text: Tag Archives: Accounting
  
  Isn’t it amazing how a simple five-letter word can create such panic and anxiety in so many of us. While tales of audit disaster are found everywhere, most audits are simple and straightforward, involving little drama and a lot of paperwork. Of course, even with these reassurances, being audited, whether it’s by the IRS, the […]
  
  One of the challenges in the management of rental properties involves collecting from residents behind on rent payment. Knowing the laws which govern the methods used for collection is a vital first step. We can debate how far we’d push the envelope to make sure the rent is collected, but the key to avoiding legal […]
  
  First, let me confess that I love Excel. Having used Excel for years, I’m fully aware of its strengths, and will continue to use it to create spreadsheets, graphs, and tables. But for some unknown reason, there is a small group of property managers that continue to extol the benefits of using Excel as their primary accounting software.
  
  We work with many property managers that want to learn best practices related to budgeting. In this eBook, we’ve collaborated with an expert to provide you with each and every line item that drives Effective Rent.
  
  Running a successful property management business entails a sound understanding of accounting. This complimentary eBook by Mary-Girsch-Bock from propertymanager.com covers the fundamentals of trust accounting.
  
  If you’re actively seeking new clients (and who isn’t) writing a solid management plan can go a long way towards signing that management contract. Multi-unit managers in particular have to show owners that they can do more than simply collect the rent and evict non-paying tenants.
  
  Has your current property management software program been giving you more problems than solutions? If so, you may be ready to look for new property management accounting software. If you’re not sure what you need, take these suggestions under consideration.
  
  Even though the IRS has a thorough set of instructions available for 1099 processing, many people still find themselves unsure of who should receive a 1099, what the minimum amount is or when they need to mail the 1099’s by. So, I’ve made a list of suggestions that you can use as a cheat sheet, or as a refresher of the basic rules you should know to make property management 1099 processing quick and painless.
  
  There are distinct differences between cash accounting and accrual accounting methods. When setting up your company for the first time, you’ll have to choose which of these accounting methods you will be using for recording accounting transactions.
  
  I’ll admit that bank reconciliations are a pet peeve of mine. Not the bank reconciliations themselves, but the number of people who routinely toss them in the ‘to do’ pile, leaving them sit for a month – or three.
  
  It’s no secret that there are a lot of Excel users in the property management community. An outstanding spreadsheet program, Excel frequently plugs in the gaps commonly found in accounting programs. But there’s a group of property managers that may find themselves relying on Excel a little too much.
  
  Misuse of trust accounts is the number one reason why property management companies are audited. That’s why it’s vital that the proper trust fund accounts are established as needed, and used properly. d
  
  It’s the start of the new year, so inevitably the thing in the forefront of everyone’s minds right now is the same: tax time! Okay, maybe not. When it comes to taxes, you’ve got basically two camps of people.
  
  Sure, the lowly check will be with us for a while. But that doesn’t mean that you can’t help send checks the way of the dodo bird. According to a Federal Reserve System study, check usage is in steep decline, and checks now represent only 30 percent of all non-cash payments. Electronic payments are now the clear winner with consumers.
  
  In a recent webinar, we reviewed four accounting best practices property managers should be doing to close out 2009 and prepare for 2010. We talked through these best practices and demonstrated how to enact them using our web-based property management software but they are definitely applicable if you’re using a different type of software.