Why BACS Is A Fantastic Option For Your Payroll
It is vital that you manage your payroll carefully, ensuring it is reliable and accurate. This will help you to avoid issues such as failing to pay employees on time or missing pension or tax payments. You can rely on eSlip to handle your payroll for you. We offer several options, including a BACS payment service Colchester businesses can rely on.
BACS is a simple way to send as well as receive business payments in the UK. Money can be debited or credited to UK banks efficiently with the service. It is by far the most popular method, used to make billions of payments every year and involving trillions of pounds. The service is so popular that most people now refer to sending or receiving any kind of electronic payment as BACS.
Why Use It For Payroll?
There are several reasons why businesses choose to use BACS to pay wages, pensions, tax, insurance and more. Firstly it is very easy to arrange secure regular payments. All it takes is setting a date to make the regular payment. As a result you never have to worry about late payments and any potential charges.
BACS is an incredibly fast way to send and receive payments. It only takes three working days for a payment to clear. On the second day the payment is processed by the UK bank. On the third day money simultaneously leaves the sender's account and arrives in the recipient's.
The BACS service dramatically reduces the amount of administrative work that payroll involves, saving the business money. In addition, with electronic payments there is no need to worry about handling cash or sending out or cashing cheques.
Using BACS is also better for the cash flow of a business. The easy scheduling means they know exactly when they can expect money to leave their account. This in turn can make things like forecasting easier.
Our BACS Payment Service
If you want to use this fast, reliable method for your payroll, eSlip can help. We have a wealth of experience and offer a BACS payment service Colchester businesses will appreciate. You can find out more about it on our website or speak to our team directly.