Direct Debit Blog

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Payroll Scheme Efficiency and Billing Cycles: 10 Point Guide to Streamline Your Accountancy Practice

Managing your clients’ payroll scheme helps to keep their cashflow under control but are they inadvertently jeopardising yours?

As a professional accountancy practice, you stick to a strict billing cycle for your PAYE service and rely on payments arriving promptly.

But how do your clients pay you? Standing Order? Cheque? Over the phone by credit card? And when? Yearly? Quarterly? Monthly?

This mixture can only be a recipe for late payments, compromised cashflow, wasted time and admin headaches. But there is a way to streamline this muddled payroll scheme picture with no fuss, no frustration and no financial upheaval.

This guide will show you why the smart money is on Direct Debit and how you can use it to power your accountancy practice forward.

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Chartered Accountants: Customer Loyalty vs Business Efficiency? You Decide

As one of the UK’s army of chartered accountants, you know the importance of healthy cashflow within a business.

And making sure your own clients pay on time for their monthly PAYE services and end of year accounts is a battle you fight hard to win.

Some pay promptly, some need frequent reminders. Some can be counted on to meet your payment terms, others cite their own cashflow challenges for not paying your bigger bill at year-end.

If you’re frustrated by the unreliability of these regular payments and the uncertainty they cause your own bottom line, Direct Debit can lead you and your fellow chartered accountants to victory.

It’s a flexible, reliable and trusted method of collecting from your clients.

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Benefits of Direct Debit for Business, Customer Loyalty & Predictable Revenue

Introducing a Direct Debit scheme isn’t just one more way to collect your customers’ cash: it’s a comprehensive, automated system that will transform your business.

Not only will the benefits of Direct Debit surge through your company, helping everything from cashflow to office clutter, it will catapult your customer service to the next level.

Here we explore how a Direct Debit set-up can have such dramatic effects for everyone.

First, we’ll take a closer look at how it benefits your business, then we’ll focus on your customers.

Brilliant Business Benefits

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10 Questions to Ask Direct Debit Providers Before Streamlining Your Accounting

If your business wants to tap into the power and popularity of Bacs payments, signing up with one of the many Direct Debit providers out there will help significantly streamline your accounting.

They will manage the whole process for you from start to finish, freeing up time, money and resources.

Thousands of UK businesses have already made the move and Bacs statistics reflect this. In 2016, 11 new processing records were set, including:

  • A 3% increase in the total number of transactions processed to 6.222 billion
  • A 4.1% increase in the value of Direct Debits processed to £1.26 trillion
  • A 4.9% increase in the value of Direct Credits processed to £3.52 trillion

Google ‘Direct Debit providers’ and you’ll be faced with a choice of bureaux all promising the best service, the best value and the best security.

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10 Killer Direct Debit Software Features That Will Improve Your Business Accounting

Specialist Direct Debit management software is the key to streamlining your business accounting via Bacs payments services.

Used by Direct Debit bureaux and their clients, as well as businesses who directly submit to Bacs, these software solutions are rich in functionality.

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What Services Do a Bacs approved Bureau Offer?

If you want to gain control over your payment collections, appointing a Bacs approved bureau to manage them for you will revolutionise your accounting systems.

A bureau is a company which directly submits payment instructions to Bacs on behalf of its clients.

Bureaux process Bacs payment services including Direct Debits and Bacs Direct Credits for businesses, charities and organisations who want to automate regular payments and collections.

They do this by either creating and submitting payment files for their users or just submitting files created by the user themselves, charging a small fee per collection.

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What Is a Bacs Payment? A Business Guide

The word “Bacs” is likely to make many people instantly think of payday: over 361 million payroll transactions were processed via the Bacs payment system in 2016.

It appears on millions of UK bank statements as the transfer method for monthly pay and you’ll probably be familiar with it from your own personal accounts.

But beyond the payroll, how else can you use Bacs within your business and how does it compare to other types of payment? How do you set up a Bacs scheme and what methods can it replace and improve upon?

This comprehensive guide to Bacs payment services will explain all you need to know.

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Standing Order vs Direct Debit: How to Automate Payments for Business

Do you rely on Standing Orders to receive regular payments from customers? Do you get frustrated by unexpected cancellations or bounces? Then it’s time to explore Direct Debit solutions for business.

Over 80% of UK adults have at least one Direct Debit and it’s now the preferred payment method for more than half of the population.

Used by hundreds of thousands of businesses and organisations, it’s a flexible, reliable and secure system.

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Direct Debit Solutions: 10 Point Guide To Credit Control & Accounting

A day in the life of a credit controller can often read like a repetitive list of chores: chasing, checking, chasing again. Endless spreadsheets to study, dozens of phone calls to make.

Direct Debits solutions can ease the burden.

In accounts departments around the world, traditional ways of processing payments and managing cashflow are being replaced by hard-working solutions such as Direct Debit collection services.

By outsourcing your payment collections to a Direct Debit bureau such as FastPay, you’ll embrace a whole new way of working.

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Step-by-Step Guide: How To Make The Switch To Accepting Direct Debit Payments

Does your accounting team spend hours chasing unpaid invoices? Are they drowning in piles of paperwork? Is the everyday task of reconciliation taking over their to-do lists? It could be time to switch to accepting Direct Debit payments.

Outsourcing the job of collecting regular payments from customers to a Direct Debit provider can save time and money, improve cashflow, increase security and boost customer service levels.

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