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Best Accounting Practices for Your STR

If you are running a short-term rental business, you must indulge in bookkeeping to comply with the rules and regulations of the government. It helps you to pay your taxes on time and to avoid penalties by the authorities. Here is a list of some of the most popular and highly efficient software/tools to help you in your bookkeeping endeavor. These tools will make bookkeeping ridiculously easy for you, even when you hate it.

 

Quickbooks Online

No list of bookkeeping tools is complete without a mention of Quickbooks. It is the most popular online accounting tool that has solved the problem of bookkeeping for small business owners. Quickbooks online is the first preference of large numbers of Airbnb hosts because of its simplicity and ease of use. It is fully compliant with the provisions of short-term rental business and users also enjoy rock-solid support from the company.  Not to mention, nearly every accountant I know uses or recommends Quickbooks to their clients. 

 

FreshBooks

As the name implies, FreshBooks is an online accounting tool designed to help small business owners maintain their books easily without any help. The good thing about this accounting software is that it has a very easy user interface, and anyone can manage his accounts on this tool even if he any prior training of bookkeeping or not. Try FreshBooks if you hate bookkeeping and your views about this activity will change forever.

 

Zoho Books

This is yet another extremely popular online accounting tool. Zoho has been into the field of making web apps for a very long time and this experience shows when you try your hands with Zoho Books. Everything is organized and streamlined to make accounting a cinch for you. You will not need to hire the services of an accountant to keep books in your short-term rental business after using Zoho Books.

 

Sage One

This is an accounting app specially designed for small business owners that consider bookkeeping a chore. Sage One puts on autopilot many aspects of bookkeeping that are oft repeating and mundane. The app has been deliberately kept very simple to be used by anyone. You can maintain accounts of your short-term rental business using this app even if you do not have any prior experience of bookkeeping.

 

Nutcache

Nutcache is a free to use accounting software that is known for its versatile features and powerful performance. It provides support to many international languages. It is a simple yet highly effective accounting software for your short-term rental business.

 

Who Do We Recommend?

We recommend that you find a Bookkeeper or Accountant FIRST and they will give you options that are easily implemented into their business.  Just make certain you find one that specializes in Short Term Rentals.  Just like our insurance companies, it’s important to find someone who is more than just familiar with what we do.  They have to know our business inside and out.  And don’t be cheap.  You get what you pay for!

 

© The Prosperity Process, LLC

January 2020

for Short Term Rental Revenue

 

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