How do you keep business expenses and revenue organized?

[Leah Bates]

Before I jump in to this investment property journey, I’m curious to learn how you set up business expenses, rent collection, update costs, etc organized so it’s easy for tax time and analysis.

are there programs or systems you swear by? How do you keep everything organized?

thanks!

[Anthony Doukas]

Leah,

I am going through this process now. I feel like people often try to pick the tool and don't put as much thought into the system beforehand. For me, I knew I wanted a tool that would be as automated as possible, something standardized I could outsource eventually, and something that could track different "pots" of money within one account so I could track saved money for repairs, CapEx, vacancy, etc within one savings account and even break those savings out by property. I have been working with a bookkeeper to learn and set up QuickBooks online and it is going very well. Working through this now, I would say try to start with the end in mind and indentify your critical requirements before picking a tool. Also, if you can afford it, work with someone to help with the set up the system right the first time. Hope this helps and best of luck!!