Top Three Property Management Accounting Mistakes and How to Fix Them

In this episode, we walk through the top three mistakes property management companies make with their accounting system that cost them money. We talk about how to solve these common issues with real world examples and solutions you can put into place right away. Why reinvent the accounting wheel when the best practices are already in place in the industry? The solutions we discuss are guaranteed to save you money, time and stress.
🔥 In this episode of Bootstrappers Show
2:10 Accounting Mistakes Property Managers Can Avoid Making
5:00 Out of date invoices. Process tickets and receipts in the date and time they were received, uploading them in the payable system and software.
10:04 Daily reconciliations
14:39 Complicated financial workflows
20:00 How accounting cadence can help with predictability and service optimization
25:00 Anequim office solutions
26:16 Bootstrappers Book Giveaway: The Joy of Accounting: A Game-Changing Approach That Makes Accounting Easy by Peter Frampton
✅ Resources:
anequim.net/an...

[@beowolf1186]

Which software do you suggest? There are so many on the market and I have worked on several, but some are not user friendly and some are spot on.

[@coachkenny]

This is great info. I am currently in the process of setting up the whole system and this was very high level and informative. Thanks!

[@Anequim]

Glad it was helpful!

[@frankayala3950]

This is pretty awesome, do you have any more videos on property management bookkeeping/accounting ? I use to work on yardi for many years, now I am working with AppFolio, it's a good software.

[@Anequim]

Hi Frank, Glad you think so! Check out this episode: kzbin.info/www/bejne/haexkqWsbNdknqc where we talk about NARPM Accounting Standards.

[@taftparkproperties5953]

Just stumbled across your content and love it! What PM software would you recommend for managing 50 - 100 units?