Now that tax season is fast approaching, it’s time to start thinking seriously about how you’re going to manage the rental property accounting help for your investment properties.
Fortunately, tech is filling the gap where spreadsheets, calculators used to be. Now, you not only get help from a person but you can also get help from software itself that’s uniquely designed to help rental property owners just like you.
No more having to wiggle around with programs like Quickbooks — you can hop on a software and plug in your numbers to easily pull reports & get help for your rental property taxes. All in one place.
That being said, when it comes to determining the type of tech features for rental property accounting help you need, want, and MUST have the most, we’ve got you covered with 2 tips right from the software experts themselves.
2 Must-Have Features for Rental Property Accounting Help
RentRedi partners with rental property accounting software to provide our landlords with the best possible way to manage their properties AND all those big bad scary tax shivers that plague you from December to April.
But it doesn’t have to be scary. If you’ve got these 2 features — which you can find here — you’ll be on good ground with your accounting books!
1. Transaction Matching Rules
Transaction matching rules can help automate your regularly occurring transactions. It really speeds things up for the average investor and reduces the amount of time you spend booking transactions from your bank account!
2. Book Expenses to the Portfolio Level of Your Accounting
When you use an accounting software designed for real estate investors, you can book expenses to the portfolio level of their account. This is helpful for not having to choose a specific property.
Additionally, it helps you prorate those expenses onto the individual property by property Schedule E reports. Both these aspects of automatically booking expenses on a portfolio level answers the common question:
- How do I book overhead/ expenses that apply to more than one property?
It also provides a crucial time-saving automation for tax time by using the Schedule E proration!
How to Get Started (Before March Turns into April…)
If you’re in need of good rental property accounting help for tax time, RentRedi can help by offering you a best-in-class, affordable rental property management software AND amazing accounting partnership.
You can learn more, check out our feature page which showcases all the must-have accounting features (and the best 2 above!) to help you tackle tax time with NO scaries!