All Forum Posts by: Ben Day

Lionshare Bookkeeping offers no-contract, flat rate, monthly bookkeeping specifically tailored to real estate investors. Currently based in Oklahoma, by leveraging awesome 21st century software I can serve anyone in the USA. 

Services include: 

--- subscriptions to the software I use (QBO/Xero, document fetching, etc.)

--- monthly bank account reconciliation

--- document/receipt management 

--- classifying and posting transactions to financial statements

--- drafting and delivery of "big 3" statements: P&L, Balance Sheet, SOCF

--- monthly 1 on 1 review of books

--- Bill pay management as additional service

My bookkeeping system allows for minimal involvement of my clients. I'm a big fan of strong internal controls and separation of duties, which means I never have your passwords or direct access to your money (not keen on being sued, even with insurance). I do not currently provide tax planning or preparation, but will work with your current tax preparer to make sure you are well taken care of!

Good to work with SFR, MFR, Flips, Wholesale deals. My system is robust enough to serve service-based businesses as well.

Check out my article: 3 Reasons Experienced Real Estate Investors Fail Without a Bookkeeper

Email me at [email protected] or visit my website at www.lionsharebookkeeping.com to set up a free 30 minute strategy meeting. 

Love these answers so far! I started out using an excel spreadsheet, and moved to google sheets for the added mobility. What I found that really, REALLY sucks about tracking personal finances is that if you go this route, you actually have to take time, sit down, and do it. I work a full time job, run my own separate practice, and am working on the educating/networking part of real estate as well. Nothing about me wants to drag my information into a spreadsheet. I use Mint for my personal stuff now (its free), and QBO for my business. Both automatically pull all my purchase data, learn over time how I want things classified, and give me the reports I want without spending any time punching in numbers.

Properties you haven’t acquired: the bigger pockets calculators. Properties you have: any accounting software. Calculators like the ones through bigger pockets are helpful in initial estimates, but if you aren’t actively tracking how much your expenses, taxes, cap ex, etc. is, you’ll never have an accurate picture of your finances. Not only will this hurt you in your day to day operations, but any institution you may go to for help (banks, money lenders) will require this kind of firm information if you’re going to do business long term.

Couldn’t agree more with Mitch Messer ! A good business plan knows that if you’re not measuring what you do, you’re not really learning what’s works and what doesn’t. This applies to everything, especially REI bookkeeping.

Have you considered using a RE bookkeeper? If you trust your CPA already, it may be better to let them continue to make tax decisions and instead have a bookkeeper that keeps all your financial ducks in a row on a monthly basis. That way you can strategize in the event that you want to 1031, refinance, etc., and you can bring that plan to your CPA for their seal of approval so they’re still in the loop. I’m definitely pro 1 tax accountant, but having a dedicated RE team is never a bad thing.

Excel is a great way to get started. Another thing to keep in mind is how you’re going to be taxed. If you’re trying to stay schedule E, just make sure all your expenses are easily accounted for on schedule E, otherwise you may be looking at schedule C instead. Between that kind of diligence, a little excel magic, and separate business checking/savings, you should be good.

@Natalie Kolodij my mistake! Thanks!

A little background: I operate a bookkeeping firm specifically targeting RE investors in Oklahoma. My goal is to apply my experience as an accountant to the benefit of my community, gain some knowledge about investing, make some connections, and accrue capital to put toward my first investment. 

I'm wondering what the BP community thinks about RE accounting. What are the major differences between long term rentals and a more "traditional" goods/services business? When I get approached by businesses that aren't in RE, I would like to be able to speak concisely and not lose that potential business because I'm not "in their field." Any and all thoughts welcome.