Cheques are Only Good for Paper Cuts – Stop the Bleeding!

In the digital age, the use of paper tools has been largely replaced by digital alternatives. However, many condominium corporations and property management companies still rely on paper bills and cheques for payments. This article discusses the challenges posed by paper cheques for condominium managers, such as the inconvenience of obtaining signatures and the lack of real-time tracking. It explores how technology addresses these challenges and why property management companies should adopt digital payment alternatives.

The article identifies three key purposes of paper cheques – control, review, and audit – and explains how digital technology surpasses paper in fulfilling these purposes. It highlights the benefits of digital payment solutions, including enhanced security through Electronic Funds Transfer (EFT), the ability to attach backup documentation for review, and simplified audit processes. Additionally, the article notes the advantages of digital payments, such as accepting emailed PDF bills and utilizing artificial intelligence (AI) for efficiency.

By embracing digital payments, property managers can streamline processes, improve vendor relationships, and comply with legal requirements. Many condo managers have reported that digital approvals save time, allowing them to focus on essential management responsibilities.