Wednesday, December 19, 2018

3 Features That Make BACS Approved Software Quick and Easy

by Editor (editor), , July 10, 2017

The key features of BACS Payments Software that one supplier, AccessPay, offer include:

In today’s economy, maintaining strict control over financial processes and transactions is crucial. In order to transfer or receive payments through BACS Payment services; BACS payments software is needed. Software that has cleared rigorous testing can connect directly to the IP for BACS services for faster payments.

Bacs Approved Software Supplier

BACS approved software suppliers are developers who provide software, hardware and consultancy services to BACS users. Their products and services are evaluated against stipulated requirements and standards.

BACS Payment Solution offers users real-time access along with same-day reporting and tailored workflow processes.

Benefits of being a BACS approved software supplier include:

  • BACS involves you in the plan for future software development
  • Businesses using BACS software are featured on the main website
  • You can use the BACS approved software supplier logo on published material
  • 3 Key Features of BACS Approved Software

    Using BACS Approved software can lead to faster and secure transactions. The key features of BACS Payments Software that one supplier, AccessPay, offer include:

    1. Automated Submissions

    Automated payments are the backbone of BACS Direct Debit and Credit Schemes. With over 150,000 organisations in the UK, automated systems are widely used to disburse salaries and benefits or to manage expenses. For example, 73% of all domestic bills are paid using BACS Direct Debit which shows that this is a very efficient network. Some benefits of the automated system include:

  • The process is streamlined to ensure that all your information can be easily accessed. This eliminates the chances of making errors due to manual entries.
  • Additional costs, such as costs associated with administrative tasks or delays caused due to printed reports, are minimised. All the information can be entered directly into the database with no additional costs.
  • Improved cash flow reduces the number of dues and indemnity claims. This drastically reduces the overall cost in terms of money and time.
  • Customer service is improved, as systems can be adapted to standard procedure in accordance with specific codes.
  • Reports can be sent and received electronically.
  • 2. Cloud-Based Infrastructure

    Keeping yourself up-to-date with all the emails and urgent work often requires you to sit late in the office or work from home. Whether you need to work from home or cater to some urgent query raised by a client, you need easy access to critical software. Cloud-based BACS approved software helps you access the application from wherever you are with a flexible hosting solution. You can upload and submit your files from anywhere and anytime. All you need is an internet connection and you are good to go!

    Some other benefits of Cloud-based tools include:

  • You get the advantage of increased security irrespective of where you are. Data is protected from threats such as spyware and viruses.
  • Business operations are improved drastically as cloud based tools remove your dependence on critical hardware systems. Your data can be accessed from any internet-enabled device.
  • Cloud software is always up to date, thereby saving you a lot of time and effort. Auto backup of data or compiling data in line with the UK Protection Act can help you focus on your customers and other resources, thereby increasing your profitability.
  • 3. Seamless Integration

    Seamless integration offered by efficient BACS approved software for your business can help you manage multiple business applications ensuring data security and integrity. It links the software with any ERP or Payroll software. Through its file agnostic framework, it can also fully integrate with your office system. Some of its benefits include:

  • The information gap is bridged as most of the business processes can be interlinked through automation. This can lead to smooth, timely and reliable flow of information throughout the organisation.
  • Human intervention is minimal, thereby reducing the chances of errors. This makes the whole process flexible, faster and more accurate - giving you added control and visibility for monitoring every aspect of your business.
  • The cost of storing and managing data is drastically reduced which can enhance your revenue.
  • Increased employee productivity due to efficient management and operational processes. This way, your staff can focus on core functions.
  • Customer service is improved as you can avoid delays in handling customer queries. This way you can retain your existing loyal customers and build upon your existing customer base.
  • BACS payments software implemented the right way can help you have a reliable integrated solution for all your business needs.

    About the Writer

    Editor is an editor for BrooWaha. For more information, visit the writer's website.
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