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Self-Managed Rental Properties

The following accounting services are available for individuals who self-manage rental properties:

TAX COMPLIANCE AND PLANNING

We provide accounting services that assist our clients in all tax situations.

Our knowledge of real estate tax laws ensures that:

  • Your financial statements, reports, and tax returns are complete, accurate, and timely, to meet all your business requirements.

  • Your taxes meet the ever-changing codes, laws and regulations.

ACCOUNTING ASSISTANCE

Our professional accounting assistance helps you prepare and maintain complete, accurate financial documents. This not only gives you confidence in knowing your financial records are in order, but it enables you to spend more time on other duties.

Our accounting assistance includes:

  • Ensuring you are entering transactions accurately

  • Providing temporary, short-term help

  • Bank reconciliation

  • Accounts receivable and accounts payable

  • QuickBooks set up and consulting

  • Monthly/quarterly financial statements

  • Year-end financial statements

MANAGEMENT REPORT DEVELOPMENT

Management reports help you prepare and monitor operating and capital budgets, as well as make decisions regarding annual financial responsibilities.

We develop financial management reports that ensure accurate reporting and accounting for areas such as:

  • Rental rates

  • Utilities

  • Facilities maintenance

ACCOUNTING SYSTEM DESIGN AND SUPPORT

We customize your accounting system to optimize your financial information and effectively interpret that information. Your accounting system will consider:

  • Your personnel

  • Your policies and procedures

  • Your financial records

  • The technology you have

  • Your resources for operating the system

RESERVE ANALYSIS DEVELOPMENT

We understand that you must set aside sufficient funds, as reserves, to cover major repairs and replacements when they are needed (including roofs, parking areas, landscaping, etc.). We can help you develop a reserve analysis for an accurate estimate of the costs needed to repair and replace major components of the property over long-term.

This is a very important part of the property owner’s operating budget and can be used as a financial management tool to:

  • Help balance and optimize property values.

  • Address potential depreciation.

  • Give potential buyers a more accurate and complete picture of the property’s market value.

BUSINESS ENTITY SELECTION

Starting a new business?

We can help you determine what type of business entity you should establish. We will discuss all the options and consider all the legal and tax implications so you can make a decision that best fits your needs.

The most common business entities include:

  • Sole Proprietorship

  • Partnership

  • C Corporation

  • S Corporation

  • Limited Liability Company (LLC)

Is your business changing or expanding?

We also review your business entity decision periodically, as your business evolves, because there are times when it is helpful to change your entity to better meet your needs.