Electronic Funding – One Size Does Not Fit All!
Presented by: Dave Greene, CPB, MCSE, MCT
Did you know that Canadians businesses still write about a half billion cheques every year? Scotiabank estimates that when all the costs are counted for processing a cheque, such as the cost of the cheques, employee time, distribution, mail, and then reconciliation to electronic records, the total costs can be anywhere from $9 to $25 to issue a cheque!
However – the number cheques used in Canada has been declining three to five per cent annually as people move to online payments, mobile payments, and tools such as PayPal and Electronic Funds transfers. Payroll is not the only thing paid electronically – we will discuss setting up EFT for A/P and A/R for your firm, as well as ways that you and your clients can increase efficiency by paying suppliers and getting paid regularly by EFT. Why not have the client authorize automatic payment to your account when your invoice is processed?
In this session, we will look at a few methods to streamline the electronic payment process and increase productivity, including:
Bank options – including ADT and Ceridian
Using Integrated EFT file generation software with Quickbooks or Sage 50
Add-On Payroll / AP / AR file creation software, and
Cloud payroll service providers.