In Small Business
& Personal Accounting.
Ladner Small Business Accounting: Scrap Paper Cheques
Tips for your Ladner Small Business
Here is a great tip in regard to Ladner Small Business Accounting: scrap paper cheques and move to electronic. You might not think something as simple as moving to electronic cheques will have that much of an impact on your business. But just look at a recent study by the CD Howe institute. They are estimating that Canadian businesses in total can save anywhere from $1.6 billion to $4.4 billion by making the move to paperless.
Paperless transactions are the wave of the future. You can even deposit cheques from your mobile device directly into your bank account.
While consumers are quick to move to electronic transfers, Canadians still write about one billion cheques every year and nearly half of those are written by businesses. Is it time to make a change and scrap your paper cheques?
One stumbling block according to the study is age. To make the full crossover to electronic they believe that there would need to be a simple bill payment alternative developed for older people who are used to paying by cheques.
What about issues like fraud? Can electronic cheques be easily duplicated or hacked? How will trends towards paperless effect your business? We’d be happy to take a look at your situation and advise you on where you can save money by going paperless and moving to electronic transactions.
In the meantime check out this article on CBC outlining the CD Howe recommendations.