Are you Ready for the Changes to BACS?

The current BACS (Bankers Automated Clearing Service) will be discontinued in December 2005. At the time of writing around one third of small businesses have yet to make plans to meet the deadline.

The replacement BACSTEL-IP is a completely new internet-based method for making submissions and collecting reports. The new system promises faster transactions than its predecessor. Banks and suppliers of BACS-approved software have already converted many businesses but there are many that still need to upgrade their software and packages must be approved through the BACS approved software service (see www.bacslimited.co.uk). There are more than 20 suppliers but your choice is likely to be heavily influenced by your business bank.

So if you don’t want to be in the position of having to make wage and other payments by cheque or cash come the end of the year then you need to take action sooner rather than later.