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No Check, Please!

October 26, 2012

Michael Profile Pic v2In a day and age where people pay with their
phones to get their morning coffee, it’s sometimes hard to believe that writing
checks at the grocery store was once an everyday occurrence and not just an
incredible headache (if you are the person behind the check-writer in line). It
is almost strange to think that once most people carried their checkbooks in
their wallets. And that once upon a time automatic deposit was a revelation…and
a bit scary.

But not now—and not for the next generation
of CEOs. Forget automatic deposits. Forget paperless file storage. This new
generation of CEOs are on to something far bigger—check-less businesses.

W. Michael Hsu, founder and CEO
of DeepSky, an outsourced accounting services boutique, has built his entire
business around his virtual, paperless team of accountants.  And the 28 year-old Hsu, who has never
written a paper check for his business, will only work with companies willing
to move their entire operations to Bill.com.

Michael is a forward-thinker, for
sure, but he is far from alone. As a new generation that works more on their
phones than at their desks emerges, paper simply isn’t practical.  Michael has geographically dispersed employees
and clients. Writing paper checks just wouldn’t make sense for anyone as it
would involve Fed-Exing checks, having paper stock in multiple locations, and many
more small but significant logistical challenges.

Michael tells a great story of a
client team desperately trying to track down a CEO to complete a transaction as
soon as possible. They finally found the CEO and he was able to access and
approve the transaction in time—and from a line at Disneyland. In a paper-based
business, this just wouldn’t be possible.

Business today is conducted
everywhere at any time. I know, as a CEO myself, if I want to cut a check, I
want to be able to do it wherever I might be, and I don’t want to wait around
for paper stock to get Fed-Exed to my hotel room. If you think about it, we
live in a digital age, why are we still manually writing checks?

So kudos to Michael and this new generation of CEOs for leading their way. They
represent a revolution in how business is being done. And, yes, as I have said
before and firmly believe, the revolution will indeed be paperless.

Learn more about Michael in our upcoming webinar "The No-Check CEO" on Nov. 1. You can register here.

– René Lacerte, CEO and Founder

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