Categories
General

Automatic Landlord Income Expense Tracking

Landlord Income Expense Tracking
Automatic and free landlord income expense tracking software makes life easier.

As we’ve already discussed, landlord income expense tracking is an important yet time consuming task for landlords. With all of the options available from a worksheet to landlord accounting software, each one has its pros and cons. We are going to highlight two major pros for landlords using RentalIncomeExpense.com – automatic recording of information and price.

Automatic Landlord Bookkeeping

If landlords want to save some time on tracking rental income and expenses when using RentalIncomeExpense.com, then they should use ClearNow for online rent payment. Rent collected via ClearNow is automatically recorded as income in RentalIncomeExpense.com. Furthermore, fees paid to ClearNow to collect rent online are also automatically recorded in RentalIncomeExpense.com. So just by using ClearNow, landlords eliminate the need to manually record rental income and the associated expense and thus save time.

Free Income Expense Tracking

RentalIncomeExpense.com is free rental property software. It’s hard to beat free. Many will ask, “What’s the catch”, when something so valuable is free. Believe it or not, there is no catch. Designed for landlords, RentalIncomeExpense.com is simple yet powerful landlord accounting software. Because it is free, landlords lose little when trying it out before taking out their wallets and purchasing software for their rental property needs. Beyond free, it also provides reports, like profit and loss, that tell landlords how well business is doing.

Information is powerful. A free tool like RentalIncomeExpense.com makes the mundane task of landlord bookkeeping all the more valuable.

Categories
Landlord Taxes

Landlord Accounting Software vs Accountant

Landlord Accounting Software vs Accountant
Landlords should still track rental property income and expenses even if they use an accountant.

If I use an accountant for tax preparation, should I still use landlord accounting software? We think so. The two primary benefits are information and speed.

Information from Accounting Software

If you own property and rent it to receive income, then you are running a business. Anyone running a business should track income and expenses to understand how well or poorly the business is doing. Landlording is no exception. There are a variety of ways landlords can track rental property income and expenses. We recommend using landlord accounting software because of the powerful information it can provide for you through reports that tell you how your business is doing. For example, a profit and loss statement is a great financial review of the business’ revenues and expenses over a period of time. You may be deterred to pay for landlord accounting software when you are already paying an accountant. Do not fret because there are some excellent and free landlord income and expense tracking software such as RentalIncomeExpense.com and Avail.

Speed from Accounting Software

Maintaining good accounting records makes tax time easier. The reports you can generate from your rental property software will make your accountant’s work that much easier. You don’t have to give your accountant a shoebox full of random pieces of paper to sift through and figure out (which takes time!!). Instead, hand over a few reports that provide the details your accountant needs. For example, with RentalIncomeExpense.com, you can generate a Schedule E Helper report that mimics the Schedule E you will have to file with your taxes. And if your accountant charges by the hour, then by simply using free landlord accounting software to generate reports will save you more money because of the time savings!

The information and speed you will achieve when using landlord accounting software will complement the work your accountant does. You will make your accountant’s life easier, and they will likely thank you!