this post was submitted on 13 Jan 2024
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Money isn't taken out of the account until the cheque is cashed, for one.
Which makes it harder for people to keep track of their expenses. Which in turn is why "balancing the checkbook" used to be a regular chore for almost everyone and is now a chore for almost no one.
Business owner here. Balanced accounting is still very much a thriving industry and when you're dealing with large amounts of money, net 30 terms or paying with checks means those dollars spend a few more days/weeks in your account accruing interest for you.
Balancing the checkbook isn't a chore anymore not because we don't use checks, but because technology makes the balancing bit so much more automated. I enter one transaction and the software automatically creates the necessary debit and credit entries in my books.