All Forum Posts by: Amber Price

Does anyone have any recommendations on any programs or software that can help me track my expenses and return? I just recently bought my first property and plan to buy another one this year, 2023. I just want to make sure I am tracking everything properly and want to avoid using excel even though it is possible to do it that way. I have noticed quick books seems to have these features. If you use or have used that program, did you like it?

Any help is appreciated.

I'm trying to learn more and optimize this myself! 

Right now I have 4 properties (All with different property managers) and here's how I have my accounts set up:

1x Business Chequing Account (For all properties that my deposits and most of my expenses come out of)

1x Business Mastercard (That I use for anything across all properties where I can drum up points)

4x Savings Accounts (1 for each property that has ~6 months of reserves in)

1x Savings Account (For property tax)

I'm in the process of incorporating and am trying to find a better way to track expenses for each property. I assume having a separate chequing account for each property where all the rent and operating expenses occur, is the best approach, but I'm not 100% sure.

I am not managing my property and have a property manager, so I get a reconciliation of what the property makes minus the charges for the supplies, repairs, etc.  I currently use Stessa and their bank to manage my accounts.  I am struggling to have it correctly logged in their software to show the details, since it shows the lump deposit (aka, how to I add the items like cleaning and repairs, since that money is removed from my balance before I even see it).....is there software that is easier for this?  Or at least a way to do this that makes the report look better?

I am looking for a bookkeeper who is familiar with real estate.  I am located in Memphis but you do not have to be from here.

If you are interested please send me a PM so we can discuss this further.

Thanks!!

@Ryan Hannay I strongly advise to not go with QBO for your books. Just the subscription alone will put a dent to your profits. I am a Certified ProAdvisor in Quickbooks and even at discounted subscriptions for my clients, QB kept raising the prices. Plus it isn't made for real estate.