More deadline fears for BACSTEL-IP
Too many small businesses still not taking the BACSTEL-IP plunge
Too many small businesses still not taking the BACSTEL-IP plunge
Over one-third of small businesses have no plans to meet the deadline for switching to the new online BACS system at the end of the year, despite widespread knowledge of the new payments platform, according to a new survey by BACS Payments Schemes.
Link: Crunch time for BACS users
The current BACS system will be switched off on 31 December 2005, and users are required to switch to the new online system, BACSTEL-IP, before the deadline – or risk direct debit or payroll failures.
Four out of 10 small businesses that have heard of BACSTEL-IP are unaware that December is the date when the process needs to be completed.
And one-quarter of respondents are looking to leave the switch to the last minute.
Mike Hutchinson, marketing manager, BACSTEL-IP, said: ‘The small business market makes up about £500bn of the UK’s GDP and it is vital that this crucial sector starts planning now, as there are only a few months until the migration deadline. Unless companies instigate plans to migrate straight away, they may well have to resort to making wage and other payments using cheques or even cash.’
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleEY adopts Polygon's blockchain for contract management, aiming to enhance security, efficiency, and transparency, setting a new industry standard and ...
View articleFrom achieving new efficiencies to improving accuracy and streamlining compliance, intelligent automation systems are helping accountancy practices ma...
View articleHMRC's MTD ITSA pilot, launching on 22 April 2024, aims to modernize the UK tax system by requiring digital record-keeping and quarterly updates for s...
View articleThe shift to cloud-based accounting marks a significant transformation, enhancing efficiency, collaboration, and data security, and setting new standa...
View articleThe key question facing finance leaders is not about whether they should be strengthening their digital capabilities. That is settled. At AICPA & ...
View articleEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOn February 28, Xero became the latest accounting technology provider to launch a new AI assistant. ‘Just Ask Xero’ or JAX was announced a...
View articleThe findings from the Azets Barometer January 2024 survey highlight a concerning ‘blind spot’ in the cyber security posture of UK business...
View article