In this article you will learn how to track your investments in QuickBooks. To know more contact QuickBooks Desktop Support.
If you have ever invested in real estate you must know how much paper work it takes in maintaining a portfolio. Among all the cost incurred for investing in properties, particularly rental properties, the next thing that matters the most is the time and effort applied for necessary tracking and administration. We have a solution to this; the way to reasonably and responsibly cut down on tracking your real estate investments is to make use of technology. Here we list down some attributes and possible benefits of real estate tracking via QuickBooks.
Difference between Traditional Tracking & Tracking Software
A lot goes in for the ma management of investment properties. Even if you don’t wish to you’ll end up collecting a small mountain of legal documents, miscellaneous property upkeep and inspection forms, tenant agreements, business receipts, and tax files.
You also need a system for recording all the interactions with contractors, and an inbox for tenant complaints and questions. That doesn’t even consider the accounting necessary to efficiently manage the associated finances. Now in a traditional tracking system, you might own 1000 different color-coded manila folders and a lot of filing cabinets. You could open up an Excel spreadsheet, designed and maintained manually, so that you can quickly sort all the information
Now on the other hand, a professional tracking software not only makes all of these tasks easier, but it also lets you to compare key metrics. It also lets you run different projections. Another benefit of online tracking software is you can store document online which is more secure and more portable than using a hard drive or monster filing cabinet. You can also integrate it with your other financial accounts to produce synergistic savings.
QuickBooks support acts as your investment solution
Though traditionally QuickBooks was proposed to be an accounting program QuickBooks is now flexible enough store information of for any form of income generation, whether from a list of customers or a list of property receivables.
For example, QuickBooks Online has got an efficient interface for aggregating and managing revenue streams, expenses, receipts, cash flow, banking, invoice, and taxes. You can apply all of these categories small business or to real estate portfolio, the biggest difference are the titles on the customer accounts.
Just by a adding a few custom field you’ll be able to do a hell lot of work like- track properties, store it quickly, sort, and manage important information. There are fields for: Property Description, Floor plan, Appraisal Value, Lease Date, Current Rent, Market Rent, Due Dates, Upcoming Maintenance.
The software is not only limited to tracking rental properties but also functions as a reasonable finance tracker and can also accommodate tracking for a small scale business.
Hence, QuickBooks can work wonders for any business firm be it a small scale or a large scale business. It has got all the tools and features needed for managing multiple properties.
To know more on how track investments in QuickBooks desktop, call on our QuickBooks desktop support number. You can also write to us at firstname.lastname@example.org. For more information visit – www.quickbooksupport.net.