Giving you a
little time for

Talking Cents


Small business accountant in Melbourne tells you why you need to move on from cheques

Almost half a decade back, cheques were still a common form of payment to small businesses. However, it is time to move on from paper cheques! A study conducted by Dwolla found out that it is more costly to write cheques. ‘Costly’ here includes the time spent on the entire process of paying with cheques and labour as well as the process of obtaining a chequebook.

Why should we move on from cheques? Because it saves you time. By accepting cheques as a form of payment, it means you need to wait longer to get paid.

Remember the process when you have to wait for your customer write an actual cheque, going to the bank to deposit it and wait for it to check? If you switch to the Internet banking option, you can almost receive funds and pay bills immediately.

Also, remember the amount of cheques you have to throw away and rewrite because you made a simple mistake while writing? Internet banking saves you from that, and it allow you to reconcile your accounts faster than ever.

From the study conducted, Dwolla identified that customers below the age of 30 years old prefer the online or digital payment options so if you are still using cheques, you are definitely missing out on them. They are people who do not really carry cash around.

Another solid reason for small businesses in Melbourne to go digital with payment methods is the security that they can offer. Cheques increase the risk of fraud. Digital payments, on the other hand, provides more security as it reflects immediate changes on your accounts.

If you are looking for someone to help, contact mas soon! Based in Sydney and Melbourne, we are a group of professional accountants who are passionate in taking off the accounting burden off our clients.

Liability limited by a Scheme approved under Professional Standards Legislation