Business advice for landlord looking to start mobile food business

[Travis W Condon]

I currently own 2 long term rentals. Closing on a 3rd rental mid February. I've decided to start a side hustle involving wood fire pizzas. I bought a mobile oven trailer that can cater and be a food vendor for various local activities. I've only used Excel and Word for bookkeeping. I'm wondering about Quickbooks or other resources? Which option is best with my rental income plus the family business? The pizza side hustle will ultimately be used to purchase more real estate. I'm looking to save tax dollars, while employing my wife and kids, with best business practices. 

Thanks in advance. 

[Antonette El Baz]

As an accountant, I recommend using QuickBooks Online (QBO) for your bookkeeping needs. QBO is a cloud-based accounting software designed to meet the needs of small businesses, including those in the food industry. It offers features such as invoicing, expense tracking, and financial reporting, making it easy to manage both your rental income and your mobile food business in one place.

Not only that, but QBO integrates with other tools, such as payroll software and payment processors, which can help streamline your financial operations and reduce the time spent on manual tasks. The software also offers detailed reporting capabilities, making it easy to see how your business is performing and identify areas for improvement.

In terms of best business practices, it's important to keep detailed records of all financial transactions, including income and expenses for both your rental properties and mobile food business. This will make it easier to prepare accurate tax returns and monitor the performance of both businesses.

Lastly, you may want to consider seeking the advice of a professional accountant and tax advisor to ensure you are following all applicable tax laws and taking advantage of any tax savings opportunities. They can also help you set up your bookkeeping and accounting systems in a way that supports the long-term success of your businesses.