Best Accounting Programs For The DIY Property Investor
b'ARVE Error: Mode: lazyload not available (ARVE Pro not active?), switching to normal mode\\n\\n\\n\\n\\n\\n\\n\\n\\n{"@context":"http:\\\\/\\\\/schema.org\\\\/","@id":"https:\\\\/\\\\/onproperty.com.au\\\\/best-accounting-programs-diy-property-investor\\\\/#arve-youtube-jptlsbvbdcs659a0b2e41968020001393","type":"VideoObject","embedURL":"https:\\\\/\\\\/www.youtube-nocookie.com\\\\/embed\\\\/jPtlsBvbDCs?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=0&autoplay=0"}\\n\\n\\n\\nWhat is the best accounting program for the DIY property investor. Let me share the best program, how I use it and some pro tips for managing property finances.\\n\\nWhat are the best accounting programs for the DIY property investor? Hey, I\'m Ryan from onproperty.com.au, helping you find positive cash flow properties. One of the really important things that you need to do when you\'re investing in property, when you own properties is you need to actually manage the finances of those properties. So you need to keep track of income coming in.\\n\\nYou need to keep track of expenses going out. And you need to collate those at the end of the year and give them to your accountant so they can go ahead and do your tax return. So what are some of the best accounting programs out there for the DIY investor? Now, I\'m going to show you the program that I recommend, which you can all have access to really easily. But before I do, I want to give you a pro tip that I got from Ben the buyer\'s agent.\\n\\nBen from Pumped on Property, who recommended \\u2013 and he does this himself \\u2013 is that he gets the rental mangers to do a lot of his financial stuff for him. So, obviously, he collect the rents, but he also gets them to pay his insurances, gets them to pay the council rates, the water rates, all of that sort of stuff as well. He works very closely with the real estate agents in order to get them to manage most of his finances for him.\\n\\nI haven\'t specifically asked him, but I imagine a portion of that would be collating and sharing the receipts and stuff with him so that would be really easy to keep track of that sort of stuff. So, definitely a pro tip, is to go out there and to ask your rental manger if they can go ahead and manage this sort of stuff for you. Ben has said that of all the people that he\'s asked, no one\'s ever said "no" to him. So, it\'s definitely something that you should explore.\\n\\nNow, the first program that I\'m going to recommend and I will recommend a couple, is a program that we all know and only a few of us love. And that is called Excel. Here, I\'m using Google Sheets, which I think is way better than Excel because it\'s just simpler, it\'s free, it exists online so you can access it from any computer and it just works.\\n\\nWhat I\'ve got here is an example spreadsheet that has every day in the year. Now, this one is a bit old. I think it\'s from the financial year 2015-16. So I just took my old business one and basically cleared it of its data. Probably should have taken from 2016-17, but regardless, the process is still the same. Actually, I can just go ahead and change this date. Let\'s make this the 1st of July 2016 and that\'s going to update all the dates. So now it is correct.\\n\\nAlright. So, basically, what I have here is every single day of the year goes along the spreadsheet. This makes it quite a large spreadsheet, but that\'s fine because we\'re just looking at the days. When I have income come in, so let\'s say I have rent come in on Wednesdays, that\'s $350. I can go ahead and put that in. On the next Wednesday, I could again go $350 and I can do that for my rents.\\n\\nWhat I would ideally do, you could call this "Property 1" or you could have one of these sheets for each individual property. So you\'ve got every day of the week, but then you\'ve also got an annual summary here, which is what you\'re going to provide your accountant \\u2013 what your accountant is going to be most interested in. So you could do "Property 1", "Property 2". If I was doing it,'