What is a simple book keeping system
Quickbooks is fairly simple, and saves you a lot of time preparing for taxes.
Or you could use spreadsheets on the computer, but you'd probably have to use several workbooks to do the same as Quickbooks, and it would take more time probably to prepare for taxes.
I also have a Quicken Rental Property software I could sell you for under $100.
@Paul Olson: Hi Neighbor, My son went to West Chester last year. Well start with QuickBooks it is reasonable priced. Pennies per day. Which ever software you use excel, Zoho... you will have a learning curve.
Only reason I do not like Excel you got to make sure all the columns are calculated, and if you miss one, then of course all your financials are wrong and how detailed you want the reports.
Select a system that gives you reports (yup (s)) by just entering one transaction one time only. For example, making an Home Depot purchase - enter - and vola you have have reports that includes Profit & Loss, Balance Sheet, Cash Flow, Journal Ledger, and 100's more for your specific business. That is the time saving you are looking for.
Quickbooks is good, also most property management software has an accounting module. Some are very simple and won't be enough, but others, like the one we have with Rent Manager (which is, unfortunately, quite expensive) are great.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!