Owning a business comes with certain financial responsibilities that go above and beyond what most of us deal with daily. Almost 28 million small businesses exist in the United States. Of those, 22 million involve self-employed individuals without any other employees. That said, a small business is considered a place that employs fewer than 500 people, and more than 50 percent of workers are employed by such a business. A lot of the money in circulation right now is a result of payments from a small business. Managing business checks may sound relatively easy, but it can get complicated fast if you don’t know what you’re doing. Here’s some tips for managing your business payments.
Outsource payment processing
The word “outsourcing” has some unpleasant connotations in some circles. Many people think of it as somehow “stealing” work from people who deserve it and giving it people who don’t, but that’s often both inaccurate and a little offensive. At its heart, outsourcing means hiring someone else to do work for you. And it makes a lot of sense when you’re trying to figure out how to make business payments.
You may take pride in doing a lot of the work of a business yourself. There’s nothing wrong with having pride in what you do, and it’s helpful if you know a little about every job inside your office. But there are times when getting the work done in-house just doesn’t make as much sense as hiring a reputable outside company to do it. For instance, you can obtain check printing services for much cheaper than you realize. Do some research to find a company with a good reputation, ideally one that’s been around for at least a few years. There are many benefits to handing over your check printing services to a place that specializes in that kind of thing.
It means less work for you
Processing your own checks may sound like the “right” thing to do, but it’s often just not that practical. First of all, you have to see whether anyone who works for your company has any experience printing checks. If not, then you have to figure out if you want to train someone or try to do it yourself. Both of those options have their drawbacks, because both take you away from the everyday work of running your business.
Training a new employee isn’t cheap. It costs thousands of dollars on average, though the prices varies depending on factors like how much you pay the employee and what kind of work they’re doing. Once you train an employee, you feel a certain amount of responsibility for them. As a small business owner, you’re already responsible for anywhere from a handful of employees to 200 or 300 employees. It’s not efficient to hire someone to train them just so they can help you print checks and make payments.
When you hire a check printing company, you’re hiring a sense of predictability as much as anything else. You can send over some invoices to the company and trust that they’ll pay them out in a timely manner. You can also trust that they won’t hurry through the process and make silly mistakes. If you make other employees moonlight as check printers, you’re increasing the chances that they’ll get sloppy because they want to get back to their “real” work. For check printing services, this is the real work.
As a business owner, your reputation matters a lot. You can’t afford to develop an image as a company that messes up its payments to vendors or takes too long to pay. Letting another company manage your checks will do more than save time and money. It will also help you sleep better at night.