Accounting Software

[Daniel Levine]

I have been doing my accounting on Excel and find that it is impossible to set it up properly. I am a small start up who is doing rehabs at this time. As I build my revenue I plan on expanding to buy and hold deals, so I need something flexible. I run the company with 2 partners as an LLC and do not have any employees. It needs to be easy to understand, flexible, and cost appropriate for a small start up. Any suggestions?

[Dawn Anastasi]

@Daniel Levine many investors use Quickbooks.

[Tom Keith]

the new online QB. Is pretty good.

[Johnson H.]

Daniel, like others have said, many use Quickbooks that can be tailored to fit the rehab business. However, you need to ask yourself is it worth it to take the time to learn how to use Quickbooks or other software? Or if your start up is firing on all cylinders, would it be easier to hire a CPA or a book keeper to handle your numbers? It will be done correctly every month and during tax time, you and your partners can easily have to CPA/book keeper issue 1099's and get your taxes filed on time with all the right deductions. Just something to think about!

[Leslie A.]

QuickBooks is great, but to do it correctly does take some learning time.

[Daniel Levine]

what is a reasonable amount to expect to pay a book keeper or CPA to do my books once a month? Do I need someone who specializes in real estate?

[Sharad M.]

Hi @Daniel Levine

The cost will depend on how much work there is for the bookkeeper. I use a bookkeeper from India. I founder her via ODesk. I pay $10/hr and she updates QB on my computer remotely via TeamViewer. I have a separate computer set up for QB that I don't use for personal stuff. She updates my books twice a month.

Try to find one who has real estate experience. It will make you life much easier.

Sharad

[Derek Carroll]

For what it's worth almost all book keepers and accountants use or are very familiar with quickbooks.

Makes it easier when you want to transfer information or allow access to someone for book keeping or taxes

[Bryan L.]

In the past I used Quicken. I think it may be a cut-down version of QB, but I don't know for sure. Now I use Excel and nothing more. I don't have an LLC or partners, and Excel will do everything that I need. You may just need some pointers on Excel.

[Talha Shahid]

Originally posted by @Sharad M.:

Hi @Daniel Levine

The cost will depend on how much work there is for the bookkeeper. I use a bookkeeper from India. I founder her via ODesk. I pay $10/hr and she updates QB on my computer remotely via TeamViewer. I have a separate computer set up for QB that I don't use for personal stuff. She updates my books twice a month.

Try to find one who has real estate experience. It will make you life much easier.

Sharad

 Are you using Quickbooks online plus? or the Desktop version?

http://quickbooks.choosewhat.com/quickbooks-online/online-plus

[Gita Faust]

Check out this link for more details on QuickBooks Online.

Gita Faust

[Che Chiu Wong]

Quickbooks online. Even the simplest version will do unless you need a lot of those financial reports. I used to use Excel at the beginning and the business outgrows it naturally.  Don't worry too much what system to use at the beginning. Choose the one that you know how to use it.  Over time, you will migrate to one that fits the size of your business.

[Mak K.]

Quote from @Bryan L.:

In the past I used Quicken. I think it may be a cut-down version of QB, but I don't know for sure. Now I use Excel and nothing more. I don't have an LLC or partners, and Excel will do everything that I need. You may just need some pointers on Excel.

Do you have all rental income coming in one LLC acocunt? How do you have rental income deposited?