Hey everyone, I'm looking to outsource my bookkeeping this coming year. Any recommendations (local or remote, both are fine with me)?
There are a couple accountants/bookkeepers on this messageboard who specialize in real estate.
Make sure that the accountant/bookkeeper you pick is familiar with the accounting treatment of the business you are in.
Accounting for buy and hold accounting is treated differently than flipping or wholesaling.
Check out the Member Benefits. You are surely to find someone.
If you're still here in Salt Lake, KPMG spark out of Cottonwood is pretty good.
I had a very poor experience with REI Books LLC / Kirk & Joni Yates. I had listened to a podcast with them on Biggerpockets. I hired them to keep my books up to date on a monthly basis so that I could see where I was at with each property at any time. I filed an extension for my 2018 taxes so that they could have time to get the books done (I had hired them late in the filing season). However, when the deadline came for the extension, they hit me with a ton of questions dating back to January of 2018. All things that they should have / would have been asking if they had been keeping the books up to date. My accountant put in some extra time (and my money paying her) to sort everything out at the last minute.
We had a frank and open discussion about their
performance and they took responsibility. I reiterated the importance
of up-to-date bookkeeping and made it clear that I fully expected 2019
to be reconciled and completed by the first week of January 2020. First
week of January comes and Kirk tells me that he has some questions which
he'll get to me in a document. Several weeks later (in February), he
finally gets the questions to me and they date back to January of 2019.
The books were NOT kept up-to-date.
REI Books LLC / Kirk and Joni Yates cost me a ton of time and money. There is NO WAY that I would ever use their services again or recommend that anyone else does.
Plenty of bookkeepers on these message boards that specialize in real estate. Definitely recommend picking someone who works with real estate regularly and not just any old bookkeeper. Good luck!
@Taylor Chiu it doesn't matter if they are remote or not. Just make sure that they know real estate bookkeeping.