According to an article published in The Atlantic, there are more than 28 million checks written in average day. Since 1952, the total number of checks written has exceeded 8 billion. Clearly, check writing plays a very important role for both businesses and individuals alike.
However, while check writing has been an important part of the business world for decades, new technologies have caused the industry to considerably change. Many check writing practices now take place entirely online or with check writing software. Some businesses prefer to use a hybrid system that offers the best of both worlds.
If you are currently the owner of a business, advanced check writing practices may offer a competitive advantage you are currently overlooking. In fact, advancements in check writing software has empowered many business owners to decrease costs and improve their operations. Due to the importance of issuing checks—to suppliers, business partners, and your employees—taking advantage of this technology can make a major difference.
In this article, we will discuss some of the many ways that check writing software can help advance your business. As long as your business is writing any checks, at all, this solution may be worth looking into. You also may want to consider working with one of the many check issuing companies that are currently available to choose from.
Check Writing Technology for the 21st Century
In almost every part of the business world, companies are moving their operations online. Not only does digital checking help your business reduce its carbon footprint (8 billion checks certainly requires a lot of trees), but it also gives you several notable operating advantages.
Check writing software is something that is surprisingly easy to use. With most types of software, all you will need to do is pay the associated fee, make an account, and set up the type of check writing practices that your business hopes to use.
Many online check writing companies also offer cloud-based software that allows you to access information from anywhere in the world. Some even offer an incredibly useful mobile app. Having increased flexibility is undeniably a valuable thing. In order to remain competitive, developers of these technologies are doing everything they can to keep your accounts secure.
Naturally, one of the reasons thousands (possibly millions) of businesses have changed their check writing practices each year is that this is one of the most accessible ways for them to save money. While outdated practices require more cash and coordination, modern check writing practices are easier and more affordable than ever before.
In addition to saving paper (when desired), your business will also be able to save a considerable amount of time and effort. The time you save can then be directed elsewhere, help improve your business’ bottom line even further. Depending on the volume of checks your business regularly issues—for some businesses, this may be as high as thousands of checks per month—the amount you are saving can really add up.
Adaptable and Easy to Use
The best check issuing services will allow you to customize solutions that address your business’ specific needs. The checking solutions that make the most sense for your business will depend on your volume, types of checks being written, and whether you prefer digital or paper checking (or both).
Depending on what check writing software you use, your customization options can be accessed directly from your homepage or online portal. Changing the appearance of the checks, the size of the checks, and incorporating various security features are all different ways your checks can have a much more personal touch. Having the option to print deposit slips and other pieces of financial information will also be quite useful.
Advanced Record Keeping, Superior Decision Making
Another reason why businesses across the world are throwing out their old leather checkbooks—and incorporating advanced check writing software—is that new technologies make it easier to store financial information. With every check that your business issues, the software will create an immediate record. Advanced cloud technology also makes it possible for these records to remain safe in the event that your system crashes.
Having all of this information within reach will be make it significantly easier for your business to accurately do its taxes, create financial reports, and have an ongoing record of your accounts payable. Knowing the exact financial status of your business can help you make superior decisions down the line. For example, if your business had been reminded that a major check (or series of checks) were still outstanding, you may then choose to wait before making major purchases.
Protections against Forgeries
When comparing check software and check writing services, you will naturally want to choose someone that you can reliably trust. However, once you have found someone who is trustworthy, you will actually be much more secure than someone who is issuing checks on paper alone.
The best check writing software will have confirmation mechanisms that make it much more difficult to forge a check and reduces check tampering. Additionally, having an accurate record of all the checks you have written will make it easier to resolve and identify any accounting abnormalities. While the risk of forgery is still somewhat low, this is a form of protection that should be considered essential.
Helping your Business Grow
Lastly, check writing software will be able to help your business grow. This is especially true for eCommerce businesses, who are often dealing with clients, suppliers, and even employees who live on the other side of the world.
Most check writing portals integrate with other forms of software, such as QuickBooks. Connecting your check writing software directly to your digital records will make it easier to scale your business and begin operating on a global scale. Traditionally, the average check would take more than two days in order to be fully processed. Checks that were submitted to a bank over the weekend could take even longer. While there still are some potential causes of delays, online software can help your business immediately deliver.
If your business hopes to remain competitive, you will need to be willing to make a few changes. As your competitors begin to take advantage of check writing software, it will be in your best interest to try and do the same. These services have helped improve, accelerate, and protect the millions of checks that are issued each year. By taking the time to explore your options and compare services, your business will be positioned for success.
For more information about check printing software or automated payments, contact Smart Payables at (720) 287-0030.