What’s news
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- Cate Bakos (Cate Bakos Property) on the current market conditions in Melbourne
- Entry level points for Units and Houses in Melbourne
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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:
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- 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
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Quick tip and action
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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?
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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!
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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