Okay, lots of talk about hiring a bookkeeper to do your book work.
Lots of excuses as to why you don't like QuickBooks, such as:
1) It's too hard to learn
2) I'm not an Accountant
3) I'm busy working on my rentals
4) I'll never understand how to use QuickBooks
5) And besides, I haven't got time to enter in all this stuff !!!!
Okay, honest reasons, so let's analyze them.
1: QuickBooks is hard to learn:
Not if you have someone to teach you. It is worth the time to learn.
2: I don't have time to learn:
Yes, you do. You have tens and hundreds of thousands of dollars invested in your rentals. Learning QuickBooks SAVES YOU MONEY! It is part of your investment. If you have time to be a landlord, you have time to learn QuickBooks. And you must make time to learn a financial software program, not only to keep tabs on your own investments but in order to make sure no one is ripping you off, right?
3: I'm not an Accountant, I'll never understand how to use it.
QuickBooks was made for us who are not ACCOUNTANTS!!!! But everything in life takes time to learn. Being a Landlord takes a long time to get the hang of it, yet you are doing it. You made time for that. Some of you even have other jobs in addition to being a landlord.
If you hire someone to train you or purchase a book to learn QuickBooks it is worth its weight in Gold to learn it. YOUR GOLD!
4: But I don't have the time to enter in all this stuff even if I lean it, you may say.
Well, here is the good news.
I had 40 rentals ranging from apartments to duplexes to mostly single-family homes. And, I handled all my court cases myself. (Evictions, fighting City Hall, you name it I did it)
I supervised work crews,
I worked on my own rentals when our handymen were too busy, I did all the painting of our houses and garages.
I handled all tenant complaints, problems, phone calls
I did open houses and I settled disputes,
And you know what???? I had time !!!!!
With 40 rental properties and all I did, you want to know how long it took me to enter in my daily work ? Zero on some days, (nothing to enter). 5 minutes on others, as rents came in. And 1/2 hour at the end of the month when I billed my tenants for rent that was due. And it only took me 5 minutes to balance the business checking account !!!!
You see, QuickBooks has a Memory Feature, which memorizes your rents that are due, bills that you need to pay. It will generate a check or a bill for you automatically and all you do is print it out. Gosh, how easy is that? Your own personal Secretary.
When I billed my tenants for rent due each month and sent them a bill for rent that is due (I chose tenants who paid their bills on time. Therefore when they received a bill from me for rent that is due, they viewed it as a bill, because it was and is a bill and not something they can pay any time of the month or when they feel like it.) So I would send them a bill. But QuickBooks typed up all 40 invoices for me at the end of the month and all I had to do was print them out, put them in the envelope and mail them. (Now you can send them a bill via E-mail, no stuffing envelopes or paying for postage) How easy is that !!!!
Once your company is set up, it's a piece of cake to enter your data. No time at all.
And yes, setting it up does take time, but once that's over, good grief, how easy can QuickBooks make things for you! With all that I did as a Landlord with 40 rental properties... I HAD TIME!
Plus YOU need to know where YOU stand financially any time of the day. That's part of this business. It's important to have and learn a Financial Software Program as much as it is important for you to learn this business. So it's time to stop fluffing it off.
The bottom line is this. If you truly want to succeed in this business you will buy books on how to learn to be a Landlord, thus my book "Everything you wanted to know about being a landlord but didn't know who to ask" and my book "The Landlord's Bookkeeper for Landlord who holds and flip properties".
Or you can hire a professional bookkeeper! You hire other professionals to do what you’re not good at (legal, electrical, etc), why not hire this out too?
It’s very important to get this right and bookkeepers are less expensive than CPAs ( who often get paid to sort out your mess).
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