Advise for Banking / Accounting for STR Management Company

[Joshua Burgeson]

Hello! Does anyone have any suggestions for banking and/or accounting solutions specific for STR management companies?
Would love to know how others in this space have their banking setup (specifically for trust accounting). 

I am looking at Baselane but unsure if that would work well as a PM versus an individual landlord that owns all of their properties. 

Context:
*For my business - I had initially setup a profit-first system w/ multiple bank accounts at my local credit union
*For the properties under management -  I setup two trust accounts (rents and deposits) with Chase. 

I also have a local bookkeeper, QBO, Bill.com & generate owner statements in OwnerRez.

We currently have 23 properties under management and am utilizing trust accounting to the best of my abilities (although we are not required to in our state) but everything is really inefficient when it comes time to do monthly reconciliation and distributions. Looking for a better solution to simplify expense tracking and work with a better banking product that can handle both my business operating account and the trust accounts so I can streamline better. 

Thanks!

[Michael Baum]

Maybe @Andrew Steffens can chime in @Joshua Burgeson.

[Andrew Steffens]

Thanks @Michael Baum

Even with 65 properties and 8 years in, owner payouts is still cumbersome.

We use Streamline PMS (also Trust reporting in a non mandatory state).  Our general system is run the initial payout reports, verify all reservations from our reservations sheet, verify owner charges, fix any issues, issue final payout to owners.

We only use 1 trust account and 1 operating account, with the same bank.  Our bookkeeper reconciles trust account with Streamline PMS, and reconciles ops account with QBO.

I hope that helps.

[Joshua Burgeson]

Quote from @Andrew Steffens:

Thanks @Michael Baum

Even with 65 properties and 8 years in, owner payouts is still cumbersome.

We use Streamline PMS (also Trust reporting in a non mandatory state).  Our general system is run the initial payout reports, verify all reservations from our reservations sheet, verify owner charges, fix any issues, issue final payout to owners.

We only use 1 trust account and 1 operating account, with the same bank.  Our bookkeeper reconciles trust account with Streamline PMS, and reconciles ops account with QBO.

I hope that helps.

Thanks for the tip!

What bank do you use? 

[Andrew Steffens]

We use Regions Bank - not sure what state you are in but I think they are just in the Southeast.  I do not have anything positive or negative to say about them.  For me personally I like mid-sized/regional bank as you are not just a number like with a national bank, but they still have some of the bells and whistles like good online tools that small banks lack.

[Sarah Kensinger]

We use Relay bank since you can open a verity of accounts under the same company.   

[Gabe Chase]

Quote from @Andrew Steffens:

Thanks @Michael Baum

Even with 65 properties and 8 years in, owner payouts is still cumbersome.

We use Streamline PMS (also Trust reporting in a non mandatory state).  Our general system is run the initial payout reports, verify all reservations from our reservations sheet, verify owner charges, fix any issues, issue final payout to owners.

We only use 1 trust account and 1 operating account, with the same bank.  Our bookkeeper reconciles trust account with Streamline PMS, and reconciles ops account with QBO.

I hope that helps.

 This is exactly what we do! 62 units under management in Indianapolis. Glad I am on the right track here lol. It certainly is a task every single month! 

[Kerry Noble Jr]

Im an Affiliate for Baselane.....Can connect you if you need more help

[Max Emory]

@Joshua Burgeson, look into Relay bank while you're doing your research. That's who our firm recommends to most in this space!