All Forum Posts by: Sarah Bratcher
Sarah Bratcher has started 0 posts and replied 2 times.
Post: Accounting and Management tools for Landlords
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- Votes 2
Quote from @Errol Graham:
@Sarah Bratcher, many thanks for your response. Can the schedule E report from Stessa be used for tax filing?
You're welcome Errol. You will have to ask your tax preparer if that report is sufficient for your tax strategy. I will say it is equivalent to a profit and loss report, so I would think it would be sufficient for that purpose along with some other reports I'm sure they will need.
Post: Accounting and Management tools for Landlords
- Posts 2
- Votes 2
Hi Errol! I am a CPA who focuses on bookkeeping and financial accounting for real estate investors. Here are my considerations: Stessa is a great platform for tracking income and expenses for investors, it is really user friendly. The downfall to Stessa (and really what makes it so easy) is that it is a single entry system. This means there are no checks and balances to ensure all your transactions are entered correctly. A double entry system (like quickbooks) allows you to reconcile your bank statements ensuring there are no missing or duplicate transactions. I would recommend Stessa so much more if you could reconcile, and hopefully they will! Overall I think it’s a great solution for smaller portfolios that you can easily spot any discrepancies, but if you are a larger portfolio or planning on becoming larger in the next year or two, I would look for a double entry system that allows bank reconciliations!