4/10/11: Bookkeeping – The Secret to Long Term Profitability
Unless you’re a Jedi Knight, it’s probably not smart to simply trust your feelings when it comes to piloting your real estate investments. We mere mortals have to rely upon our gauges to really know what’s happening so we can make important adjustments.
So, as unsexy as bookkeeping is, it’s the vitally essential process of gathering, organizing and tracking all of the data and documents needed to produce meaningful reports. Without them, we can’t tell if we’re on track or off course with our properties and overall portfolio.
And because The Real Estate Guys™ Radio Show is dedicated to your success (and not just keeping you entertained), we thought that doing a show on bookkeeping would be timely just five days before the tax return filing deadline. We’re guessing you’re more acutely (as in “acute pain”) aware of the potential for improvement in this area of your investing life.
But since we’re personally still trying to find the shoebox of last year’s receipts, we booked a much better qualified expert to help us explore this topic.
In the studio cockpit for this exhilarating episode of The Real Estate Guys™ Radio Show:
- Your Jedi Master and show host, Robert Helms
- Co-host and Padawan learner, Russell Gray
- Special guest, Certified QuickBooks Pro Advisor, Enrolled Agent, Bookkeeper and Author, Renee Daggett
Ugh. Bookkeeping? That’s the last thing swashbuckling real estate investors what to think about as the soar through the market scooping up properties, making deals and snuffing out problems. But (and as usual, it’s a big one), bookkeeping is a mission critical system, so you’d better pay attention to it.
Fortunately, our guest Renee Daggett is a bookkeeper who specializes in working with real estate investors. Real estate investors are a unique breed as are their bookkeeping needs. In this episode Renee shares practical tips for taming the inevitable piles of paper and information that is part of every investor’s life.
The good news is that once your system is set up properly, it isn’t as much work as you think to keep it up.
And the big benefit of better bookkeeping is you will have accurate financial reports, tax returns and loan applications. This not only helps you make better business decisions, but allows you to respond faster to opportunity and work more effectively with your professional advisors.
Whatever you have to spend on good bookkeeping should more than pay for itself with more time to find and make deals, and savings on professional fees and sleeping pills.
So listen in and discover how you can organize your financial records to free you up to soar to new investment heights!
The Real Estate Guys™ Radio Show podcast provides education, information, training and resources to help investors make money with their real estate investing.