All Forum Posts by: Justin Reed

Josh C. I do agree with you that with Xero and Quickbooks now a lot can me automated through memorized transactions. I do think the value that your CPA can add though when doing the books is making sure you are categorizing things the right way to start for tax purposes. Also, most of the leg work comes with the initial setup of the books. From there it’s pretty easy to stay on top like you said.

Frank Lodge I think that I really depends on your personal bandwidth. Many investors view the bookkeeping as a tedious extra task that gets in the way of them analyzing new deals or managing their current ones which certainly can be the case. Many CPAs offer bookkeeping that isn’t overly expensive (maybe a couple hundred a month) in addition to tax services and it pays to have them under one roof. You would save some time and money if your CPA was the one entering the books and then doing your taxes since they would be knowledgeable of what was happening throughout the year.

I used to live in Chicopee and didn’t really mind the area. I left right as construction was starting on the casino. Has anyone there seen the area pick up since that has finished?

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?

Welcome Lauren Minkoff Glad to see people from upstate New York. I grew up in a small town up there near Glens Falls. Lived in Glens Falls for awhile. Glad to hear the area is doing well. I’m currently in NC but thinking of doing some investing there since I still have lots of family there. Would love to connect with some of you to discuss what you are seeing.

Matthew Paladino there are some programs for smart phones you can get that could help track expenses pretty easy. It will even communicate with your accounting software so your accountant can upload it directly.

Brian Maida according to the IRS you need to recognize advance rent when received. Here is the link to the IRS website that highlights this information and some other tips on rent recognition https://www.irs.gov/businesses/small-businesses-self-employed/rental-income-and-expenses-real-estate-tax-tips Hope this helps

You might have already seen this article but if not it might help: https://support.google.com/photos/answer/6131416?co=GENIE.Platform%3DAndroid&hl=en&oco=0 Let me know if it works.

Another option is setting up shared photo album. Both android and iPhone support that and I believe it is cross functional between the brands. This would allow you to just move the receipts into the shared album and both of you would have access.

Michael Wentzel I think you will be happy with switching over to Quickbooks. It’s extremely user friendly. I will second the other comment about utilizing classes to break apart your properties. It will give you a much better vision on how your properties are doing. As for historic data you can upload that into Quickbooks so you don’t lose it and it will give you the ability to track year over year profit. Let me know if you need any help with implementing this process. I really think there is great benefit to getting this right to start and then automating it best you can going forward. The leg work up front saves the scramble come tax season.