Bookkeeping, Accounting and Taxes

[Dan Panea]

Hi Friends!

What do you use for bookkeeping, accounting and filing taxes, as you start up? Of course, as you grow, you need a CPA, but for the first 12 months as you start out, what do you use? Do you use an online program, and app, or someone local?

I am located in NC, so the service can be virtual. 

Can you please make any recommendations?

Thanks

Danb

[Bonnie Low]

Quote from @Jason Watson:

Totally agree! Accounting packages such as QBO and others specific to property management are good, but they can also be like killing a housefly with a sledgehammer. It works, Yes, but was it necessary? Unlikely.

80% of our landlords use Excel or bar napkins or some combo. 60% of our small business owners are single-shingle "one man bands," and they too use Excel.

QBO, Waveapps, Freshbooks, Stalebooks, SloppyBooks, Xero, One and all the others are nice to have but not must haves until you have several rentals or complex rentals (such as a strip mall or something).

 I love your QB analogy ; )  That's how I felt. Too much. Too bulky. Too expensive. I switched to Baselane for banking and bookkeeping and it has vastly simplified my bookkeeping and prep for tax time. Plus, it's free. And there are so many other things I use it for: tenant vetting, developing lease agreements, collecting deposits and rents and more. I really recommend you start with a system you can grow with because switching your entire process and systems over later when you have more properties is a bear.