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Investment Property Bookkeeping

Apartment Building

Rental Property Accounting is Not Sexy

In most cases, rental property accounting is not why people get into real estate investing. It’s admittedly not the sexiest topic. But managing your money well can lead to tax savings, increased rental income, lower expenses, and more overall ROI. Poor money management can lead to overpaying taxes, lost rental income, higher expenses, and low ROI.

When managing a portfolio of rental properties, you will want to ask yourself some of the following questions: how will you manage the constant flow of rent checks, management fees and maintenance invoices?

 

How do you know which of your properties are eating into your profits?

 

Staying on top of your bookkeeping is the solution to safeguarding your business and maximizing your financial performance

Below are the Steps for Setting up a solid Bookkeeping System for your Rental Properties.

Separate your personal and business accounts

 

Set up individual accounts for each property

 

Implement a system for tracking your income and expenses

 

Choose between the cash or accrual accounting methods

 

Take advantage of accounting technology

 

Prepare for fluctuating expenditures

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