Exploring Efficient Ways to Track Rehab Expenses: Seeking Insights

[Brandon Spaulding]

Currently, we have seven renovations going on with three partners. The partners take care of the rehab part. Whenever they purchase or make payments to labor, they input it into a Google Sheet. Our EA then matches those numbers with the payment platforms. Recently, we've been struggling to match those numbers. There are some figures on the Google Sheet but not on the payment platform and vice versa. Now, we're considering other ways to track our rehab expenses. We would love to know how you guys manage this. Thank you.

[Andy Sabisch]

Sometimes simple is better than complex and in tracking expenses, simple is often the best approach.  If the information entered is not matching the  payment platform then what is being entered is the issue.  I would focus on ensuring ANY expense is entered properly so that the expense can be reconciled with the payment.  Google Sheets is a great tool for multiple people to track expenses but as they say "garbage in garbage out" so see where the breakdown is and shore that up.  There are tools out there but we have found that they are more complicated and as a result, introduce more places for errors to creep in.