EPI 114 | Bookkeeping requirements for property investors

What’s news

  • Cate Bakos (Cate Bakos Property) on the current market conditions in Melbourne
  • Entry level points for Units and Houses in Melbourne

 

Feature – Bookkeeping requirements and how to do it properly

In our feature segment today we talk to Penny Buchanan of The Property Investor’s Bookkeeper to talk about:

 

  • How much holding a property is costing you
  • So you have an accounting software—now what?
  • Why it’s important NOT to wait until the end of financial year to have things in order
  • Understanding your financials
  • The Property Investor’s Bookkeeper

Quick tip and action

  • Take a look at your investment property bookkeeping systems—are they working for you? Are you collecting information and are you going about it the right way?

  • Use a spreadsheet, Xero or any bookkeeping system or any online tool related to property investing –whatever you use, make sure it is working for you!

Comments

  1. Hi Katz.
    Great podcast. You provide excellent information and advise with everything associated with property investment.
    I just finished listening to Ep 114. I was quite surprised of the subject matter. A large majority of the podcast was dedicated to software and accounting. However the high costs and commitment required by the ‘product’ discussed ( I think it was called ZERO) makes me wonder. I have 4 investment properties and use a simple (and free) spread sheet to track the expenses/performance of each property. It takes about 20 minutes in total per month to imput all relevant information.
    I just thought I would express my opinion about this.
    In general though, keep up the good work. I look forward to your next podcast.

    • Thanks for your comments, appreciate your input. I am also a fan of the basic spreadsheet myself. Some people like other solutions that take away almost all effort! I thought it was worth exploring with Penni on the show. Xero is a great product, we use it for the accounting side of our business but I’m a bit like you, think the spreadsheet does me just fine!
      Cheers
      Kaz

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