Bookkeeper for property investing

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

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  1. D.T.

    D.T. Specialist Property Manager Business Member

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    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?
     
  2. Biz

    Biz Well-Known Member

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    Isnt the statement the PM gives you at the end of the year enough?
     
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  3. Property Twins

    Property Twins Mortgage Brokers - Australia Wide Business Plus Member

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    These days there is the xero as well.
     
  4. Barny

    Barny Well-Known Member

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    Is this for tax purposes to be able to claim?
     
  5. The Y-man

    The Y-man Moderator Staff Member

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    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
     
  6. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Nope. Spreadsheet for expenses, EOFY statements for rent,expense cross check and interest.
     
  7. Leo2413

    Leo2413 Well-Known Member Premium Member

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    With the @The Y-man.

    Wife CPA. Ahh the perks...
     
  8. Baker

    Baker Well-Known Member

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    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
  9. Chrispy

    Chrispy Well-Known Member Premium Member

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    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 :)
     
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  10. Simon Hampel

    Simon Hampel Founder Staff Member

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    Perhaps, if your portfolio is simple and your PM never makes mistakes.
     
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  11. Biz

    Biz Well-Known Member

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    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.
     
  12. Property Twins

    Property Twins Mortgage Brokers - Australia Wide Business Plus Member

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    Can I get someone to do filing :| I absolutely hate filing.
     
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  13. devank

    devank Look, lets just get on with this, ok? Premium Member

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    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.
     
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  14. Coota9

    Coota9 Well-Known Member Premium Member

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    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
     
  15. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    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.
     
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  16. Coota9

    Coota9 Well-Known Member Premium Member

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    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
     
  17. Biz

    Biz Well-Known Member

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    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.
     
  18. MTR

    MTR Well-Known Member Premium Member

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    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
     
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  19. The Y-man

    The Y-man Moderator Staff Member

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    Then you don't need a book keeper, you need a nail technician.

    The Y-man
     
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  20. Coota9

    Coota9 Well-Known Member Premium Member

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    The old adage is leverage other people's knowledge and work to your strengths..
     
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