Pitfalls of Cash Transactions in an Apartment Complex

Maintenance collection is a task that recurs every month. Committee members need to ensure that each unit in the apartment complex pays what is due and is done so in a timely manner. This is a long undertaking in itself. However, in many cases, these transactions are made in cash. While this is convenient in many cases and helps clear any immediate payments that need to be made, cash transactions come with a few pitfalls that are not easy to ignore.

Inefficiency
The time of maintenance payment sees a lot of activity within an apartment complex. Often, the committee members have to knock on individual doors to collect the dues. In other cases, the residents flock to the committee office to make the payments. Payments also need to be eventually collected and recorded from the defaulters. This takes up a lot of time from the committee member’s schedule.

Safety concerns
One of the main concerns with cash transactions is safety. When there are multiple units within an apartment complex, the amount of cash that is exchanged is a considerable sum. This opens up the possibility of misplacing or miscounting the amount. It also makes it open to theft. Further, the cash collected needs to be physically deposited in a bank. Driving around the streets with a large amount of cash can even put you at risk.

Inaccuracy
With an influx of cash payments, it falls on the committee members to ensure that the amount is recorded and reconciled. In an absence of an automated system, it has to be done manually. This leaves room for human error. The issue further extends even to cheque payments. In case of a bounced cheque, bookkeeping becomes long and tedious and prone to errors.

With tools like ApnaComplex, maintenance collections can be made almost effortless. It also sends out reminders for payments and draws out a defaulters list. ApnaComplex also offers a one of a kind and convenient Collection Gateway where members can do a NEFT/IMPS transfer of their maintenance dues to a unique “Account Number” issued by ApnaComplex. With Collection Gateway, ledgers are updated automatically with details of the amount transferred by the member and payment receipts are issued automatically. This eliminates the need for cash transactions and manual effort by the treasurer or accounts office. Going cashless has never been easier!


go cashless

6 Reasons Why A Cashless Society Is Here To Stay

With the new cashless wave gaining momentum in India, societies all over are adopting various ways of doing their bit to forward this initiative. Here’s why everyone should go cashless starting from today –

 

(Firstly, to avoid this…)

go cashless

 

  • Track dues and payments automatically

Now, Indians will make payments for most purchases/liabilities online. Automatic withdrawal and payment from connected accounts are also an option. So, there are no dues pending at the end of every month and that gets ticked off your to-do list instantly, without even having to make a confirmation.

go cashless

 

  • Cloud-based auto sync in real-time

All transactions are updated in books online and accounts are kept up-to-date after every transaction. Even people not so good at math will like this number game. Going cashless isn’t so bad after all.

go cashless

 

  • No long queues to wait around in

Queues that move quickly are a crowd favourite. A place where personal presence is optional is looked forward to by everyone, not just by introverts. Anyone who can’t be at a particular place at a specific time would appreciate such a development.

go cashless

 

  • Countrywide acceptance of this stance

This line of thinking will be eventually accepted and put into practice all over the nation. So, purchasing most things gets easier when done directly using an e-account.

go cashless

 

  • Chances of robbery & theft are low

When there isn’t enough to rob, why would someone painstakingly make the effort to break in and steal? Travelling outstation also gets easier since staying connected with your funds becomes more flexible. This is a great move for tourists looking forward to exploring our country.

go cashless

 

  • You can’t get lazier than swiping a card / pre-storing payment details just ONCE!

There will be no such thing as overusing your card, especially during difficult times. Swipe it for a purchase and you’re good to go. No more hunting for change in your pocket / wallet / bag / other nooks and crannies they managed to slip into. Added bonus: It just adds to your laziness. Now, who would want to go against that?

go cashless

 

But, a move like this cannot be taken for granted. Regular monitoring of one’s own funds is the primary reason for this move to be able to thrive. You can check your account details online without the hassle of visiting the bank by visiting the website provided by it instead. The web and mobile applications made available by banks equip you with another option to go cashless.

 

Let’s make a conscious and informed effort towards having a cashless society.

 

Going cashless in your society is easy with Collection Gateway by ApnaComplex. Try it here. Go cashless today!