Accounting software for a flipper?

[Zaid Badabwan]

What is the best accounting software for flipping business? Are there options for a software in your computer, not in the cloud? Or may be a flipper does not need an accounting software, then what is the best way to prepare for taxes?

[Darren Lenick]

I would start by asking your accountant what their preference is. If you don’t have an accountant, find one who understands the industry.

I use Quickbooks desktop edition. My accountant likes it as I can send him a copy of my file and get his direct input where needed.

It also lets me track each asset individually and track WIP for each property so I can get accurate profit and loss statements as I go. 

I use spreadsheets to setup my initial budget developed during the purchase process and compare to actual cost to see how well I did and where I missed something and learn for next time.

If you’re like me, and like to buy some items in bulk when you find a good deal, you can track your inventory as well and assign items to each project as you go.