In today’s post I’m going to share with you my thoughts and how to set up 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 growing. Quickbooks also allows me to forecast and make decisions for the future.
If you follow my income reports, you’ll see these are all created using Quickbooks Online.
Like any system you sign-up for, it’s only as good as you’ll use it. Sometimes getting started tracking your finances can be daunting, especially if you aren’t fond of numbers. But I assure you that Quickbooks Online makes it very easy to get started.
Once you’re set-up, it’s as simple as dedicating a couple of hours per month to classify the individual transactions. I manage three businesses within Quickbooks Online. Typically, I log in twice per month, on the first and the fifteenth. I spend around an hour or less each time.
In this short amount of time, I can track my income and expenses. Also, I can make sure that everything is following the business plan I set forth at the beginning of the year or make adjustments as necessary.
Also, keeping my books saves hundreds of dollars from hiring a professional bookkeeper. If you dedicate enough time upfront and then schedule a couple of days a month to stay updated, you’ll be a real estate Quickbooks pro in no time.
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.
Below, I’ve created a video to help you understand Quickbooks for real estate agents.
In this video, I talk about how to track your finances and create reporting within Quickbooks for your real estate business.
We’ll discuss how to set up your chart of accounts, real estate accounting basics, and what reports to generate to get 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.