All Forum Posts by: Markus Shobe

I would you an accounting software. It makes everything so much easier. A lot of accounting apps have where you can take a photo and attach it to transactions, so if an audit does come up it will not be a problem. Most people I work with use Quickbooks online. 

For 2 different EIN's you should have two Quickbooks subscriptions. I have seen some people have 2 different companies in the same Quickbooks subscription using the locations feature. I wouldn't recommend that unless one of the companies is super small. 

It will depend on a lot of factors. How many transactions per month? How many mortgages? How many bank/credit cards, loans, and etc. Is there a good accounting system in place. All that makes a difference. I would look for bookkeepers outside your city so that you have more to choose from. You want a bookkeeper who knows about real estate. 

You do not want to go to HR Block as they are just there to plug in numbers. They will not give you any tips or ways to save money on taxes in the future. You want to work with a CPA that specializes in real estate, not just any CPA. They might cost a little more but in the long run you will save money. 

It depends what your needs are. If you need just a strictly accounting system which it looks like you are, Quickbooks can work and I recommend it. You can run a lot of good reports in Quickbooks and once you get they hang of using the system it is not to hard. 

It depends what are you trying to do in Quickbooks? If you just need a strictly accounting software Quickbooks can work, but if you need to collect rent and etc Quickbooks is would not be the best. 

Stessa and Cozy are both real good. I wouldn't look into Quickbooks with one property as I don't think the cost would be worth it. Maybe once you reach 5 I would look into it as there are a lot of cool reports you can run in Quickbooks. 

@Mark Belenky You want to find a bookkeeper that specializes in real estate bookkeeping. Real estate bookkeeping can get complicated very fast. If you find an average bookkeeper with no real estate bookkeeping experience it will cost you in the long run. As others have stated you can find some bookkeepers starting at 50/hour. 

There is nothing wrong with hiring a virtual bookkeeper. It actually is better because you have a bigger pool to choose from and are looking for a specific type of bookkeeper. 

You need rental property software. Trying to do everything in Quickbooks will be hard. I would use Quickbooks in addition to rental property software.