Better accounting systems for new year?

[John Marlin]

Hey all! I have 10 units with a partner we’ve slowly built up over the years. This has been a side thing for us, and our accounting has been old school manual spreadsheets, along with rent collection varying from tenant to tenant (Zelle, PayPal, cash app, etc…) neither of us are great at keeping up with accounting which makes tax time a nightmare. What are some suggestions for better systematizing a small portfolio, to where we’re not doing it all manually, and we can have reports to better assess where we’re at throughout the year? I’ve looked into Baselane for banking/rent collection. Has anybody used virtual assistants for this sort of thing? Would love to know what is working for other smaller investors/self-managers!! 

[Jake Baker]

@John Marlin

Stessa is free with a BP Pro subscription. Most tax preparers and bookkeepers will prefer QuickBooks Online. Baseline is also a great option. 

If accounting/bookkeeping isn't your thing, consider hiring a bookkeeper to free up your time and make tax prep easier.