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Don’t ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.
Both Bacs Direct Credit and Direct Debit payments work on a three day cycle, taking three working days to clear. Payments are submitted to BACS on the first day, processed by the banks on the second day, and simultaneously taken from the sender account and credited to the recipient account on the third day.
If your business has grown enough that you can no longer do it all by yourself, how do you go about expanding? Things are simple now, even if they are busy. Looking to bring your first recruit on board is a huge step. It’s also a huge investment in the business.
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