Episode 95: [Business] Real Estate Investor Bookkeeping Mistakes

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joni and kirk do bookkeeping for real estate investors

Joni Yates
Joni has an extensive career in administration working with Fortune 500 companies and small businesses alike.  Her career has spanned sectors including retail, automotive, and the legal field.  She has been working with Quickbooks for 7 years.  Joni has helped several companies start their Quickbooks bookkeeping accounts from the ground up.  Joni holds a Bachelor’s degree in Counseling Psychology from Rochester College.
 
Kirk Yates
Kirk has worked for Fortune 500 companies and run small businesses.  His expertise includes sales management, the automotive aftermarket, mortgages, and banking.  He first worked with Quickbooks in 2001 and prior to that worked with Peachtree Accounting software.  Kirk is skilled in P&L and financial projections.  He holds a Bachelor’s degree in Advertising from Bradley University and a MBA from Walsh College.
 
Joni and Kirk live in Rochester Hills, MI with their two children.  Together they have owned rental properties and know all too well, the ups and downs of being landlords.

Together, Joni and Kirk got in to bookkeeping for real estate investors when Joni did consulting work for Mike Simmons and his partner. When they were looking over the books, Joni and Kirk noticed that there was a hole in market because there aren’t many people doing bookkeeping for real estate investors.

The biggest mistakes Joni and Kirk see when it comes to bookkeeping for real estate investors are these:

  1. Not keeping track of small transactions
  2. Not keeping receipts
  3. Not categorizing transactions

The reason Joni and Kirk use Quick Books is because it helps keep everything organized for their clients. Quick Books makes it easy to see everything in bookkeeping for real estate investors, so not having any type of system is the worst thing to do for your business. Tracking every single expense will end up costing your business lots of money in the long run.

If you’re in the need of a good bookkeeper, Joni and Kirk are the way to go. The first step is building up a report for your real estate investing business that’s broken down by property so that you know where your money was spent.

“You’re not going to send us too much paper,” Kirk says, half jokingly. The more a real estate investor can provide for them, the better. 6 or so months down the road of working with Joni and Kirk, there won’t be as many questions. The more you two work together, the better their understanding of your business will be, and the more streamline everyone will work together.

Because clients want specific reports, Joni and Kirk keep everything categorized and organized. Want to know where your marketing expenses are? They have reports for that! Knowing where your money is going, and what’s being spent, will help keep your real estate investing business out of bookkeeping trouble.

Links

YouTube.com/FlippingJunkie

Use REIBooksOnline.com’s Coupon code: Danny to get 50% off your first month!
REIBooksOnline.com

FlipPilot.com

QuickBooks.com

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