All Forum Posts by: Joshua Burgeson

What bank do you use? 

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!

 @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!