By Nicholas Storey
When it comes to being a property manager there are several beneficial tools that can assist you when it comes to your real estate accounting. One of the best tools you can use to save you money at tax time is using QuickBooks. This software helps in keeping track of finances and can make your job as a landlord much easier.
Save Time & Make it Simple
When it comes to accounting, QuickBooks will handle most of this automatically. It assists in saving time and things such as time consuming paperwork. You can simply run reports and any required information as it pertains to your rental properties. You will always have a good idea of where you stand as far as profits. With the QuickBooks program property managers are assured a stable and reliable product. Used by many businesses worldwide it can benefit property managers as well. Set up is simple and so is the maintenance. With this software you are able to share information with Excel, Word and Outlook. Easily you may e-mail and pay invoices. You can now accept credit cards from your tenants because with this feature no additional hardware is needed. It may take sometime in getting used to this new system but once you become familiar it becomes a breeze.
Setting Up With QuickBooks
Others who use QuickBooks to assist them in their rental properties will set up their tenants as a customer. They’re different properties are defined in classes and you are able to link assets to each class. You are able to charge the tenants for repairs, cleaning and other liabilities. Property managers also run into things such as prepaid rent, refunding of security deposits, bounced checks and such. With QuickBooks you can manage all of these factors.
Tax Time With QuickBooks
Gathering all this information into one system also makes taxes much easier. Property managers have deductions which include things such as repairs, mortgage interest, travel, employees and independent contractors, losses from theft, insurance, professional services and more. All of these can be entered into the QuickBooks system allowing property managers to take advantage and properly calculate their deductions.
Professionals & QuickBooks
With using the QuickBooks program professionals have a overall positive review of the software. This is because they can conveniently keep track of cash flow such as accounts receivable and accounts payable. They can customize various reports and use the system anyway as it pertains to their business. Overall, it makes running their business a lot smoother and can do the same for property managers.
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