Improve the Accounts Payable Process: Switch to MICR Check Printers

Accounts Payable is a critical function of every business, and it is important that invoices are paid quickly and efficiently. While personal check payments have been declining over the past decade, the majority of businesses still use check payments to pay their bills, according to the Federal Reserve’s 2016 Payment Study. MICR printers can offer these businesses the ability to minimize the risk of fraud and human error, while also saving money.

Before MICR Check Printers: Issuing A/P check payments manually

The majority of Acounts Payable (A/P) departments paying invoices through check payments are still using pre-printed check stock and a laser or dot matrix printer instead of a MICR printer. Those pre-printed checks alone pose some significant risks:

  • Cost – Pre-printed check stock is expensive to purchase, store, distribute and re-order if company information changes.
  • Fraud – A pre-printed check is the easiest instrument to alter or forge.
  • Human Error – Manual processes are vulnerable to mistakes.

After: Automating the Accounts Payable (A/P) check issuance process with MICR Printers

An integrated software and hardware solution created specifically for check printing creates a secure, cost-effective method for printing A/P invoices on-demand while providing control over the entire process. The Accounts Payable printing solution includes CheckPartner Enterprise software and secure MICR printers.

CheckPartner Enterprise combines the data transfer capabilities of the internet and the latest check printing technology to allow businesses to securely print checks with complete control of the process. Our secure MICR printers print static data, variable data and required signatures on blank check stock on-demand in a single printer pass. This combination of software and hardware offers control and visibility for printing A/P check payments on demand, offering greater efficiency for this business-critical function.

Listed below are the benefits of using a secure MICR solution for check printing.

  • Eliminate the need for pre-printed check stock – it save 82% in paper costs alone by switching to blank check stock and check printing technology
  • Virtually eliminate the risk of check fraud – no pre-printed checks to be pilfered
  • Automate a manual check payment process – automation eliminates the risk of human error

Is your company still using checks to pay employees? Save money and reduce the risk of fraud by implementing a secure MICR solution to print the checks. After all, who does not want to save some money and not lose sleep at night over the way they are distributing their employees earnings?

How to Process Small Business Payroll – Tips

Processing small business payroll is done in various ways. Some businesses choose to hire affordable payroll services for small to medium businesses. Other use small and medium business payroll software for the job. Payroll for small and medium businesses is an inevitable task that must be handled on a regular basis. Handling payroll accurately is important to avoid tax issues and keep employees content.

Companies and Individuals Providing Small Business Payroll Services

Most small businesses hire a small and medium business payroll service. Some handle the job in-person and others provide small business online payroll services. It is a cost-effective way to take care of payroll. Hiring a bookkeeper means paying a regular salary and possibly covering the cost of benefits. Using a payroll service is affordable and gives companies access to seasoned professionals.

Payroll for small and medium business managers and employees needs to be properly processed to avoid tax problems. People depend on their paychecks and are not pleased if problems arise. Businesses also rely on payroll services to get the job done correctly.

Small Business Payroll Software

Another way to handle small business payroll is to use specialized software. An employee at the company would be assigned to process payroll. This adds to the tasks covered by current employees and also limits confidentiality.

Using an outside service keeps salary details private and detached from other company employees. Management is often too busy to handle the task of processing payroll on a regular basis. While the software is designed to do the job well, it still takes time and effort.

There are various software packages available in the market that can do the job, companies can train the existing employees on this software packages or can hire part-time consultants to process the companies payroll and accounting.

Other than software packages there are various online services available on the cloud that can also be used as compare to software packages this online services will have low overhead cost because when you use software packages you will have to purchase hardware and there will be ongoing maintenance cost for this, online services pay and use services will be cheaper compare to software packages.

Payroll processing is an inevitable part of running any size company. The earnings of each worker must be documented and processed to comply with labor and tax regulations. A small business payroll service or dedicated software ensure the job is done in a timely, accurate manner.