendar in which dates are matched with information regarding which payments need to be made each day and to whom. A piece of software that wields such organising influence really is worth buying: it will help secure the long term success and reputation of a business because BACs software helps prevent delays by submitting payments at the right time and place.
Payments software can be of particular benefit to small or young businesses who cannot afford the luxury of employing an accounts team. Beyond this, the software can often be more accurate and efficient than your average accountant so investing here leads to a win-win situation. Altogether, learning more about BACs payments and BACs software will ensure the long term goals of your company are met as far as possible. Electronic bacs assistance removes many stressful administrative processes.
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