Outsourcing Books/ Accounting

[Erik Czirr]

Hey guys,

Wanted to see what most of my anti-accounting peers are doing to outsource their books entirely off their plate? I've been doing my own books for the last three years (since I got into real estate). Every year, I have to play a catch up and I dread it. I currently use quickbooks online, but have fallen behind several months and am having trouble reconciling a few accounts to get caught up. On top of this, my old CPA is retiring and I will be forced to find a new one. I am at a stage where I am considering outsourcing the bookkeeping altogether. I have gotten up to a fairly signifcant amount of properties and the majority are notes with the minority being buy and holds. 

Is anyone else currently outsourcing daily bookkeeping? Is it worth it, or have you found your still having to do an awful lot of handholding? For those that are, are you paying a local bookkeeper or did you outsource for cheaper overseas? There are CPAs that obviously offer the full suite of services, but it can get very pricey very quick. 

I am somewhat on the ledge of trying to "make it another year" vs outsourcing, but it really does cost me a fair maount of time and mental energy that I could be putting back into the business. 

Any and all thoughts welcome. 

Thanks

[Gita Faust]

@Erik Czirr So you are still deciding whether to outsource or not and at what cost?

1. Find out what is your value and $ lost:

• How much time do you spend on bookkeeping and accounting? hours ______
• What is your time worth? add a dollar value _________
• Hours X dollar value = you are worth _________ . 
• Say it after me I am worth _______

Can you enjoy your evenings and weekends? Yes or No

    2. If you took that time and closed a deal, what would be your profit (without your bookkeeping and accounting time and value)

   3. Let us calculate and see where you just made more profit

---- Profit minus your time

---- Profit minus outsourcing

It is not only bookkeeping you are looking for. You are looking for someone who can give you analytic reports as well.

If you build a process, write it down and pass it on to someone who can follow the instructions to the T.

And then double check and deep dive into reporting.