In the world of real estate investing, most people focus on the initial business plan. You need to invest $X to make $Y in profit. This is the exciting aspect of buying income properties, but it doesn’t cover the whole picture. In fact, the only way to truly sustain profitability is through effective bookkeeping strategies.

Let’s take a closer look at the difference between business plans and bookkeeping services and how they affect one another.

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Property investment is a great way to earn passive income. If you’re a first-time landlord or investor, you need to think about rent collection, business credit, emergency funding, and other income management elements. Read on to find out how to prepare a house for rent and the best way to collect rent as a landlord. 

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So, you’ve been watching a little too much HGTV lately and house flipping has your attention. And for many people it’s because of this magical phrase: “No money down.” Can you really flip a house with no money down?

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QuickBooks is one of the most respected and commonly used pieces of accounting software on the market. It’s great for real estate—that is, if you know how to use it correctly. That’s where a QuickBooks course comes in.

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Loans are a regular part of most businesses, and you need to make sure your books are in order before you meet with your potential lender. But what exactly do you need? Basic financial documents First a lender will want to look at your tax return and other fairly obvious financial documents. If you really…

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Financial reports can sound confusing. There’s a whole list of numbers, acronyms and terms that you might get thrown at you, and they’re different depending on who’s asking. What really matters, though, is what do you need to run your business. Usually this boils down into three categories: taxes, lending, and management.

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Technically speaking, anyone can perform bookkeeping services, and that includes a CPA. You obviously want someone who knows what they’re doing. That usually includes four options: a CPA, a general bookkeeper, a niche bookkeeper, and a regular person. Given those options, how do you decide who should be doing your books? Let’s take a look.

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When you’re building a business, you have to wear a million hats. You’re the one in charge of marketing, operations, administration, and finance. You’re the CEO, CFO, COO, and probably more! However, you’re going to be better at some of those jobs than you are others. For the ones you aren’t good at, you’ll either need to hire someone or get training to have the right system in place.

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A controller is very similar to an accountant. But in most cases, they have more responsibilities. Imagine a laser-focused bookkeeper in charge of building reports, monitoring purchasing decisions, collecting rent, paying bills, and so on.

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When a bookkeeper “prepares” a financial statement, what are they actually doing? You might be under the common misconception that we’re just trying to make the report look nice. In reality, preparing a financial statement for accounting is an important process used to document transactions onto the final statement. Quickbooks should already be doing a…

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