Good morning fellow earthlings….

Today, I want to help alleviate your tax nightmares.

Yes, I used to be a ShoeBox Stuffer

 
Yep. I used to do everything with MS Excel. It literally took me nearly 1 week to get all my tax stuff, receipts, etc all tabulated and in order.

Then, I checked out John Hyre’s stuff for Quickbooks for real estate investors. It was good. Very detailed. My accountants changed a couple setup items on the books.

Quickbooks to the Rescue

Then I started to use Quickbooks. It stinks in that you have to be more disciplined while you go throughout the year. You need to enter your checks into the software (or order checks that work with the software), and you need to be rather religious with staying on top of your accounting stuff.

Bottom Line

I wouldn’t trade it for anything. With the push of a few buttons, you can have detailed reports, analyze your cashflow, generate 1099’s automatically, and a ton of other time saving, and business critical items.
I highly recommend, start using Quickbooks for your flips and rentals sooner rather than later. I delayed and regret it to this day that I did not switch over sooner. Yes, you may need to find someone to setup your original accounts, etc and help you at the beginning. You should be able to find somebody to do this for you from $35-$70 per hour very easily.

 

Happy Investing, your friend and mentor,

Brandon Yeager

Filed under: Business Tips

Like this post? Subscribe to my RSS feed and get loads more!