Thanks to automated teller machines, Web banking and electronic payroll deposits a trip to the bank is becoming obsolete. Nowadays, its seems like the only time you have to go is when you need to deposit a paper check. However, that is now changing for small businesses as well.
In 2003, a federal law was passed giving digital check images the same legal weight as paper checks. That’s when many companies set up programs that allowed them to scan the checks they received from customers and deposit them electronically. Today, thanks to new and affordable check scanners, small business owners can scan their checks into the computer and deposit them via the internet.
Several banks and manufacturers are offering various versions of the check scanners to small business owners. RDM Corporation makes one that also connects to QuickBooks accounting software. Wells Fargo, PNC, Panini, Unisys and Epson also make versions that range in costs from $500 and up. Definitely worth a look if the only reason you need to stop at your bank is to deposit paper checks.
If you need help with small business accounting visit accountingparadise.com or call at 888-284-3821.« Return to all articles