Set up individual accounts for each property Separate your personal and business accounts Be sure to familiarize yourself with the benefits of real estate bookkeeping so that you can fully get yourself on board. Below are the steps for setting up a solid bookkeeping system for your rental properties. When managing a portfolio of rental properties, you will want to ask yourself some of the following questions: how will you manage the constant flow of rent checks, management fees, and maintenance invoices? How do you know which of your properties are eating into your profits? Staying on top of your bookkeeping is the solution to safeguarding your business and maximizing your financial performance. These records are what entrepreneurs can use to analyze the financial performance of their business, otherwise known as accounting. Bookkeeping is the recording of financial transactions for individuals or businesses. Before getting started, it’s helpful to understand bookkeeping and accounting functions and how they are related to one another.
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