Drawbacks of Cash Transactions in an Apartment Complex
Maintenance collection is like a herculean task that reoccurs every month. It’s in the hands of Committee members who need to certify that each unit in the apartment complex pays the overdue on time.
There are some society members who prefer to make transactions in cash which they think it as a convenient option. Unaware of society management application in Mumbai, cash transactions come with a few drawbacks that are not easy to give the cold shoulder.
Incompetency
It’s so embarrassing that you knock every individual’s doors to collect the dues. There may be few cases where the society members gather to the committee office to make the payments. Then the other time-consuming task comes which is collection and documentation from the defaulters. This is known as incompetence.
It’s so embarrassing that you knock every individual’s doors to collect the dues. There may be few cases where the society members gather to the committee office to make the payments. Then the other time-consuming task comes which is collection and documentation from the defaulters. This is known as incompetence.
Security concerns
If there is cash, then there is security as well. Apartment complex consists of multiple units. Hence, the total number of cash that is exchanged is a substantial sum. This is a very big problem as this will give a high possibility of misguiding or miscounting the amount and an open option for theft too. And when it comes to depositing in bank, how will you carry this big amount of cash? Will you drive around the streets with a large amount of cash? Then you are running the risk for sure!
If there is cash, then there is security as well. Apartment complex consists of multiple units. Hence, the total number of cash that is exchanged is a substantial sum. This is a very big problem as this will give a high possibility of misguiding or miscounting the amount and an open option for theft too. And when it comes to depositing in bank, how will you carry this big amount of cash? Will you drive around the streets with a large amount of cash? Then you are running the risk for sure!
Imprecision
Carrying a flood of cash payments is a very big drawback on the committee members and also to certify that the amount is recorded and harmonized. Not only this much, the worse will happen if the issue extends to cheque payments specially bounced one, this will make bookkeeping long and boring and vulnerable to errors.
Carrying a flood of cash payments is a very big drawback on the committee members and also to certify that the amount is recorded and harmonized. Not only this much, the worse will happen if the issue extends to cheque payments specially bounced one, this will make bookkeeping long and boring and vulnerable to errors.
With tools like Hamari Society, maintenance collections are a piece of cake. It will help you send out reminders for payments and extract defaulters list. Hamari Society, apartment maintenance software in Mumbai, can solve all your payment related problems in a matter of minutes and too very effectively.
With this Apartment Management App in Mumbai, with collection or payment gateway, ledgers are updated automatically with details of the transferred amounts by the member and automated issued payment receipts. This is the best way for treasurer or accounts office to solve all payment related problems in a matter of minutes.
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