3 Bookkeeping Secrets to Scale your Real Estate Investing Business
In this episode, Nick Baldo delves into real estate accounting, discussing the importance of accurate reporting and proactive decision-making. He explores the use of QuickBooks for real estate investing, including managing property accounts and balance sheets. Nick also discusses budgeting, cash flow assessments, and working with multiple business entities.
Key Points
- QuickBooks can be fully utilized by real estate investors with proper setup and customization of the chart of accounts to reflect the unique nature of real estate transactions, which includes properties, amortization, capitalization, and more.
- Products and services in QuickBooks Online, when used effectively, can provide detailed reporting on rehab and construction costs without cluttering the chart of accounts, allowing for cleaner high-level financial overviews with the ability to drill down for specifics.
- Multiple business entities related to real estate investing can be managed within a single QuickBooks Online subscription by utilizing location tracking, allowing for unified setup, portfolio-wide reporting, and potential savings on subscription costs.
Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ End-to-End Accounting Course: https://www.incomedigs.com/reab2 (Enter Code YOUTUBE50 for $50 off!) Free QBO MiniCamp: https://bit.ly/3uNlesQ Free Download: https://www.incomedigs.com/chart-of-accounts Official Website: http://www.incomedigs.com
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Transcript
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