All Forum Posts by: Todd Lennig

As a bookkeeper, who specailized in real estate investing, none of my clients are s-corps.  

Hard to tell you if your rate from your CPA is high with out more info. Happy to discuss to compare if you want.  

I would agree with everyone on the number of accounts to open.  I like the profit first model budgeting and accounts and would add a tax savings account.  

As for banks, if you go with an llc, I would recommend Relay Bank because you can open accounts as you add properties or as need arrises.  It is an on-line bank so if that isn't in your comfort zone then probably not the right one for you.  A lot of my bookkeeping clients use Chase for their businesses.  If you are in the area that has a Huntington Bank they are pretty good and have no fee accounts, or did.  For personal accounts they do not have minimum balances, or didn't a year ago.  If you go with Huntington, make sure you log in immediately to turn off paper statement or you will get charged for them.

If you have more questions please let me know always happy to help.

@Courtney Oldrin happy to talk with you about your bookkeeping needs.

From my bookkeeping experience and working with CPAs its best to have a separate bank account for each LLC. I have a bunch of clients that use Relay Bank. I like it because you can set it up on line in about 20 minutes assuming you gather all your paperwork ahead of time. You can have up to 20 accounts, I think under 1 business, this is great if you use Profit First or are flipping houses and want a different expense account for each property.

I have also seen where CPAs don't like more than one business under an accounting subscription.  That being said, I have had plenty of clients be able to do it and get solid reporting.  

As for question #2, I would suggest hiring a lawyer and an accountant to help you set that up correctly.  If they are any good they should be able to save you way more than what you are paying them.  

Hope that helps.

@Dan Turkel. If you are still having trouble figuring this out in Quickbooks I would be happy to schedule a time to do a screen share and walk you though how to do it.  The first couple times are tough but it can be done.

@Dave H.. this might be a little late, but I work with Josh and he is the real deal.  Please feel free to email me if you have specific questions.

@Brian Nally is right on about comingling.  If you don't want to set up the business then you can at least get another checking account an only use for business.  That will help a lot.  Accounting software doesn't care weather its a business account or personal.  

As for setting up a business, I just had a bookkeeping client use https://www.incfile.com and was very happy.  They charge close to nothing and sometimes nothing and do a lot of work for you.  Obviously everyone is different so make sure that they have what you need.  They won't tell you what business entity is the best for you.  @Guy Gimenez is correct, hire a lawyer to help you with that.

Nice job.  Thanks for sharing 

@Katelyn Barr shoot me a dm with your questions on quickbooks and i will be happy to do a screen share and get you all squared away.  Quickbooks can be overwhelming when just starting out.

@Austin F.. Quickbooks will do what you are asking for a cloud based accounting software.  Xero will also do that, the entry level is cheaper here but doesn't have as many features as Quickbooks.  I like quickbooks and prefer it. @Chelsea Monk like Xero.  Both of us will say our software is the best.  But its important that what ever you use you like.  Then when it is time to find a professional, find one that likes your software because that is what you are comfortable with.  I am happy to speak with you about the pros and cons of Quickbooks.  I am sure @Chelsea Monk would be happy to speak with you about Xero. There is also a third option which is Wave accounting. It is a free software and works nicely, but with anything free you it gives up a lot of features.

Property management softwares are just that, property management with accounting as an add-on.  It gets the job done but not as well as an accounting software.  

Hope that helps.