EP143 Best Practices for Keeping Track of Your RE Income & Expenses with Steve Bjorkman from Rental Hero
If you own and manage rental property, then keeping track of your income and expenses is something you've had to deal with. And having the right systems and software in place can help you make more money, save time, and ultimately achieve a higher value when it comes time to sell.
Today we're going to talk about what you should look for in accounting software, the information you should be tracking, and how you should set up your books for proper accounting and tax purposes.
Steve Bjorkman is the CEO and Founder of Rental Hero, a simple and easy-to-use rental accounting software built for rental owners and landlords. Steve and I discuss the pro's and con's of using excel and quickbooks, why you should always have a separate business account for your rental, the value of hiring a CPA, how to set up your books and categorize income and expenses, and how to keep track of your receipts.
Keeping track of your income and expenses is just as important as taking care of your property. Those who get it right are better positioned to make higher profits. Steve shares a lot of excellent tips and best practices in this episode that will help you do just that.
You can find out more about Steve and Rental Hero by going to https://www.rentalhero.io
Plus, Rental Hero offers an RPOA discount to members - Enjoy!