Accounting is part of owning a rental property, and even if you’re an experienced investor, it’s easy to fall into a disorganized state of random receipts and unfiled paperwork. When you want to maximize your return on investment, you need to invest in an accounting system that will help you track income and expenses as well as plan for future expenditures.
With the right financial reporting, you can make smart investment decisions that will help you earn more and spend less on a single property or an entire portfolio.
Property managers have a fiduciary duty to provide accurate and detailed financial statements and accounting reports that are timely and easy to read. As you may know, reputable and reliable accounting is only one of the benefits of working with a professional Stockbridge property management company.
Make sure you have good records, and invest in technology whenever you can. A dedicated and focused accounting software can help you earn more ROI.
Stockbridge Property Management and Accounting
Landlords and investors trust property managers with their rental home and sometimes with an entire portfolio of rental homes. Not only do they have access to your investments, property managers also have access to your personal financial information, including bank accounts. When you choose a Stockbridge property management company, make sure you’re working with a team of experienced professionals who take their bookkeeping duties seriously.
Providing information that is inaccurate or incomplete does not inspire a lot of confidence. One mistake every now and then is to be expected. But if the accounting statements you receive every month have more errors than accuracies, you need to get to the bottom of what’s going on.
General Accounting Principles must always apply to anything pertaining to your books and financial records. Make sure you know your money is being handled properly and lawfully before you hire a management company.
Investing in Technology and Property Management Accounting Software
At Fickling & Company, we have invested in the best accounting software platforms that are available. Everything is automated and transparent. We’re able to immediately see what your property has earned and spent over the last day, month, year, or decade. With our systems integrated into the property management system we use, our owners never have to worry about the big financial picture or the day-to-day details.
Accounting and Communication
When you’re managing your own rental property, a simple Excel document might seem easy enough. But, you could be missing out on important trends and patterns when you’re not working with better software. If you’re not able to invest yourself, work with a professional property manager who already has these systems in place. The communication will be accurate, detailed, and transparent.
You can expect to receive financial information that reflects the performance of your investments. You’ll be able to make adjustments as needed to increase your ROI and reduce your expenses. The decisions you have to make will depend on having access to good information, and you should never settle for anything less.
A good property management company will not make mistakes involving your finances. Make sure you’re working with a tech-savvy company that has the capacity and the relationships to manage your accounting well. We’d be happy to tell you more about what this means to us. Contact our team at Fickling & Company Property Management, and we’ll talk more about property management accounting.