Today we are talking about the importance of having a property manager who handles the accounting associated with your rental property. A lot of property managers do not do any accounting on your behalf, and that’s surprising. This is a very important function that you should expect from your management company.
At Moxie Property Management, we offer efficient and accurate accounting. We collect all rents on your behalf, and we send you a statement monthly with your distribution. You’ll see all your invoices from vendors so you’ll know what has been done at your property. You will receive both the statement and the invoice pertaining to that work.
At the end of the year, we send out a bigger cash flow statement with your 1099 form, and that’s really something your CPA or tax accountant will appreciate while getting your taxes prepared and filed. You’ll need a clear statement of what you spent throughout the year on your property, and also what you earned. We break down these numbers for each general ledger account so it’s easy to see how much you made on rent and other income sources through your property.
It’s important to use a property manager who will report all of this information to you on a monthly and annual basis. You want to know what’s going on month to month with your rental home. You want to have the peace of mind that rents are being paid and you’re being paid, and you have every right to know how that’s being handled.
If you have any questions about how accounting procedures should be handled and what we do here, please contact us at Moxie Property Management. We’d be happy to tell you more.