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    03 / 12 / 2014

    If You're Writing Checks, You're Losing Money

    Check WritingThere's a fascinating article in Wall Street Journal's CFO Journal by Vipal Monga about paper check writing in the United States. Some quick quotes from the article about how paper checks are costly:

    "Simply issuing and depositing checks cost U.S. businesses between $26 billion and $54 billion in 2010..."

    "Bank of America estimates that a business check can cost an aggregate of $4 to $20, based on the price of the check and shipping, plus the time employees spend writing, mailing, collecting and reconciling the check."

    Electronic payments have more benefits than simply cutting costs:

    "E-payments 'give us better controls, visibility and predictability in cash management,' said GM Treasurer Jim Davlin."

    AcctTwo clients can use Intacct's sophisticated financial management software to initiate and automate electronic payments via ACH, or they can outsource this function to AcctTwo's specialists and still have full visibility into the process via their dedicated web portal. Here's a link to the article at WSJ:

    U.S. Companies Cling to Writing Paper Checks

     

    If you're interested in how AcctTwo can help your business with this and other financial processes, just fill out our contact form and we will get in touch with you.


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