Updated about 5 years ago on . Most recent reply
Looking for advice on bookkeeping
My wife and I are planning our 1st Seattle flip mid Feb 2021. We plan to do at least 4 per year. We have most of our team assembled including a CPA but I'm wondering if we can manage the bookkeeping ourselves or do we sub it out? I'm thinking I can manage the books as we ramp up then sub out when things ramp up.
What are your insights / experiences?
Most Popular Reply
@Brian Arnold, it depends, if you have systems in place, you can do that yourself since you are talking about your first flip and you do not have a few running at the same time.
Systems in place mean: Make sure you have a receipt for all the money you are spending. You will also need to put the receipts in QuickBooks at the end of every day. Check on a weekly basis where you are on budget. When you are at home depot you give them the Job name/number and the email receipt will automatically be sent to the assigned email with the job name/number.
At the end of the year, things should be organized and you can just ask your CPA tro file the taxes for you. If you did not build systems, filing the taxes will be a hassle and you will not be able to track down all the expenses, and you will not know each purchase is for which job if you have a few jobs running at the same time.
Best of luck!