Springfords LLP blog

Some news, views and comments about everything and anything, relevant and irreverent.

Cash Gives Way To Cards

21 July 2017
Card and contactless payments on the increase

With more than seventy billion pounds worth of bank notes in circulation in the UK, it’s hard to believe that the age of cash is on the wane. Yet that staggering pile of readies accounts for less and less of all retail transactions, as cards and contactless are gaining popularity.

Loadsamoney! The concept of a back pocket stuffed with cash is as outdated as Harry Enfield’s 1980’s satirical narcissist. These days, looking at your wad of notes is as vulgar a concept as the Plasterer’s attitude to life in general. In the twenty-first century and the more mature enterprise culture, it’s cool to be cool, and cooler still to swipe the card in a non-conspicuous display of wealth.

Back in the day of the XR3i, the temptation was for the mouthy Estuary-English wide boy to be on the job, doin’ up the house for cash, Guv, know what I mean.

It was never desirable then, and now readies are not so readily offered, when the smart money goes on smarter money solutions like cards and contactless payment.

Notwithstanding that more and more of our paper cash is becoming plastic; it’s plastic payment that’s making accounting for your spending a much more straightforward task. Whereas only a matter of a year or two ago, expenses handling meant demanding a paper receipt for every trivial transaction, and resorting to the resolve-weakening task of entering all those receipts into your chosen ledger; nowadays almost the whole process can be easily automated.

The truly smart way to make this revolution work for you is to use a card dedicated to your business spending, and, even without the hassle of a pocketful of paper receipts, your account statement can detail every transaction. Marry that with any number of software packages which photograph your receipts and sends them into the cloud for us to collect, and your bookkeeping all but does itself.

That’s good news for you, because it keeps your admin to a minimum; and it means Springfords accountancy service can give you even better value, as you can use your readies to call on our expertise for the more important aspects of your business other than the mundane compliance work.

A word of caution though, from that pop chart character from early 1988. No matter how baggy your trousers were when Harry Enfield peaked at Number 4 there was a limit to how much cash you could stash in your back pocket. A plastic card, tethered to your bank account, effectively puts all your funds in your pocket, all the time. Even most comedians turned songwriters agree it’s madness to have trousers that baggy.

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Some news, views and comments about everything and anything, relevant and irreverent.

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