Employees Access to Business Bank Account??

[Gefruit]

Hi,

I run a relatively small business and at the moment do most of the paperwork myself. We recently acquired another business and became Limited, and now it seems as though I'm getting bogged down with more paperwork such as supplier payments/employee PAYE etc.

I'd like to delegate some of these duties, but obviously this will mean allowing an employee access to the company's bank account.

Im wondering what is the best way of going about this? Is there an accepted method which most companies use? Or is it just a case of trusting the employee, and checking for any strange transactions/payments every now and again??

Thanks for any suggestions you may have.

 

[David Griffiths]

Access in what way? To look at statements and transactions, or to actually be able to log in and make payments without further authorisation?

 

[Gefruit]

To be able to make payments themselves. Otherwise it won't save me any time in the long run. But I'm interested to know what others do in a similar situation....?? Thanks.

 

[Walkol]

We have a system where by one employee sets up the payments, and two others must check and sign it.

 

[James Greg]

This problem is very common and all the banks have solution of these problems. So you contact with you bank, they will very helpful to solve this problem.

 

[Gefruit]

I contacted my bank and the only thing they can do is to change the details and issue a new signatory or to issue a new signatory who can only view the bank statements online.

 

[andygambles]

I contacted my bank and the only thing they can do is to change the details and issue a new signatory or to issue a new signatory who can only view the bank statements online.

Who is the bank?

I know LloydsTSB and HSBC allow you to set-up additional online banking users with different permissions.

In most cases lower level users can set-up payments/standing orders ETC but these are not sent until someone higher up logs in and approves them.

 

[Gefruit]

Who is the bank?

I know LloydsTSB and HSBC allow you to set-up additional online banking users with different permissions.

In most cases lower level users can set-up payments/standing orders ETC but these are not sent until someone higher up logs in and approves them.

Thanks, this sounds just the ticket! But my bank (Santander) obviously don't offer the service! May have to shop around again...

 

[Paul_Rosser]

Santander do offer this service as I've used it with them.

Usually you would have 1/2 smartcard holders, so whilst other staff can login and setup payments until a smartcard holder authorises them it's not processed.

Your business account may need to be upgraded to get this service though.