Tag: Landlords

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Excel vs. QuickBooks Desktop: Why Landlords Should Make the Switch!

Introduction:

👋 Hey there, Landlords! Ready to take your rental business to the next level? Say goodbye to spreadsheets and hello to QuickBooks Desktop! In this post, we'll explore the top 5 benefits of ditching Excel and embracing computerized accounting systems, with a special focus on QuickBooks Desktop. Let's dive in and discover a whole new level of efficiency!

1)Simplify Tenant Invoicing:

📝 Say goodbye to manual calculations! QuickBooks Desktop automates invoicing, making it a breeze to determine what your tenants owe. Generate professional invoices effortlessly, and wow your tenants with a comprehensive rental history statement they can show off to future landlords or lenders.

2) Eliminate Double Data Entry:

⚡️ No more wasting time on redundant tasks! With QuickBooks Desktop, input your data once, and it automatically updates related records, reports, and accounts. Say hello to time saved and goodbye to tedious double data entry.

3) Bid Farewell to Math Errors:

➕📉 Forget about formula blunders! QuickBooks Desktop ensures accurate calculations without the headache of spreadsheet errors. Say goodbye to manual error correction and hello to peace of mind.

4) Powerful Reporting Features:

📊 Unlock the power of reporting with QuickBooks Desktop! Track liabilities, expenses, assets, revenues, and equity effortlessly. Generate Balance Sheets, Profit & Loss Statements, and more with just a few clicks. Simplify tax preparation and reduce prep fees by sharing comprehensive reports with your tax preparer.

5) Streamlined Rental Property Management:

🏡 Manage your properties like a pro! QuickBooks Desktop offers features like classes, allowing you to easily track and generate property-specific Profit & Loss Statements. Say goodbye to complex spreadsheets and enjoy a seamless experience for your rental business.

Bonus Benefit: ✨ QuickBooks Desktop saves you from spreadsheet design headaches! No more spending hours creating and modifying complicated spreadsheets. Focus on providing the data, and let QuickBooks Desktop handle the rest. Imagine the time you'll save for more important tasks, like analyzing deals or spending quality time with loved ones.

Conclusion:

🚀 It's time to bid farewell to the limitations of Excel and embrace the powerful features of QuickBooks Desktop. Simplify tenant invoicing, eliminate double data entry, and ensure accurate calculations. Enjoy robust reporting capabilities and effortlessly manage your rental properties. Say goodbye to spreadsheet struggles and say hello to increased productivity and peace of mind.

Ready to level up your rental business? Explore the wonders of QuickBooks Desktop and experience the transformation firsthand. Get in touch with AMH Bookkeeping LLC for expert guidance and maximize your success! 💪🏾💰💼

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Efficiency: Lease Renewals

Welcome to Part Three of the Efficiency series. Today we are going to discuss lease renewals and how to make this process as efficient as possible.

First, how many of you are scattered in terms of when you renew your leases? Meaning are you doing this every month with a new tenant, several in the same month?

If you answered yes to the above question, please, keep reading.

Lease renewals can be a stressful part of your rental business, particularly if it is not a streamlined process. Trying to coordinate the signing with the tenants, driving all over your city, performing the walkthrough to note the wear and tear and needed repairs, and finally sitting down to sign the lease can drain you. Let's get into how you can streamline this process.

  1. Draft and send a letter to all of your tenants letting them know the change in this process. Address the why as clearly as you can. I recommend that you speak to maintaining professionalism and to ease the process for the tenant as well by giving them earlier notice of the renewal.
  2. As mentioned in Part One, you can use Acuity to set up 1 or 2 days that you will do lease signings and have the tenants sign up on those days at times that work for them. If you own both Multifamily and Single family residences, schedule about 2 days for each, depending upon the number of units for each.
  3. Try to keep the entire process to 30 minutes. Having the initial walkthrough form used when they moved in will help keep this to the time allotted.
  4. Lastly, if possible, perform lease renewals in the spring or summer. It is easier for people to find and move into a new place in these months than the colder months should they choose not to renew.  It is also the time most people want to be outside so travelling won't be so hazardous.

As you become more efficient in your rental business, you will begin to train the tenants on the behavior you expect from them as well as what they expect from you.

Need some help getting started, schedule a consultation now. Click HERE to make your appointment!

AMH Bookkeeping, LLC. The Landlord's Bookkeeper.

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