At IF we run a weekly BACS payment on a Wednesday. We thought it might be helpful to give a brief overview of how this works.
Our Finance Assisstant, Cassie Watts, carries out the weekly BACS pay run on a Wednesday. This ensures that payments are received into a nominated company bank account by Friday. To make sure an invoice is included in this pay run, invoices and approved timesheets must be submitted to Cassie at email@example.com no later than 4pm on a Monday. This allows time to collate all the required documents and carry out all the processes ready for Wednesdays BACS payment. Submissions received after 4pm on Mondays may mean that the invoice will be held until the following Wednesday.
To summarise, to be included in the BACS payment on a Wednesday the following is required by no later than Monday 4pm: invoice and approved timesheet emailed to firstname.lastname@example.org
We are also proud to be named part of Prompt Payment Code, administered by the Institute of Credit Management on behalf of BIS, meaning we pay our contractors and suppliers on time.
If you have any queries or outstanding questions regarding this, please contact Cassie Watts.