A landlord, even if they only have one unit, is the owner of a property management business. Like all businesses, tracking income and expenses is critical – both to accurately report information during tax season and properly analyze how to improve one’s business by increasing revenues or decreasing expenses.
However, income and expense tracking for landlords is often an exercise in frustration. Expensive property management software is overkill for the small landlord - costing more in time and money than it is worth. General accounting tools, like Quickbooks, are also expensive and, maybe even more than property management software, involve a high learning curve.
Many landlords resort to a spreadsheet to track income and expenses. However, after a little usage, it quickly becomes apparent that a spreadsheet isn't nearly powerful enough. Most landlords want to quickly create basic reports, like a profit and loss report or a 1040 Schedule E report for tax season, or drill down on the results for only one property. It is hard to do such things quickly with a spreadsheet.
Fortunately, easy and free online landlord income and expense tools are now available to empower landlords. They offer numerous benefits.
- Simple to setup – no harder to setup than an online email account.
- Often, low cost or free (for example, www.RentalIncomeExpense.com is free)
- Designed specifically for landlords
- Instant reports that matter (such as profit & loss and the 1040 Schedule E helper) to landlords
- Accessible from your smartphone, computer, or tablet.
- Unlike a spreadsheet, because it is online, your data is backed up to the cloud
Article Provided By:
RentalIncomeExpense.com is a free and easy income and expense tracking service for landlords. It’s a service from ClearNow, who has been helping landlords collect rent online since 2000.
For more information, please visit www.RentalIncomeExpense.com.
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