Processing recurring receipts and payments

It is very common for a business to need to process payments on a regular basis for things like rent, gas, electricity, printers etc. To simplify the process of making these payments business will often use direct debits or standing orders where the payments are collected or sent automatically.

For this purpose some business use a schedule so they know when these payments are going to leave their account. This can be as simple as a spreadsheet to record these payments. In accounting software like Xero it is possible for these payments to be setup as repeating so they automatically get posted to the accounts.

Though there is a danger here that these can get posted without the checks so advisable to have these set to create drafts which can be checked and approved.