The Hidden Hassle of Bank Deposits
Most people assume depositing money is simple—just fill out a slip and hand over the checks. But banks make mistakes, and the way we handle payments is changing fast.
While mobile deposits exist, our strongest recommendation is clear: avoid checks whenever possible.
Why ACH Is the Best Way to Get Paid
ACH (Automated Clearing House) payments are the most reliable, cost-effective, and secure way to receive money. Here’s why we’re big proponents of ACH:
- No transaction fees for most ACH transfers
- Fewer errors and delays compared to checks
- Lower fraud risk—check fraud is still a major issue
- Include ACH details on every invoice
- Add ACH payment terms to your contracts
Stay away from Venmo and Zelle for business transactions. ACH is the gold standard for professional payments.
Pro Tip: Still Receiving Checks? Protect Yourself
If your business requires checks, you need a solid process to avoid costly mistakes. We’ve seen firsthand what can go wrong—a client deposited checks at the bank, and they were lost. Luckily, he had copies, which saved him.
Our Recommended Check Deposit Process
- Post payments to receivables if necessary, using the “Undeposited Funds” Account
- Add up the total of all checks/cash
- Make sure you are using the correct deposit slip
- Sign the back of each check and mark “for deposit only”
- Make copies of checks and deposit slip
- Take the deposit to the bank promptly or use mobile deposit on your phone
- Attach the bank deposit slip to your copies and scan/save them
- Upload copies to QuickBooks instead of keeping hard copies
Ready to Streamline Your Payments?
We love helping clients simplify payment processes. Contact us to learn how we can make your small business banking easier and more secure.
