A bookkeeper is your eyes and ears in terms of tracking your cash flow in real estate investments. He or she will immediately spot oversights—a tenant’s unpaid rent payment or a long-overdue utility bill, for instance—and will notify you before it becomes a serious problem. Bookkeepers not only process checks for deposit and payments to vendors, but they also, if they’re good at what they do, keep a close eye on the money flowing in and out. This gives you a snapshot of your investments.
Plus, it enables you to focus on growing your portfolio and ensuring a continued positive cash flow, rather than managing the day-to-day administrative tasks that may not be your forte.
Sure, you can purchase bookkeeping software that performs many of the same duties, and for some people, this is a great, affordable alternative. Other people assign the duties of rent collection and vendor payments to property managers, rendering bookkeeping duties not quite so important. Your needs dictate the bookkeeping services required.
The point here is that too many investors don’t keep a close enough eye on their investments, from watching where the expenses are going to looking at the income rolling in. A bookkeeper is the master of details, enabling you to make important decisions. Perhaps you need to cut expenses. (Have your utility expenses held steady, or have they increased? Is your landscaper charging you fairly?) You may need to look at ways to boost your income. (Do you have enough coming in each month? Perhaps you might consider raising your rents, or adding vending machines or laundry facilities.) Hiring a bookkeeper provides you with such performance information, allowing you to keep your eye on the big picture of making your investments lucrative.
Corporate Direct, Inc. works with a bookkeeping affiliate Sierra Financial Center, LLC. Sierra Financial Center can offer customized bookkeeping packages to fit your company’s needs. To find out more information please visit www.SierraFi.com or call 844-492-7882.