Anytime you are in business, the type and quality of software you use makes a difference. However, when it comes to software that deals with the highest level of security, such as all your financial transactions, it is imperative that you carefully consider the choices you make.
While any software accessing the Bacs system needs to meet very specific criteria, the truth is, not all deliver more than just the basics. So, the question that begs for an answer is, do you want to use a platform that meets only basic requirements or are you looking for something that goes above and beyond what is required by law?
Here is some of what you need to think about when making a decision on the Bacs platform you will be using. It is vital that you get more information on Bacs software from providers like AccessPay before choosing one provider over another for the ultimate in Bacs approved software.
1. Compliance with Bacs Regulations
Of course, your first consideration must be whether or not the software you will be using is compliance with all Bacs regulations. You would think that is a given, but one small lapse could mean a world of difference to the state of your finances, so do the research before contracting or buying Bacs approved software.
Technology is constantly changing and because of this, you will want to know that your software is being continually monitored and upgraded as new threats arise.
2. Ease of Use
You will also want Bacs approved software that is user-friendly. Did you know that at least 90% of salaries in the UK are paid through the BACs system? If you choose the wrong software and aren’t able to transfer funds, make direct payments and access all your financial accounts with ease, you can hold up an entire payroll, which wouldn’t sit well with your staff.
Bear in mind that one of the ultimate goals of signing onto the Bacs system is for streamlining processes. If the software you choose isn’t easy to navigate, you may spend more time learning to use that platform than you would have spent manually entering the data on spreadsheets and in ledgers as you have always been doing. Ease of use is a vital component of any software, but more so in one that deals with financial matters such as accounts payable and receivable.
3. Customer Service
There is no doubt that you will have questions along the way. No matter how easy the software is to use, if it’s new to you, you will have questions. How well and how quickly do you get responses from your Bacs developer? This is why customer service is another important aspect which you need to research prior to buying a Bacs system.
Here again, streamlining processes is of vital importance, so if you hit a bump in the road, you need answers quickly. See what other customers are saying and you’ll know whether or not you’ll get the level of customer service you need and deserve.
4. Interoperability with Your Current ERP Software
When choosing a system like AccessPay Bacs approved software, you can be assured it can run smoothly alongside any ERP solutions you are currently using. Interoperability is critical so that you aren’t continually flipping back and forth between programs, manually adding data which should be automatically drawn forward if the platforms are compatible. And again, streamlining processes is the underlying purpose of choosing the right programs, which are guaranteed to be compatible.
5. Real-Time Access to All Financial Accounts
Finally, the right Bacs approved software can access all your financial accounts and keep running totals all in one central location. This is ideal for companies with international commerce. Whether you are dealing with euros, pounds, dollars or yen, you will want your Bacs software to pull and convert in real time so that you have current totals that make sense.
These are just some of the reasons why your choice of Bacs software matters, but above all is the integrity and reliability of the platform you choose to work with. Small errors can result in huge consequences for your company, so take the time to research the software you are interested in, read customer reviews, and check with the Payment Systems Regulator in the UK to ensure you are dealing with a reputable company.
Your choice of Bacs approved software matters, so never make a decision lightly.