Hi Marina
Is this actually BACS (which is a volume driven facility) or same day payments? Two different things (in how to process and timescales for processing).
I would suggest you speak to the Bank - they can build in appropriate authorisations alongside your online Banking facility (although you may need to upgrade the online facility eg if using standard NATWEST online you may need to get their Bankline facility - care ask them before you upgrade).
They can build in as many levels as you require - you can have someone inputting but completely unable to actually 'pay' with the then pay authoirisation coming from eg a directors. Or you could have two people to authorise all payments. In part depends on the Bank mandate you put in place and then what is required via the online service.
You may even need to consider changing the actual Bank mandate to suit your needs.
By the way - Im speaking from having put such in place when I worked in Banking for 28+ years!
Welcome to the forum!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I would run an outstanding creditors report up to a certain date and get your Director to tick off what they want to pay and then pay them. On your next run the ones un-paid will appear again.
Ha, I clearly had my ex Corporate Banking head firmly on! Although I would suggest you still do something via the online banking system as that provides the internal control you need - then it covers you if there is ever an accusation made and covers the owner as staff cant be stealing from him. Win win and easy to sort, even for small one off payments (or you can just alter them for different financial levels eg one to sign up to £500, two over etc!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
We use bankline and it has a £30000 cap on any days payouts and you can set each individual payee to what ever level you want to prevent over payment. I'm pretty sure this can also be set to alert the account holder as well.
Hi Steve
Bankline, the full version is very good, and you can build in all sorts. There are different levels of Bankline depending on how simple or complex you want the product to be. Mind you, if you are only dealing with NATWEST staff at business centre levels they might not have the knowledge or expertise to advise you, but you can push for an expert that can sort you a version that the top corporates have, or like I say anywhere in between. I've had Directors authorising payments from up in the mountains on ski trips, cos that's wheat they wanted!! Sounds like you have what you need Steve. It's also good for pulling reports into cvs and links very nicely the various Sage products eg Bank statement uploads etc. god I'm sounding like a Natwesty again. Oh for the good days before Fred the Shred and RBs lack of controls.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
