Every day, countless individuals write checks to cover their expenses. Digital technology has made writing checks easier. Among these innovative solutions, the cloud-based platform simplifies process of printing checks and personalize various parts of a check to fit the branding requirements. This blog will discuss how the cloud-based platform transforms financial management for property management companies.
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Why is it Important to Understand the Basics of Checks?
Knowing various components of a check ensures financial accuracy and security. When writing a check, double-check all the information to ensure that the payment goes to the right person or organization and to prevent errors in processing. If any of the information on your check is incorrect or missing, it could result in the check bouncing. The following details are essential for check to be processed accurately.
- The name of the individual or business receiving the check
- The address of the recipient of the check
- The date on which the check is issued
Primary Components of a Check
Drawer: This is the individual who drafts the check and holds the account from which the money will be taken.
Drawee: The financial institution that is expected to disburse the amount to the payee.
Payee: The person or organization who is expected to receive the funds.
Check Number: The number usually appears in the upper and bottom right corners of the check and is used to identify each payment and prevent fraud.
The Date: It indicates when the check was written. Postdating a check means that recipient cannot access the funds before the specific date.
The Amount to be Paid: You need to write the payment amount in two places on the check. It can be written in numerical format in one area and as words in the other area.
Memo Line: Here you can mention the purpose of making payments.
Signature Line: Confirms that the person holding the account has authorized the transaction.
Account Number: It points to the exact account from which money will be taken.
Routing Number: These digits help to identify which financial institution holds the checking account.
Four Ways Property Management Firm Can Benefit from the Cloud-based Platform
- Efficient financial administration is vital for property management organizations, and issuing checks plays an important role in this. OnlineCheckWriter.com – Powered by Zil Money lets property managers simplify their financial tasks by printing checks from any location.
- Firms can print checks instantly on blank check stock or plain white paper. Thanks to the Check 21 Act, checks can now be printed using any regular printer. Opting for blank check stock is cost-effective as it reduces the check printing cost by 80% compared to ordering pre-printed checks.
- Property management companies may have unique branding and design specifications for their financial records. OnlineCheckWriter.com – Powered by Zil Money, lets you design unique checks that suits with the needs of firms. The drag-and-drop design feature from the cloud-based platform allows to easily add your logo, background images, and font style of your choice.
- Security is crucial when it comes to handling financial matters, particularly when there’s a significant sum involved. Positive Pay feature from OnlineCheckWriter.com – Powered by Zil Money enables you to notify your bank in advance about the checks you’ve issued.
- Consequently, your bank will only process checks that you have previously reported to them. Financial institutions often employ this feature to safeguard their funds against fraudulent transactions.
- A payment is approved when the check number, account number, and amount of the issued check align with the check submitted for payment. Any checks that do not match are sent back to the issuer.
Other Payment Options for Property Managers
ACH/Direct Deposit: The platform offers quick and affordable ACH transfers. Its recurring ACH option allows you to make regular payments to recipients or collect payments from clients before the due date.
Wire Transfer: OnlineCheckWriter.com – Powered by Zil Money allows you to initiate wire transfers within the country and across the borders at low fees. It is mostly preferred for making large value-transactions.
eChecks: Electronic checks are modern alternative to traditional paper checks. The platform allows users to send and receive eChecks via email or text as one-time printable PDF.
Mail Checks: Easily send checks by mail on the same day with OnlineCheckWriter.com – Powered by Zil Money at a competitive rate. This price covers both postage and paper fees. The software will handle printing, labeling, and mailing the check on the same business day.
Advancements in technology have made the check-writing process more convenient. Modern solutions like check printing software simplify the check creation process by allowing to automatically fill in the required details. Automation ensures that details are filled out correctly and properly completed. The additional features like batch processing and customizable templates enhance financial management.
Furthermore, the check printing software’s integration with accounting software simplifies the tracking and reconciliation of payments.
