CPA/Virtual Bookkeeper recommendations

5 Replies

Hey Guys, I do flips and rentals in South Jersey and am looking for a CPA who specializes in real estate to help educate me and plan accordingly so I can make the correct steps as I grow. I am possibly also looking for a virtual bookkeeper to handle my transactions. Currently I’m on QuickBooks and my friend who does it for me may not have time to assist me much longer. Quite honestly, I’m not sure it’s setup correctly or used to it maximum potential. Any recommendations would be awesome! Thanks!!!

@Mayer M. I think bookkeeping is an under utilized asset that businesses have at their disposal. It can really help you see where your revenues and expenses are coming from and try to find areas to exploit efficiencies and even negotiate with suppliers. As for looking for a CPA, do you not have a current one or is the current one just not meeting your expectations?

I do have a current CPA but it is evident that real state is not his specialty. I only started this a couple years ago

@Mayer M.

The quickbooks for the rental business and flips should be set up differently in Quickbooks(different chart of accounts).

Bookkeeping is important - a bad set of books can actually cost you more money in the long haul. If it is done improperly - the accountant/cpa will have bad information to start off with. He would either charge you $$ to redo the books or he will incorrectly interpret some information.

If you are unsure if your books were done properly and you had your return prepared by an accountant without real estate taxation experience - you may want to reach out to an accountant/cpa to review your prior year returns to see if it was prepared correctly.

Cherry Hill appears to be close to Philadelphia - I am sure you can find some accountants in the city if you are looking for someone local.

Hi Basit,

When you say different chart of account for rentals and flips do you mean classes? Right now I have it setup as classes

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