Originally posted by @Account Closed:
Let me say this about people who may have problems running QuickBooks on their computers.
QuickBooks is HUGE. It takes up a lot of disc space on your computer.
A computer needs not only disk space to hold a software's data, and then your entry data to boot, but you also need a lot of memory disc space in order to work on your computer. There is a lot of stuff going on behind the scenes.
This is why we see Computers selling for like 4T Disc Space, or even 4 Trigabytes of Memory, As we get more advanced in this day age, we expect a lot out of our computers.
If people have an old computer with very little memory or disc space, QuickBooks is going to freeze on them.
That maybe what is happening.
Nancy Neville
For the record, this thread is incredible. I've learned so much.
As of right now I am managing my properties with :
Quickbooks Online- It's 2018, we can't keep running from subscription based models. Yes it seems expensive but it's the cost of doing business. When multiple partners/bookkeepers/accountants are involved in a venture, it brings transparency by adding people as users. It allows you to check your business on the run with mobile app or any computer via a web browser. QBO is extremely efficient in helping me managing my properties. It's very user friendly too. I know they are trying to roll out bill pay feature that costs a dollar per bill paid that seems like it makes a lot of sense too. Considering the cost of a stamp, time, envelope, paper, and printer ink...
Cozy.co- phenomenal website. Great for tenant screening, property marketing, and rent collections with auto late fees. Great site. I wish i could collect all my tenants $ through it but unfortunately some of my section 8 tenants will not use.
Google G Suite- Everyone talks about excel, but i highly recommend Google Sheets. Way more practical. Create a google sheet and share with partners or friends. Scan in vendor bills into each file within Google Drive. Google Keep is great for tasks/quick notes. Google Docs is great for word docs... Need to have one on one meetings with partners to go over spreadsheets? Google Hangouts is incredible! Google Calendar app is the best. Google was a game changer for me. I thought Google was just a great search engine and had no idea of how powerful it is for business.
If I said I have mastered my property mgt I would be totally lying. It's actually the opposite. I feel like I have so much to improve.
Account Closed- Do you invoice your tenants for rent? I was doing this for a while but started to confuse my self into thinking that it didn't make sense to do this. But from some of your posts above it seems like you did. I look at tenants as customers in the sense that I collect money from them every month. When I send out invoices, I expect them to be paid and I am more used to a system where I receive payments through quickbooks from that tenant/customer. Is there anything wrong with invoicing your tenants every month? I've owned other businesses for years and invoices I feel are the easiest way to track tenants paying on time. When it's time for a late fee do you mail out a late fee invoice too?
Thanks again BP for a great thread.
