record keeping for small rental portfolio

[Jane A.]

Once a year during tax season the question of a better record keeping hits me :)  We manage about 20 rental units and once a year I need to go through all our business accounts statements and credit cards to sort through records for the whole year.  At the same time, I try to keep all receipts for every unit in a separate folder.  I tried to keep all current records in the online excel sheet, so it will be easier to track all expenses, but I need some discipline to go there every time.  I am about to get a real notebook to keep records of expenses which were paid cash with real signatures of contractors.  Did somebody find a better way for record keeping?  It is my side business, I want to keep things as simple as possible. 

[Austin Hughes]

I have a rental portfolio of 17 units...similar to you. Nothing crazy, but I have already hired a bookkeeper. It is SO worth the pay. $20/hr and she works hand in hand with my CPA. The first few months, she had to sort through what was for what, and we went through a few items, but now she knows, and she just logs into my accounts at various places and can get all the info she needs.

Trust me, unless you LOVE numbers, get a bookkeeper. (I still review financials weekly, but I don't have to do all the administrative work of putting them together from 20 different places.)