As a real estate investor, accounting is part of your daily life. You have to monitor the cash flow in, and make sure you’re managing your outflow in a profitable manner. For many investors, a paper accounting system is the one they know and use. However, if paper is holding you back, do what other successful landlords have done and make the switch to an accounting software program.
It is easy for small business owners to get stuck with questionable business practices, especially when they are in the early stages of development. Sometimes in the zeal to achieve profitability and success, the employees and management take shortcuts. Here are ten frequently overlooked secrets about small business management that will help your company achieve success:
The lack of robust accounting systems is one of the primary reasons that small businesses fail. Small business record keeping can be a thorn in every business owner’s side, and many companies are now turning to virtual accounting services. Here are some the advantages they find:
For the most part, it’s a great time to be a real estate investor: interest rates are low, and home values are climbing in most areas. In fact, metro areas like DC are growing rapidly, which means there’s a good chance you’ll get high returns from your investment.
Being a good landlord takes practice, and no matter how much you read, there really isn’t a substitute for experience. But if you are thinking about investing in rental property or you are a new rental property owner, there are a few basic rules that will help you hit the ground running.
When you are starting a new business, the structure or business entity that you choose makes a difference. Many new entrepreneurs have to decide between an LLC (limited liability company) and a sole proprietorship. The truth is that there isn’t one single answer to the question of LLC vs. sole proprietor, and you should obtain the help of a qualified business advisor to make this decision.
Taxes. If you are self-employed, the myriad tax rules that apply to your income may dampen your entrepreneurial spirit. Especially when you are preparing to file your return. But, taxes don’t have to be such a burden. Take advantage of the immediacy of your situation - what better time to do some planning than while everything is fresh in your mind. Here's some advice on how to get an early start on tax planning strategies for this year:
Cash flow is the life-blood of every business. For a small business, cash flow can make or break its ability to survive. If you want to adopt a proactive approach to managing your small business, then it is important that you enlist the help of a CPA who can assist with financial forecasting. A professional can help you fine-tune your business plan and know what to expect in the future.
The end of the year is always a busy time for business owners. While juggling holiday planning, you also have to take care of some important business duties so you will have a successful year when the calendar flips over. As 2017 draws to a close, the possibility of major tax legislation makes tax planning more important than in previous years. This year, good tax planning has to acccount for what may happen in the near future.
As a property manager, accounting is part of your daily life. In addition to dealing with all the challenging tasks of property maintenance and tenant or owner issues, you have to monitor the books. If you are struggling to keep up, paper may be holding you back. Is it time to switch your property management accounting system from paper to software?