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Post Info TOPIC: Is there an alternative to BACS
tonyleeming


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Is there an alternative to BACS
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Hi, 

Probably a really quick question. 

I have been looking at the payroll aspect and a lot of the independant bureau's that I have seen are approved by BACS, so I was wondering if there was an alternative to this? or actually how do some people manage the payroll aspects?

Thanks, Tony



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Cheshire


Master Book-keeper

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Hi Tony
Some people do standing order, although that gets a bit messy as amounts can change by pennies each month so not the best option. I would say most just do same day faster payments via online banking. Depends on how many staff you have as Bacs is generally for higher volumes.

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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
111 Bookkeeping and Payroll


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Approval by BACS is VERY expensive and runs into thousands to get set up.  As Jo said, faster payments is the best way and the money is usually in the employees account within minutes but they say allow 2 hours.



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John
Cheshire


Master Book-keeper

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Plus you can set up faster payments in advance.

__________________

 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
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