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Updated about 8 years ago, 10/14/2016
Favorite way to keep track of receipts for taxes/expenses?!
What is everyone's favorite way to keep track of receipts for taxes/expenses?! Having a hell of a time this year and would love some guidance for next year!
I use Expensify. Sign up for a free account at Expensify dot com and find out if you like it.
I tried Shoeboxed for awhile, but found the UI not great for managing multiple projects from multiple entities. I think for someone with a simpler setup it may work.
Currently I just do Evernote and Quickbooks. It's clunky, but it works.
Ashley Abramson have you tried Dropbox? You can sign up for a free account, download the app, snap pictures of the receipts with your phone, and save.
- Daniel Hyman
@Daniel Hyman Yes I use Dropbox already - maybe that is the simplest. I have heard Shoeboxed too.
2 ways... quicken property management. it's like excel, but presented better. tons of features and a cake compared to quickbooks
receipts - a portable scanner... everything gets filed in special hard drive under year, month, $xx - place of business - date. this way i can find every receipt in 2.6 seconds.
Xero has come out with a self employed version (think it is free or low cost) that makes it super easy to swipe one way for personal and one way for business. Accounts can be linked so transaction shows up automatically and you can attach a snap of the receipt for record keeping. If your accountant is familiar with Xero then at year end they can also access so accurate tax planning can be done before the clock ticks away at year end.
I use propertyware.com. It's relatively inexpensive for what you get. It's property management all in one place. I can easily see expenses by category, by property, what asset each property may have along with its acquisition date and associated asset warranty. I don't have the time, nor am I that great at website building. Propertyware has it built in where you click on a unit for vacancy and it auto rolls out to various publish sites based on the predefined into you've populated. When it comes tax time, everything is organized for you.
Expensify all the way! I just signed up for the $5/month plan. I have been using the free version for almost 3 years. Upgraded to the paid plan to try out the Quickbooks Desktop integration.
We are using Buildium. You can scan paperwork to their cloud.
A big +1 for Expensify. I really like the images included at the bottom of the automatically generated expense reports.
If / when I start using an online property management application I will probably use any functionality that they provide to keep everything in one place.
- Accountant
- Charlotte, NC
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Accountant pro tip: For the love of everything don't give your CPA documents still in envelopes or stapled. I have literally had to spend over an hour just removing staples before. ...and firms charge you by the hour to do your taxes.
Excel, software, organized stacks of receipts. Any of that I can knock out quickly.
Another thing that takes a lot of extra time....is if you give documents, and your own printed summaries. But they don't match. I'd rather you not give me a summary than me have to double check everything on your summary after finding a mistake.
That's just my input from the other side of the desk :)