Companies are always looking to decrease costs and increase security when it comes to their bank accounts and checkbooks. SquareWorks Consulting’s Check Printing Bundle for NetSuite (now Advanced Check Printing, part of SquareWorks Automate AP Automation Suite) has proven to be a huge success for organizations looking to switch to printing checks on blank check stock – but when does the investment make sense? How quickly can companies get a return on their investment?
In order to assess the impact of switching from pre-printed check stock to blank check stock, our team did a cost-analysis research for a 5-year timeframe following the initial investment:
The real costs of printing checks:
| Item: | Blank Stock: | Pre-Printed Stock: | Frequency: | Description: |
| Paper | $88.80 | $276 | Per Year | Estimated cost of 100 pages of check stock per month. |
| Printer | $899 | $189 | One-Time | Estimated cost of HP404n printer. |
| Toner | $88.26 | $40.65 | Per Year | Estimated cost of HP404n toner when printing 100 pages per month. |
| Signing Cost (Time) | $0 | $1,625.39 | Per Year | Estimated time spent (in dollars) printing 100 checks per month. |
| Printing Cost (Time) | $2,000 | $4,000 | Per Year | Estimated time spent (in dollars) printing 100 checks per month. |
| Implementation Services | $4,500 | $3,000 | One-Time | Estimated cost to install and configure check printing in NetSuite. |
| SquareWorks Check Printing Bundle Subscription | $1,499 | $0 | Per Year | Subscription cost to print checks on blank check stock. |
Total check printing costs after the first 5 years:
| Year | Blank Total Costs: | Pre-Printed Total Costs: |
| Year 1 | $9,075.06 | $9,131.03 |
| Year 2 | $3,676.06 | $6,131.03 |
| Year 3 | $3,676.06 | $6,131.03 |
| Year 4 | $3,676.06 | $6,131.03 |
| Year 5 | $3,676.06 | $6,131.03 |
| 5 Year Total | $23,779.29 | $33,655.16 |
Based on this cost analysis outlined above, the initial investment in blank check stock is less expensive and returns a greater savings throughout the life of the investment. With these assumptions, companies start to see savings within the first 12 months of switching to blank check stock. Over five years, there is a savings of $9,875.87, as well as savings in terms of efficiency and security.
Contact us today for a complimentary assessment of how printing checks on blank check stock in NetSuite could help your company lower your costs and increase security: info@squareworks.com.