Most basically, your rental property’s finances are made up of your income and expenses. However, finance management is more complex than that. Here are some of the major elements of rental property finance management:
Property Management Accounting in Central PA & Baltimore
PROPERTY MANAGEMENT ACCOUNTING IN CENTRAL PA & BALTIMORE
Accounting
At American Heritage Property Management, we can take care of your books so you don’t have to.
Rental Property Accounting
- Keeping accounts up-to-date: If you own more than one rental property, you should have separate accounts for each one. Keeping clear records of every income and expense incurred is important in budgeting and knowing how much money you’re making.
- Managing expenses: Expenses range from maintenance costs to personnel salaries to renovations. All of your expenses should help your business in some way, whether they are adding value to your property or are keeping your tenants happy.
- Filing property taxes : Being strategic with your finances and understanding the intricacies of property tax laws will help you get a higher tax return and avoid any penalties from incorrectly filing your taxes.
- Planning for the future: There are things to do now that will be beneficial for your rental property down the road, like saving for future renovations that will raise the value of your property.
AHPM will take care of all of these and more when you choose to trust us with your rental property’s finances.
The Importance of Accurate Accounting
Short-term rental properties are typically considered any type of rental agreement shorter than six months. However, as we mentioned before, you could be renting for as short a time as one night. AHPM is ready to assist with any type of short-term rental property. Here are a couple different types of short-term rental properties that we manage:
Buying a rental property is a lucrative and long-lasting way to diversify your finances. Whether you have multiple properties that provide the majority of your income or a single property that is more of an added piece, a rental property is a reliable source of monthly income. However, owning a rental property can have seemingly complicated finances.
With any type of business, you must keep a clear and thorough record of your finances. Tracking income and expenses is key in budgeting and submitting your annual taxes. If you own a rental property, your finances are a vitally important part of your business and need to be handled by an expert. Unless you’re an accountant yourself and have the time to manage your property’s finances, you should trust your finances to a professional.
Finding mistakes with your finances can have negative effects later on. Incorrectly reporting your finances can lead to penalties from the IRS and other negative impacts on your business. Accurate accounting avoids those problems entirely and ensures that your rental property is running smoothly and successfully.
American Heritage Property Management understands rental property finances inside and out and can find ways to increase efficiency and save you money.
With any type of business, you must keep a clear and thorough record of your finances. Tracking income and expenses is key in budgeting and submitting your annual taxes. If you own a rental property, your finances are a vitally important part of your business and need to be handled by an expert. Unless you’re an accountant yourself and have the time to manage your property’s finances, you should trust your finances to a professional.
Finding mistakes with your finances can have negative effects later on. Incorrectly reporting your finances can lead to penalties from the IRS and other negative impacts on your business. Accurate accounting avoids those problems entirely and ensures that your rental property is running smoothly and successfully.
American Heritage Property Management understands rental property finances inside and out and can find ways to increase efficiency and save you money.
What We Offer
We’ve been in business since 1981, giving us more than 35 years of experience providing property owners and tenants with unbeatable service and support . We’re a full-service property management company — and we offer a wide range of services, which enables us to manage every aspect of your business.
If you own a rental property in PA or Maryland and need property management services in accounting and finance, American Heritage Property Management has the experience and knowledge to find the best solutions for all of your needs.
We are dedicated to providing the highest quality of accounting and finance management services to every one of our clients. To learn more about our accounting services, please contact us today.
