Any bookkeeper recommendations for properties in Maryland?

Question

I'm looking for bookkeeping for about ~20 properties. 95% are LTR. Most have mortgages. We need help managing statements from mortgages, hoas, and taxes. We have a backlog of about ~1000 transactions that need to be classified according to the statements. Are there software tools to help with this or a bookkeeper that's recommended?

Max Emory · Answer

Hey @Warren Y., we use QuickBooks Online (QBO) exclusively for our bookkeeping clients, and I use it for my personal portfolio as well. It's great for managing all bookkeeping tasks and producing usable financials at the entity-level and property-level (door-level as well).

100% of our clients are REIs, and 100% of them are on QBO.

The only kicker is QBO is not setup for REI so I recommend getting an REI-savvy bookkeeper to help set it up and manage it.

1000 transactions is actually a smaller clean-up than we're used to seeing with 20+ properties so don't feel too bad about that.

I hope this helps. I'm happy to answer questions.

- Time Capital Bookkeeping (REI since 2019)

Oliver Zafar · Answer

Hi Waruna, saw your post about needing bookkeeping for your Maryland properties and the transaction backlog. I do landlord bookkeeping and expense tracking for rental portfolios, including cleanup of backlogged transactions. Happy to discuss if you're still looking. - Oliver

Jason Malabute · Answer

Why does it have to be in Maryland? Bookkeeping can be done anywhere, especially with QuickBooks being online nowadays. What really matters is finding someone experienced who understands how real estate investments are accounted for and can properly categorize transactions for rentals and mortgages.

Waruna Y. · Answer

This is a good point!

Josh L. · Answer

@Warren Y. I'd be glad to have a conversation as most here on BP work nationwide as most work on cloud based software.

Ben Guttman · Answer

I would reach out to Phil Lerner at PL Consulting

Markus Shobe · Answer

You most likely need a bookkeeper to take care of this for you. You want your books to be 100% accurate. There is accounting software that can help you but you still will need to do most of the work manually. Are all these in 1 year or do these go back years ago?

Simon W. · Answer

Hey Warren,

backlog of 1000 transactions are a bit much, but the better question is, what year(s) are those transactions in? This would be a world of difference.

20 properties isn't too bad. It is probably best to true-up until Q1-Q3 for the mortgage principals vs interest and taxes.

What platform are you working with? If none, probably the next best thing for accounting purposes is just quickbooks online plus.

Feel free to DM me if you need assistance.

Waruna Y. · Answer

The transactions date back to 2021. All the transactions have statements or receipts but just not organized

William Whitley · Answer

Good evening, Warren,

I would be happy to schedule a call with you to discuss this. I sent you a PM. Feel free to reach out to me if you want to have a conversation.

Any bookkeeper recommendations for properties in Maryland?

Any bookkeeper recommendations for properties in Maryland?

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