When it comes to bank payments and someone else doing them or you being in control of bank payments in someone else\u2019s company, surely you\u2019d want someone to also review the payments.<\/p>\n
Bank is an entity holding the company\u2019s funds and as they\u2019re used, the company is giving away its resources \u2013 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.\u00a0<\/p>\n
Another thing to watch out and ensure you\u2019ve 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\u2019t be done on their payment date, but rather a few days later.<\/p>\n
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\u2019s responsibility to ensure that whenever possible and within their power, those procedures are followed. It is your job to define \u201cthe who and the how\u201d within this procedure.<\/p>\n
Note that giving someone else responsibility means that you\u2019re also more open to risks arising from such distribution of power \u2013 access may fall into the hands of someone you don\u2019t want to, someone might use company\u2019s resources for their own benefit and so on. Having adequate overview of bank payments is crucial.<\/p>\n","protected":false},"excerpt":{"rendered":"
When it comes to bank payments and someone else doing them or you being in control of bank payments in someone else\u2019s company, surely you\u2019d want someone to also review the payments. Bank is an entity holding the company\u2019s funds and as they\u2019re used, the company is giving away its resources \u2013 being responsible for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-5044","post","type-post","status-publish","format-standard","hentry","category-1-1-cash"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/5044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=5044"}],"version-history":[{"count":1,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/5044\/revisions"}],"predecessor-version":[{"id":5045,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/5044\/revisions\/5045"}],"wp:attachment":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=5044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=5044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=5044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}