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The 3 Biggest Financial Mistakes You're Likely Making in Your STR Business & How to Fix Them

accounting bookkeeping Oct 23, 2020

The 3 Biggest Financial Mistakes You're Likely Making in Your STR Business & How to Fix Them

 

As I was drinking my morning coffee and enjoying the sunrise on my patio outside, I had some thoughts swirling in my head that I wanted to share that I think may be useful for everyone and their businesses.

 
This has been one of the most challenging periods we've faced in our business since we've started, but looking back on it now, I can only imagine how much worse it could have been if we hadn't implemented a few key financial strategies long before this all began that made a MASSIVE difference in our business.

 

And it's because we used these strategies that our business emerged relatively unscathed even through the worst portion of the downturn. In fact, they worked so well that while some hosts were looking to throw in the towel and give back their keys to their landlords, or worse, be too scared to even begin their business, we managed to GROW our portfolio during...

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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. ...

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