UK firms are encouraged to start the ball rolling early with payroll submissions to avoid 2007’s disastrous consequences, according to reports by the Financial Times.
Last year witnessed countless business owners keeping staff afloat with cash loans after problems with payments made via Bacs left around 400,000 without pay.
Business managers can make a difference by ensuring vital payroll information is submitted as early as possible, at least a two days in advance to avoid catastrophe. Harry Hornby, Managing Director of Bacscontingency, a company working adjacent to Bacs developing standby plans, concurred, adding that the onus rests with management: "Financial directors have a duty and a responsibility to refine their practices to avoid a re-occurrence of last year’s events…Go a day early and be safe."
Bacs is responsible for processing 5.5 billion financial transactions every year, with 1.6% of last year’s payments were affected by the glitch, according to official records.
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