Bookkeeping question for beginner

[Allen Collier]

I’m struggling with how to best perform bookkeeping for my property. I have one SFH right now, but do plan to purchase another property in the fall. Are you all using excel? Or, another program? Where can I find a good template to use? I though about using quick books, but my CPA said it would be over kill for one property. But then I thought it would be easier to start off with quick books than to convert 4-5 properties later. What are you thoughts? Thanks for all the help!

[Ben Day]

Hey Allen!

For super small operations, I think QBO is overkill. Is the functionality awesome? Absolutely. But if you’re going into a DIY bookkeeping system and not using a professional, you might as well get as much as you can for free to start.

I recommend using free software like Wave if you’re looking at DIY solutions. There’s no class tracking, but for super small businesses you just don’t need all that reporting. Memo in the property on your entries and save yourself $30-60/month.

Eventually it will make sense for you to move to QBO. When that happens you should (hopefully!) use a professional for set up, training, and outsourcing. I wouldn’t hop into a paid software until I knew I was using it the right way, or had a professional giving me that support.

I can tell you from experience that converting 4-5 properties between accounting softwares is not impossible. Don’t let that fear of the future keep you from growing your business today!