Accounting, Taxes and Productivity

[Shawn Morrow]

My wife and I just went under contract on property number 6 and we have put an offer for property number 7. I currently track all of our rental finances with spreadsheets. It’s was perfect when we were smaller but now it is becoming a little cumbersome. I am looking for something that can track all real estate finances and make tax time a breeze. Even better if it has an app so I or my wife can scan the receipt right away instead of waiting till we get home and run the chance of losing the receipt.

What are your favorites and why are they your favorites. How is it for growth long term? Thanks for your wisdom BP family. We wish you all continued success!

[Ashish Acharya]

Originally posted by @Shawn Morrow:

My wife and I just went under contract on property number 6 and we have put an offer for property number 7. I currently track all of our rental finances with spreadsheets. It’s was perfect when we were smaller but now it is becoming a little cumbersome. I am looking for something that can track all real estate finances and make tax time a breeze. Even better if it has an app so I or my wife can scan the receipt right away instead of waiting till we get home and run the chance of losing the receipt.

What are your favorites and why are they your favorites. How is it for growth long term? Thanks for your wisdom BP family. We wish you all continued success!

I get requests from clients to recreate their financials for the last few years because they are trying to sell their portfolio, or bring in investors, or get portfolio loans. That would be costly. What every investor should do is this: 

- Get Quickbooks online and create financial every year. It also helps with receipt management. This can be automated. 

- This not only helps you with your bookkeeping, but your CPA is going to charge you less during tax time

- And, you don't have to pay the insane amounts when you need to recreate the financials.