How organized are your property management finances?
We know you probably didn’t get into real estate investing because of your love for spreadsheets and profit and loss statements. Accounting feels like paperwork. Financial reports can seem like extra work.
However, these monthly and year-end accounting reports help you to:
- Understand where you are financially with each property and your portfolio as a whole.
- See where you might need to make some changes in leasing, maintenance, improvements, etc.
- Make better investment decisions.
- File taxes.
- Create a budget for the upcoming year.
Whether you’re trying to determine what your expenses are likely to be before you invest in a property or you’re tracking what you spend on existing investments, there are a few accounting details that require your attention.
Good documentation will help you have a better and more profitable investment experience. Technology helps, too.
Even better? A professional CPA, accountant, or Nashville property manager.
