Monitoring cash flow

[Tim Alba]

Hello all,

I was curious if anyone uses a tool to help manager cash flow. I was looking at this application: http://pulseapp.com/ but am curious if anyone has any input on the subject.

Thanks,

-Tim

[Account Closed]

Even if you have not purchased one single property yet, you will need  to have a financial software program in place that will keep track of all the expenses you are spending while setting up your business.  

You will want a software program that will grow with you as you grow.  

There is more to it then spending money on just a house.  You will have the following expenses even before you buy that first house.

• Computer for your office
• Printer for your Office
• Phone system in place
• Gas tracking expense while checking out properties
• Mileage tracking 
• Phone expenses for business calls related to finding properties
• Educational courses and books to help you learn the business
• Office Supplies, and this is just a start.  

Once you buy your first rental  you will want to keep track of the following:

• Price:  Purchase of Home
• Expenses:  Closing cost and all associated expenses.
• Repair Expenses:  e.g. paint, plumbing, miscellaneous fixtures, etc.
• Rental Utilities while you work on the property
• Advertising when you are done, and this is just a start

You will want a software program that will keep track of the following:

• Purchase date of property
• Square ft. 
• Year Built
• Taxes per year
• Purchase Amount
• Land break down:  E.G., Lot 25 on the N. W. corner of lambs street

You will want a software program that will keep track of the following:

• Income per building with a break down of each unit inside the building
• Expenses per building with a break down of each unit inside the building
• Rent Roll
• When a tenant is late
• When lease will expire
• How much your tenants security deposit was when move in
• Their move in date
• Tenant Tracker
• Vendor Tracker
• A Profit and Loss Report that is worth it's weigh in goal telling you your total Income less expenses giving you your bottom line any time of the day, time or year. 
• A Balance sheet that will tell you what your net worth is any time of the day, time or year, as of that day. 

I could go on and on telling you the things you will need, but I will sum it up this way.

THE POWER OF QUICKBOOKS will do all of the above and more than you can ever imagine.  It just doesn't get any better than that!

Nancy Neville