All Forum Posts by: Max Emory

“One product, one avatar, one channel. If you have multiple businesses and you’re under 7 figures a year...STOP. More businesses clearly aren’t making you more money.” - Alex Hormozi

This line during Alex Hormozi’s YouTube video, “30 Minutes of sales training that will explode your business in 2022”, hit me like a ton of bricks in a super pivotal time in my business.

Us entrepreneurs and investors have shiny object syndrome a lot of the time. FOCUS.

But, from what I’ve seen, most heavy hitters in the business and investing world focus on ONE THING until they crush it.
Then, with their earned time, money, and knowledge -> they explore other businesses/investments.
But, it all starts with that ONE THING.

What do you guys think of this? 

Are you just focusing on one business starting out or are you growing several at the same time?

 Hey @Ben Layman! I own a bookkeeping firm that exclusively serves real estate investors. We're real estate investor owned and veteran owned. We're also 100% remote (don't think I have a client in VA right now). We have clients all over the country. We use QuickBooks Online for all of our clients.

We also have relationships with some great CPA teams for the tax strategy/tax filing portion of your equation if you don't currently have those positions on your team filled.

If you have other specific questions I'm here to help just like everyone else who has commented in this thread. There are a lot of great bookkeepers and accountants in this community!

I hope this helps!

Hey Forrest T Schue, most accounting software/apps have a receipt snap feature where you can take a picture of the receipt and attach/match the receipt to the transaction. 

If you're not using an accounting software, we recommend Google Drive. Have a receipt folder per property or however you want to structure it. 

You can use an app such as Genius Scan to scan your receipts and export them as PDFs if you want scanned PDFs rather than jpeg/png.

The CPA firms we work with recommend keeping track of your receipts in the event of an audit so good on you for tackling this!

Hey @Erik Belinfante, a virtual assistant would pay dividends for you to help get this under control. And, Bill.com is a good platform for you to check out. It allows you to send checks and pay via credit card, debit card, ACH, etc. I've had a good experience with it.

Hi @Matt Ten, I own a bookkeeping firm that exclusively serves real estate investors. We're real estate investor owned and veteran owned. We're also 100% remote. We have clients all over the country. We use QuickBooks Online for all of our clients.

We have relationships with some great CPA teams for the tax strategy/tax filing portion of your equation if you don't currently have those positions on your team filled. 

If you have other specific questions I'm here to help just like everyone else who has commented in this thread. There are a lot of great bookkeepers and accountants in this community!

I hope this helps!

Hey @Mason Thomas, there are some awesome tax experts here in the forums. You shouldn't have any issues finding one unless they are maxed out on capacity.

There are currently two options for real estate investing-savvy CPA firms we refer people to:

1. Keystone CPA, Inc. - proactive tax planning
2. TrueBooks CPA - tax strategy and coaching

I removed the links I normally provide so BP doesn't block this post.

These two options focus more on advisory services rather than tax filing. But, they do help with tax filing if you become a client of theirs.

Good luck!

Hi @Benjamin Knight, we use QuickBooks Online for all of our clients within our firm. I've also used REI Hub for one client but the functions took more than twice as long to complete and the reporting feature is weak compared to QBO. So, now we purely use QBO.

Not saying it's the best but all of our processes are built around QBO, and it works for us so that's what we use.

As others have said, to use QBO for REI, the chart of accounts and other features have to be set up and customized for REI. This will take the help of a professional unless you know how to do this and are willing to spend the time and energy to do it yourself. Then, once you're running your books on QBO, if every transaction isn't properly processed, it will cause issues within your reports. These issues are easy to fix, again, if you have the knowhow and time.

I personally used Stessa when I had less than 10 units. Once my portfolio grew, I switched to QBO because it's a little more sophisticated.

You have a lot of good feedback in this thread from investors and accountants with different experiences. 

Good luck and feel free to ask more questions!

Thanks for the shoutout, @Todd Lennig!

@Anthony King, I own a bookkeeping firm that exclusively serves real estate investors and I'm an investor myself with 22 doors currently. I'll DM you. 

@Robert Gorman, Stessa will be perfect for your application and it's free.