When it comes to bank payments and someone else doing them or you being in control of bank payments in someone else’s company, surely you’d want someone to also review the payments.

Bank is an entity holding the company’s funds and as they’re used, the company is giving away its resources – being responsible for this process means that you can also be held liable if something goes wrong, if wrong amounts are paid, if wrong parties are paid to and so on. 

Another thing to watch out and ensure you’ve got either knowledge of or approval of, is managing the funds in terms of keeping the company liquid enough. There may be times when paying invoices shouldn’t be done on their payment date, but rather a few days later.

As I mentioned, the bank is an entity, another entity, and as such, you can agree on procedures of how your funds are being used with this entity (limits, persons authorized and so on). It is the bank’s responsibility to ensure that whenever possible and within their power, those procedures are followed. It is your job to define “the who and the how” within this procedure.

Note that giving someone else responsibility means that you’re also more open to risks arising from such distribution of power – access may fall into the hands of someone you don’t want to, someone might use company’s resources for their own benefit and so on. Having adequate overview of bank payments is crucial.