All Forum Posts by: Joshua Burgeson
Joshua Burgeson has started 1 posts and replied 4 times.
Post: Advise for Banking / Accounting for STR Management Company
- Posts 4
- Votes 1
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.
What bank do you use?
Post: Advise for Banking / Accounting for STR Management Company
- Posts 4
- Votes 1
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!
Quote from @Allen Duan:
You're rocking it Jamie!
This year my big takeaways include:
-Hire overseas talent. Any modern business today should have some of their workforce overseas. The basic admin tasks that all of us have to do can take up a lot of our time, keeping us away from the high value work we should be focusing on. For me that's client acquisition, marketing our properties, and empowering my team.
-The need to keep my eyes on the right numbers and metrics to ensure I'm making the best decisions. I'm investing in accounting services with Ximplifi to do this as well as building out the reports I need to see daily. One immediate result, I've let go of some of our rental arbitrage properties that aren't worth it.
-My goal for 2023 was to network as much as I can. And it's paid off immensely. Not only have I met so many cool people and enjoyed the relationships I've built, it's also led me to clients, potential partners, and people I've learned so much from. I'm going to increase my networking next year as well as getting my branding and social media machine going.
@Allen Duan how are you liking Ximplify so far? I am trying to get my str accounting streamlined and they seem to have a robust platform but my experience with 3rd-party remote accounting firms was shaky in the past. Hoping to avoid some headache and do some research before making another transition.
@Jamie Banks congrats on the success of your business!
I am trying to scale an STR management company and business banking / accounting has been a headache. If you don't mind me asking,
1. Do you collect rents and then distribute owner payouts + your commission using Baselane?
2. Do you have different bank accounts for each property? Curious about how you set things up to manage expenses for each property.
Thanks!