@Max Emory - Great list and I am saving as I grow/scale.
Is your quickbooks online or desktop? I have two companies (Consulting and RealEstate) and want to upgrade from excel but the monthly fee for two companies online essentials package is $50/mo after the discount. No employees and just want for P and L and tax prep time. Suggestions?
@Max Emory - Great list and I am saving as I grow/scale.
Is your quickbooks online or desktop? I have two companies (Consulting and RealEstate) and want to upgrade from excel but the monthly fee for two companies online essentials package is $50/mo after the discount. No employees and just want for P and L and tax prep time. Suggestions?
Accountant · 100% Remote · Member since 2019 · 495 posts · 216 votes
4y
@Julia Myers, I use QuickBooks Online. I like having access no matter where I am. Are your two companies related or under an overarching management company? You could get 1 QBO Plus subscription and track each individual company's transactions using the location/business tracking feature.
If you're just looking for a P/L, it may be hard to justify the monthly fee for QBO. QBO is pretty powerful and can pull a ton of different types of statements. I would weigh how much time QBO would save you by being able to automate a lot of your bookkeeping if you have a lot of recurring transactions for your businesses.
CTO of BiggerPockets · Seattle, WA · Member since 2019 · 168 posts · 178 votes
4y
I also use QBO. Additionally I use Trello but to coordinate with my property manager ala Kanban style. I don’t use any other property management software but I only have 11 doors.
With only one door (a STR) and a consulting business we have less than 30 transactions per business per month. I am at such an early stage I hate to commit the overhead to QBO but feel I have outgrown my excel sheets for P and L. Guess that is the cost of doing business :) Thanks for the feedback!