All Forum Posts by: Shane Swart
Shane Swart has started 3 posts and replied 5 times.
Post: Streamlining Quickbooks Online for Bookkeeping & Lowering Accounting Fees
- Posts 5
- Votes 2
Quote from @Cameron Jones:
Hey @Shane Swart, as a bookkeeper, I've been asked this question many times and I get the frustration.
Loans can't connect to the bank feed like checking or credit cards because banks/creditors don't send that kind of data. Most lenders don't provide detailed transactions for loans — just summaries. QuickBooks can't sync what the bank doesn't provide. So instead, we track your loan manually and split payments correctly to keep your books accurate. Since loan transactional activity is very low (1 disbursement and 1 payment per month), manual recording with a split (to interest expense, to principal balance, to PITI escrow) keeps things clean and concise.
Hundreds of 3rd party apps can be integrated with QuickBooks Online via Apps, however, not all integrations are good (and most of them are bad). This is because QBO has certain workflows (particularly with invoicing) and the 3rd party apps don't always respect this flow. QBO and these 3rd party apps continuously being updated doesn't help either.
Appfolio and QBO actually doesn't have a native integration with one another via the App portal. Options for bringing over information to QBO is either:
1. The Month-End report export method you're doing now and translate this information to QBO (Cash Flow Report, GL Export, Rent Roll/Tenant, Owner Distribution, Vendor Expense)
2. Using connector app, such as Dancing Numbers (https://www.dancingnumbers.com/appfolio-quickbooks-integrati...), to "connect" the two and help with the import process. You would have to pay for Dancing Numbers to do this and you would have to correctly map everything so it brings what you need over. The link I provided gives a rundown of how it works. You will need to continue to check on things to ensure everything stays mapped correctly.
Are you the one translating the data into QBO or just downloading the reports and providing them to the accountant?
Thank you for the response Cameron. We are the downloaders and shufflers of data to the accountant not the QB gurus. Our accountant is great and very competent in QB I'm just trying to get us as efficient as possible... sounds like we may be already, I just hate double handling data that could be streamlined. IF you know anyone high up the food chain at QB you should lobby them for the changes needed to make it more effective for RE investors :)
Post: Streamlining Quickbooks Online for Bookkeeping & Lowering Accounting Fees
- Posts 5
- Votes 2
I know book keeping topics repeat frequently on here so I apologize in advance!
We have been using the same accountant to do our taxes for the last six years or so and recently started having them do our bookkeeping for our properties in Quickbooks last year. We had reached a point in our portfolio size where spreadsheet tracking and then filing taxes became too heavy of a lift for everyone and the cost of doing our tax return was getting hefty as well.
That said, has anyone had any success figuring out how to link property loans from bank online portal successfully into your Quickbooks? We have 9 different loans at 4 different banks and they all have great online portals that could easily be linked Quickbooks doesn't want to do it... anyone know something we don't?
Also, one of our property managers uses Appfolio for a portion of our properties and Quickbooks claims they can link but we have not had any luck there. Has anyone had success linking Appfolio to Quickbooks?
Right now, we still have to download & send all of our loan statements and property management statements and send to our account and it is honestly almost the same amount of work I was doing maintaining spreadsheets. Having the reports and organization of Quickbooks is great, but we are spending A LOT of money on accounting and we need to streamline the process.
Thanks in advance!
Shane
Post: Insurance Broker?-Evaluating and Shopping Insurance for an Existing Portfolio
- Posts 5
- Votes 2
Hi Kevin,
Thanks for responding.
We are not with an independent agent. We have been working with the same agent at a larger regional insurance company firm for 15+ years and we have a good relationship. Our concern is that we are limited to their company policies and do not get the benefit of seeing what else is out there.
We have had a recent meeting with them to review all of the policies and coverages and feel good about coverage, etc.
I know we may not find significant costs savings out there with current conditions but would like that validation of that if true. We have been loyal clients with no claims yet still have noticeable cost creep unfortunately.
Post: Insurance Broker?-Evaluating and Shopping Insurance for an Existing Portfolio
- Posts 5
- Votes 2
Hi All,
I have an existing portfolio of LTR's that are all small multi-family. 8 properties, 25 units total in WI.
We have stuck with the same local insurance company for over 15 years and we are long overdue for a deep dive to find efficiencies and save some insurance costs with the portfolio. We haven't had any claims (knock on wood), however premiums continue to climb.
Has anyone used an independent insurance broker to shop around for an entire portfolio before? Pros/cons? Any recommendations in the Wisconsin Market?
Appreciate any feedback!
Shane
Post: Working With a Traditional LTR Property Manager to do MTR Strategy Tips
- Posts 5
- Votes 2
Hi All,
I am a long distance investor and have all traditional long term rentals with property managers managing them. I am currently renovating a three unit building that would be perfect for MTR as I know there is a high demand for furnished units for traveling nurses and this building is right next to a hospital. I know I could likely 2-3X my rent with the MTR strategy on this building.
My property manager is awesome at LTR and I have no intentions of switching. However, I have dropped it in conversation about exploring MTR and they don't seem overly enthused about it as I know in their eyes it means more turnover and perceived high maintaince tenants. I have a property manager because I prefer to be hands off with the tenant management, however I wouldn't mind assisting with posting on Furnished Finder and helping with marketing the property with the local Hospitals.
My question for the group: Has anyone had experience "selling" their property manager on the benefits of MTR and or hybrid managing a MTR with a property manager?
Any feedback is much appreciated!