Quickbooks for real estate agents can help improve key understanding and decision making abilities into ones business.
However, most real estate agents and other entrepreneurs lack the discipline to get started tracking their numbers from the start.
In today's post, I share the tips and techniques that have helped me master Quickbooks and gain a deeper level of understanding into my real estate business.
Quickbooks For Real Estate Agents
Quickbooks Online has been a massive asset to my real estate sales business. I gain valuable insight into how my business is doing month-over-month. Quickbooks also allows me to forecast and make decisions for the future.
If you follow my income reports, you'll see these reports are all created using Quickbooks Online.
Like any system you sign-up for, it's only good if you use it. Oftentimes, getting started tracking your finances can be daunting. This is especially true if you aren't fond of numbers.
But I assure you that Quickbooks Online makes it very easy to get started.
Quick and Easy
Once you've invested the time to get things set-up, it's as simple as dedicating a couple of hours per month to classify transactions.
I'm able to manage three separate businesses within Quickbooks Online. I log in twice per month, on the first and the fifteenth and spend around an hour or less each time.
In this short amount of time, I track my income and expenses. Also, I make sure that everything is following the business plan I set forth at the beginning of the year or make adjustments as necessary.
Keeping my books saves me hundreds of dollars per month from hiring a professional bookkeeper. If you dedicate enough time upfront and then schedule a couple of days per month to stay updated, you'll be a real estate Quickbooks master in no time.
Make Better Business Decisions
Not only will you save money paying a bookkeeper but you'll also be amazed how much money you'll save tracking your expenses. When I first started tracking my finances, I caught an $85/month double charge that I was paying for nearly a year. Luckily, I went back to the company creating the charge, and they refunded me over $1000 in overages!
This savings was my first glimpse into the importance of understanding and tracking your finances as a real estate agent.
Setup Quickbooks Step-By-Step
I've created a video to help you understand and completely setup Quickbooks as a real estate agent and/or broker.
I explain step-by-step how to track your finances and create helpful reports within Quickbooks for real estate agents.
I show how to set up your chart of accounts, go through some accounting basics, and detail what reports to generate to gain the most insight into your business.
This video is an in-depth tutorial from start to finish using Quickbooks Online. However, if you are using something different, many of the suggestions on setting up your accounts will still apply.