The best business advice, opinion, news and expertise in Greater Manchester and further afield.

Thursday, 15 December 2016

Timely advice from Bacs – plan ahead or yule be sorry!

By Nizam Yusuf – Senior Content Creative and Social Media Manager

Christmas is almost upon us, but it’s not always a time of festive cheer between businesses and their customers – especially when it comes down to paying bills.

A Happy Christmas for all?
Customers have a different set of priorities around this time of the year. Many will be concentrating on buying presents and planning festivities, rather than paying a few troublesome bills that can surely wait until next year.
Meanwhile, businesses are hoping for timely payments from their customers, so that they can shut down for Christmas and relax for few days.
Getting paid on time at Christmas means that a business can return after the festive period and start planning for 2017 straight away, rather than wasting time chasing up late payments, resending invoices and casting a nervous glance over the state of their cash flow.
With most of the UK on holiday until 3rd January 2017, countless payments will be delayed – So what’s the answer?

Direct Debits – regular payments all year round
For many businesses, Direct Debits have made late Christmas and New Year payments a thing of the past.
Customers don’t have to remember to pay automated Direct Debits, so even if they’ve got a Christmas party to go to, the payment still gets made in good time! Allowing the Finance Director and CFO to take a well-earned Christmas break, safe in the knowledge that the business is getting paid on time, and in full.
Having said that, there are some points worth bearing in mind when it comes to Direct Debit payments around this time of the year.

Plan ahead with a little help from Bacs
Bacs Payment Schemes Ltd has sent out a timely reminder this year, asking businesses to plan in advance to avoid payment trouble over the Christmas period.
"During the busy festive season it’s easy for delaying payments, however, with a little careful pre-planning, there is no reason why salaries and suppliers cannot be paid on time even with the seasonal bank holidays." — Mike Hutchinson, Director of Scheme Support & Development at Bacs*

For example, if your business is looking to process accounts payable and payroll payments before the Christmas break, then the last date for submission of payments will be: 

Wednesday 21st December 2016.

Download the processing calendar from the Bacs website: Click Here

Get paid on time this Christmas…
Do you struggle with payments around Christmas?  If so, AccessPay may be able to help. Please feel free to give us a call.

If you already get paid by Direct Debits and Christmas payments have never been a problem for your business, we’d also like to hear from you. If you have any tips or advice on getting paid on time, feel free to share your thoughts with our followers on:

Twitter: @Access_Pay and mention #XmasPayments
LinkedIn: Follow us on LinkedIn
Facebook: Follow us on Facebook


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