Businesses can now easily plan ahead to avoid missing important payments in 2020, thanks to a new processing calendar published by Pay.UK, the home for Bacs Direct Credit and Direct Debit.
Outlining all of the public holidays throughout next year, the free-to-download guide also highlights the dates when Bacs payments should be submitted, in order to avoid non-processing days.
The calendar is an essential resource if bills and salaries are due to be collected or paid over public holiday periods, including the likes of Christmas and Easter, which can be especially busy times of the year for finance teams, with a higher number of staff traditionally taking annual leave.
At the same time, Pay.UK is also reminding businesses that Bacs payment files can be submitted up to 30 days in advance, helping organisations to plan in advance of holiday periods.
Other top tips for businesses include:
- Ensuring that software reflects Bacs non-processing days. (Speak to your Bacs Approved Software Supplier if you are unsure how to do this.)
- Making sure all staff involved in processing your Bacs payments are given access to a copy of the Bacs 2020 processing calendar.
- Remembering to check your payment submissions, which can be reviewed using the Payment Services Website (PSW). Reports may be received automatically through your third-party software or, if using a bureau, your bureau may check these reports for you. It is your responsibility to make certain these reports are downloaded so be sure you have the necessary processes in place.
The Bacs processing calendar is available to download here