While the inventory buildup of commercial office space in New Jersey is beginning to diminish for the first time in five years, prices for commercial space in some parts of the state are still falling, according to commercial broker reports. Given that top-line growth is elusive, it is more important than ever that property managers improve operational efficiency to enhance margins, cash flow and overall business performance. By taking advantage of new programs, property managers have a new way of improving back office operations and enhancing their bottom lines.

One way is Check 21, formally known as Check Clearing for the 21st Century, which is designed to enable digital processing and clearing of checks. The law was driven by the Federal Reserve System's desire to reduce the costs of processing checks and delays in the paper system.

With many property managers receiving checks from multiple tenants—more than 700,000 of the state's renters are in properties of five or more units, according to the US Census Bureau—any way to reduce paperwork and increase efficiency is a welcome relief.