5 Reasons Why Cheque Scanning Is Useful for Any Industry (Updated 2019)

    Feb 20 2015

    Topics: Cheque Scanning

    Virtually every business in every industry is trying to increase productivity and efficiency in the workplace. Cutting overhead expenses, like labour and operational costs, is just as important.

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    Luckily, technological advances are allowing businesses to now use a variety of different equipment and devices to make work easier and more efficient. In particular, cheque scanning is a valuable advancement that can help businesses streamline their accounting operations. Here are five reasons why cheque scanning is useful for any industry.

    Time Saving

    No doubt about it, cheque scanning will save you and your staff valuable time. Photocopying both sides of cheques, manually inputting the data into a spreadsheet, and then taking a stroll to the bank to deposit the funds is a time consuming task and it’s also unnecessary and tedious. All the time you spend on processing cheques manually adds up—and it’s time that could be better spent on other responsibilities. With a cheque scanner, you simply place a batch of cheques in the machine and let it do the rest of the work for you.

    Money Saving

    Cheque truncation allows you to save on the operational costs that inevitably come with the time spent on manually processing, managing, and storing cheques. With a small, one-time investment into a cheque scanning device, you end up saving a lot of money down the road. You won’t even need to spend money on filing cabinets anymore—all the information is virtually transferred to your computer so you save space. You’ll also save on the cost of gas it will take you to drive to the bank every few days to deposit your cheques.

    Remote Depositing

    Cheque scanning has revolutionized the way businesses can now deposit cheques. There’s no need to step into a bank and wait in line to deposit your funds anymore. With a cheque scanner, a digital image is created of the cheque, which is then sent off to your bank in just a few clicks. It’s not only incredibly convenient, but it’s also easy, fast, and best of all, safe. You can deposit your cheques right from your office, without ever getting up from your chair.

    Automated Databases

    The magnetic ink character recognition software utilized by cheque scanners can easily read all of a cheque’s data. Their special document handling feature allows them to read any cheque, even if it has a dark background, unnecessary marks, or multiple colours. All of the information is read quickly and accurately and then uploaded to your computer where it’s saved in a file. In this file, you’ll find a manageable database with data fields automatically created of all the information you might need in the future, such as payee, payer, address, bank number, routing number, cheque number, and amount. You can easily access, manage, and store cheques virtually when you use a cheque scanning device.

    Options for Any Business

    There are many cheque scanners on the market, which means there will be one to meet the needs of different types of companies. If you own a small, medium, or large business, you’ll be able to find a scanner that is perfect for the amount of cheques you need to process and that fits within your budget. Additionally, cheque scanners come with different options to choose from, like document handling, speed, and energy efficient and usability enhancements.

    A Sound Investment

    Investing in a cheque scanner is an easy way to reduce operational costs, increase productivity and cash flow while saving money. There’s no need to manually process cheques anymore. Cheque scanning is fast, easy, and convenient.

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733