Trying to source a bookkeeper that specializes in STR and vacation rentals. How are people finding and verifying a bookkeeper that works with individuals that run multiple STR's. Gresham Oregon is the area. Tax preparer doesn't like the shoebox of receipts anymore. Thank you for anyone's ideas
Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 667 votes
2y
You should consider remote. I don't have any real estate clients locally. All of my clients are around the US.
I don't think there's a real way to verify if they handled it or not. You can always just talk to them and see if they are telling you the truth. I mean once you talk to them, it's pretty easy to spot if they know what they are talking about.
I've work on STRs before and to be honest, it is not the most fun aspect of accounting because the volume of allocating income from all sources (airbnb, vrbo, stripe, direct booking, and so on) to a bunch of random expenses (cleaning, supplies, repairs, advertising, commissions, and all typical real estate expenses).
I had to strictly rely on the client's input on what the expenses belong to which property or even units, if the paperwork doesn't say.
I don't mind working with clients with STR but it is hard when it takes 1-2 months to get a response on what certain expenses belong to. And then it looks bad on my end because the books aren't up to date. To top it off, once I get that information, I have to then set a dedicated timeframe to do all the pile of expenses.
I apologize to ramble on, but no one seems to see it on the accountant's side of things when handling the operating accounting. So you can keep that in mind when you find someone that handles STR. There are a bunch of people here that offer their services.
I recommend using dropbox to store all the receipts and name the files with the property that it belongs to along with the cost of the expense. Share the folder with the accountant and that's how you make it easier for everyone to keep track.
I will tell you that one of my clients that was using google drive, this took forever to look for anything because of the amount of receipts to review and it is just slow. Another client of mine was using dropbox and it was such a game changer when searching for the receipts.
Cost of the services will vary due to the amount of work it involves.
Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 667 votes
2y
You should consider remote. I don't have any real estate clients locally. All of my clients are around the US.
I don't think there's a real way to verify if they handled it or not. You can always just talk to them and see if they are telling you the truth. I mean once you talk to them, it's pretty easy to spot if they know what they are talking about.
I've work on STRs before and to be honest, it is not the most fun aspect of accounting because the volume of allocating income from all sources (airbnb, vrbo, stripe, direct booking, and so on) to a bunch of random expenses (cleaning, supplies, repairs, advertising, commissions, and all typical real estate expenses).
I had to strictly rely on the client's input on what the expenses belong to which property or even units, if the paperwork doesn't say.
I don't mind working with clients with STR but it is hard when it takes 1-2 months to get a response on what certain expenses belong to. And then it looks bad on my end because the books aren't up to date. To top it off, once I get that information, I have to then set a dedicated timeframe to do all the pile of expenses.
I apologize to ramble on, but no one seems to see it on the accountant's side of things when handling the operating accounting. So you can keep that in mind when you find someone that handles STR. There are a bunch of people here that offer their services.
I recommend using dropbox to store all the receipts and name the files with the property that it belongs to along with the cost of the expense. Share the folder with the accountant and that's how you make it easier for everyone to keep track.
I will tell you that one of my clients that was using google drive, this took forever to look for anything because of the amount of receipts to review and it is just slow. Another client of mine was using dropbox and it was such a game changer when searching for the receipts.
Cost of the services will vary due to the amount of work it involves.
Accountant · 100% Remote · Member since 2019 · 495 posts · 216 votes
2y
Hey @Steve Dunford, I lived in OR for a little bit. Love it out there!
I own a cloud-based bookkeeping firm that specializes in serving real estate investors all over the U.S. We're real estate investor-owned, veteran-owned, and 100% remote. All Team Members are U.S.-based, Bookkeeper Launch certified, and QBO ProAdvisor certified (also, experienced with common REI PM/Project Management software such as Appfolio, Buildium, DoorLoop, BuilderTrend, etc etc).
We have a Client Portal you can run those receipts through to get rid of the shoebox!
I also run a large community of bookkeepers who serve the REI industry. So, lots of people to connect you with to find the right fit.
If you have any other specific questions, I'm here to help just like everyone else in the BP forums.
There are a lot of great bookkeepers and accountants in this community!
Some of the things to consider when hiring a bookkeeper is firstly, how many STR's are you operating? Do you operate them yourself or through a property manager? Are you currently using any PM Software? Have you looked into any accounting softwares yet?
The bookkeeper that you hire must specialise in STR's/Vacation rentals bookkeeping and should be on-board with all the tools and requirements you have. I believe you might be able to find some through the directory or in the find a tax & accounting pro.
Basit Siddiqi CPA4.979 Reviews
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