Bacs software helps make the transfer of funds reliable

Finance officers working for companies of all sizes in the United Kingdom rely on Bacs payments to make their working lives simpler. Storing cash, making repeated and time-consuming trips to the bank, and keeping track of the innumerable pieces of important paper necessary to transfer money is a stressful and needlessly difficult chore. The majority of businesses now use Bacs to pay invoices, salaries, expenses and to transfer funds from one account to another for many other reasons. bacs software has, over the years, made the transfer of money much easier and is often deemed indispensable by accounts departments.

Bacs was invented in the United Kingdom by Denis Gladwell in the late 1960s. The name is in fact an acronym, standing for Bankers’ Automated Clearing Services. It was designed to lower the quantity of paper documents that were necessary when transferring money from one account to another. Since its invention it has been very helpful. In the twenty-first century where you can use touch-screen computers in bank branches and manage your account online from the comfort of your own living-room it is easy to overlook the exceptional success of Denis Gladwell’s idea.

Software which helps to make Bacs payments from one account to another is crucially important for many companies. Not only is it reliable and easy, but it can also hugely assist finance departments in dealing with their auditing requirements. Bacs software makes the financial work of many businesses more efficient and more straightforward. This frees up staff time to get on with more important jobs to improve the business.

Bacs also helps invoices to be paid regularly and rapidly. A typical Bacs payment will normally take three working days to clear. This means that finance officers have to make allowances for weekends and bank holidays. Fortunately, now that so much of the banking and accounting process is computerised it is very rare that a finance department will miss a payment deadline. Online calendars can be used to give reminders and past payments can easily be viewed and collated.

bacs software helps to streamline financial processes at the same time as making them more secure. Accounting and finance management are key parts of a business (enabling it to run smoothly and helping bosses to plan for the future). Bacs has become an integral part of most businesses over the last forty years and Bacs payments remain one of the most popular ways of transferring money between accounts.

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