Rental Property Investor · North Syracuse, NY · Member since 2018 · 30 posts · 32 votes
I'm looking to invest in my education in accounting. I have an ok/mediocre idea of what I'm doing. I'm extremely organized and precise with tracking income & expenses on an excel spreadsheet. I've read "The Book on Rental Property Investing" and adopted the excel format that matches the Schedule E (form 1040) form you fill out for tax time. I don't do my own taxes, and have been told by the person who does them for me that I'm tracking things well. But I want to understand more about accounting and the processes that go into it (instead of just performing the tasks I know need to be done), how to leverage taxes and just general specifics about accounting.
I'd prefer an online class setting if there is something out there like that. A book or other resource is great too as long as it's not all theory and no practicality. In the end, I want to know what a business owner should know about accounting, the systems that should be in place, and the documents that should be on hand.
Double entry bookkeeping and the decision making that goes along with doing it (plus how to set up and use the software) is a large knowledge base.
An efficient way to learn (about it) would be to hire a CPA to do your books (such as on Quick books) and ask a lot of questions.
As an owner focus on understanding the monthly reports they give you, and understand exactly how each line item is generated.
For instance if you buy a new Pencil Sharpener (roof, refrigerator, carpet, take out a loan etc...), what does that do to the reports, and what does that mean to you.
Are you open to working with an accountant remotely?
I would prioritize finding an accountant who specializes in real estate taxation over one that is local. There are 20+ accountants on this message board who specialize in real estate taxation. Feel free to reach out to a couple and use the one you connect with the most.