Bookkeeping advice and suggestions

[Connor Mather]

Hi Everyone,

I am outgrowing my current bookkeeper and am in search of one with significant knowledge in REI. I have found a few virtual bookkeeping options online and was wondering if these are ok or if I should steer clear.

If anyone has any recommendations I would love if you could refer me. I primarily am in the Airbnb and LTR space within REI so it would be great if they had related bookkeeping experience. Please PM me.

Thank you!

[Ben Day]

Hey Connor! 

In my opinion, hiring a bookkeeper has more to do with your goals than finding the best ever solution. 

If you're looking to add a couple properties a year and are taking things slow, hiring a bookkeeper may not be the best fit for you. Talk with your CPA about the best way to run things yourself, or get some coaching on how to do this. 

If you're looking to scale with some intention, you'll want to hire a bookkeeper. More than that, your bookkeeping hire will need to have knowledge around what your CPA needs AND what your lenders will need. Bookkeeping should have an ROI, which is usually a combination of time savings, ease of lending, and as few hiccups on your tax filing as possible.

When you hire a bookkeeper, you'll want to be sure they know how to use the balance sheet. We see a lot of folks in this space throw together a P&L and skimp on the other statements which is the WRONG plan and causes long term problems.