Now’s the time to start using online banking
As Australia phases out cheques, BSB and account number payment methods by 2030, it’s high time that churches and not-for-profit organisations start moving away from these outdated payment methods. Treasurer Jim Chalmers has announced that the Australian government will cease using cheques by 2028 in favour of modernising their electronic payment systems. Churches and non-profits must keep-up with the times and embrace this change, not only for efficiency but also for accountability. Let’s delve deeper into why churches should transition away from cheques and start using online banking and accounting software like Xero.
Online banking saves time and reduces costs.
Writing cheques can be time-consuming and costly as it involves manual processing, posting, and reconciliation. Embracing online banking, on the other hand, can streamline the payment process, saving time and resources. With online banking, payments can be initiated with a few clicks, and account reconciliation can be done online in real-time. Paying bills and making donations can all be done electronically and will save your church or non-profit valuable time.
Digital payments allow for greater accountability.
Cheques as a payment method are susceptible to fraud and errors. Paper-based cheques can be easily manipulated or intercepted, which increases the likelihood of errors and fraudulent activities. This is a severe issue for non-profit organisations such as churches, where transparency and accountability are crucial. Digital forms of payment such as online banking are more secure, and transactions can be traced back with ease, ensuring a level of accountability that is required for non-profits.
Xero accounting software keeps records up to date.
Paper-based bookkeeping can be a clinical process, requiring intense concentration and hours of work to complete. Xero accounting software simplifies and automates the entire accounting processes with its cloud-based technology. It is user-friendly, allows for anytime, anywhere access to financial information, and is easy for non-financial people to use. Xero also integrates with other payment systems, including online banking, making payments, and reconciling transactions simple and stress-free.
Electronic payment systems are the future of banking.
The inevitable phase-out of cheques means that electronic payments are the future of banking. By embracing change and transitioning to electronic payment methods, churches, and non-profits can keep up with this change. Finding a strategic partner such as Benkorp that is trained in Xero Accounting software can help your organisation navigate this change with ease and confidence.
It’s clear that transitioning away from cheques and embracing digital payments is a necessary step for churches and non-profits in this day and age. Not only will they save time and reduce costs, but it will also increase accountability in their financial transactions. Xero accounting software is a valuable tool for keeping financial records up-to-date and integrating payment systems, making the entire process more straightforward. Don’t get left behind in this digital age.