Bookkeeper for property investing

Discussion in 'Property Management' started by D.T., 6th Dec, 2015.

Join Australia's most dynamic and respected property investment community
Tags:
Page 1 of 2
  1. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,190
    Location:
    Adelaide and Gold Coast
    How many of you use a bookkeeper to keep on top of your property investing paperwork / numbers?

    If so, how many hours per month do you use them?

    If not, what size portfolio do you think you'd need to order to require a bookkeeper?
     
    D.T., 6th Dec, 2015
    #1
  2. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,517
    Location:
    Investard county
    Isnt the statement the PM gives you at the end of the year enough?
     
    Biz, 6th Dec, 2015
    #2
    MTR, Rixter and jim1964 like this.
  3. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

    Joined:
    31st May, 2016
    Posts:
    2,738
    Location:
    Australia
    These days there is the xero as well.
     
    Property Twins, 6th Dec, 2015
    #3
  4. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    3,191
    Location:
    Australia
    Is this for tax purposes to be able to claim?
     
    Barny, 6th Dec, 2015
    #4
  5. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,527
    Location:
    Melbourne
    Yes.... well actually she's a CPA

    Hard to say - but the time between when she is cooking, cleaning the house, doing the garden etc etc.

    The Y-man
     
    The Y-man, 6th Dec, 2015
    #5
    Excalibur1, Phantom, Rixter and 1 other person like this.
  6. DaveM

    DaveM Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    3,761
    Location:
    Adelaide & Sydney
    Nope. Spreadsheet for expenses, EOFY statements for rent,expense cross check and interest.
     
    DaveM, 6th Dec, 2015
    #6
  7. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,059
    Location:
    Vaucluse, Sydney.
    With the @The Y-man.

    Wife CPA. Ahh the perks...
     
    Sackie, 6th Dec, 2015
    #7
  8. Baker

    Baker Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    1,004
    Location:
    I like bread
    I got a previous version of this free spreadsheet and it does the job nicely. All the items even match the same order as they appear in eTax.

    Haven't needed to pay for the full unlocked version, I just work around the locked cells.
     
    Last edited: 6th Dec, 2015
    Baker, 6th Dec, 2015
    #8
  9. Chrispy

    Chrispy Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    394
    Location:
    Melbourne
    I use Rent Manager. It is so easy and so quick even when I had 16 properties I could still keep up and work full time. It is a matter of having a routine though and keeping to it. Plus I am CPA, so that does help :)
     
    Chrispy, 6th Dec, 2015
    #9
    Wukong and Rixter like this.
  10. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    12,415
    Location:
    Sydney
    Perhaps, if your portfolio is simple and your PM never makes mistakes.
     
    Simon Hampel, 6th Dec, 2015
    #10
    MTR likes this.
  11. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,517
    Location:
    Investard county
    I just look at the monthly statements.

    I can only assume you need a book keeper if you are paying the expenses yourself rather than the pm doing it.

    We await in sweaty anticipation for DT's response.
     
    Biz, 6th Dec, 2015
    #11
  12. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

    Joined:
    31st May, 2016
    Posts:
    2,738
    Location:
    Australia
    Can I get someone to do filing :| I absolutely hate filing.
     
    Property Twins, 6th Dec, 2015
    #12
    hobo, ellejay and D.T. like this.
  13. devank

    devank Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,670
    Location:
    Inner West - Sydney
    I'll go half :)
    Lately, I found that I was using two different termite protection companies on a property! One goes through the PM and the other directly. Foolishly I was paying double. That is when I realised that I have a problem.
     
    devank, 6th Dec, 2015
    #13
    ellejay likes this.
  14. Coota9

    Coota9 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,286
    Location:
    Melbourne
    I use a LOC to pay my rates,repairs,insurance etc so I unfortunately have to manage this part myself not handball to the PM.

    For people that have 7,8,9 IPs and need to do this..good luck
     
    Coota9, 6th Dec, 2015
    #14
  15. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,357
    Location:
    Perth
    Once you start messing with being an employee of your company + BAS + too many bills it starts to become something more than something you throw at your accountant once a year.
    Then you need to get some software like Xero/Sasuu/MYOB and/or a book keeper to keep everything in line and ready to give to the accountant.
     
    Westminster, 6th Dec, 2015
    #15
    Simon Hampel and D.T. like this.
  16. Coota9

    Coota9 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,286
    Location:
    Melbourne
    I always wonder when I go into see some certain professions and you look at the paperwork on their desk/office and think,sort out your ***** for gods sake
     
    Coota9, 6th Dec, 2015
    #16
  17. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,517
    Location:
    Investard county
    I have that and have no problem keeping on top of it but I get the pm's to pay the bills.

    You should get myob essentials or xero. Link you bank accounts to it and then just allocate the expenses at the end of the month as they roll in. Wouldnt take you 10 minutes a month to do that. Myob is $29 a month.
     
    Biz, 6th Dec, 2015
    #17
  18. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,859
    Location:
    My World
    I am a hopeless secretary, a hopeless book keeper, I give by BAS to my accountant every quarter and sort the other stuff myself, have an excel sheet, thanks WM its working well

    Last year accountant cost me too much cos, guilty I gave him a box of papers, it will be different this year.

    But seriously I know someone on PC who is worth $30M and still doing his own stuff, his a control freak...hehe...sorry, you know who you are:)

    I don't really understand the question because its dependent on the person if that makes sense, and how much time they have and whether they are interested in investing the time or trading time.

    MTR
     
    MTR, 6th Dec, 2015
    #18
    Property Twins and Coota9 like this.
  19. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,527
    Location:
    Melbourne
    Then you don't need a book keeper, you need a nail technician.

    The Y-man
     
    The Y-man, 6th Dec, 2015
    #19
    Fitzy1903 and MTR like this.
  20. Coota9

    Coota9 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,286
    Location:
    Melbourne
    The old adage is leverage other people's knowledge and work to your strengths..
     
    Coota9, 6th Dec, 2015
    #20
    MTR likes this.
Page 1 of 2