If you own a reasonable number of rental properties, then you know how time consuming it can be managing them.
Tracking the rent coming in each month, making sure everyone has paid and managing the expenses.
If you do this on a spreadsheet then I feel your pain. It’s easy to become a slave to the thing, waiting for your bank statement, ticking back each line. Even if you use a managing agent you still want to check the rent each month and the charges.
If you don’t do this regularly then the work builds up until it’s time to give the information to your accountant and then you have to lock yourself away for days to get things in order. Plus you never seem to know where you are with it all.
Xero can help because its automated features do a lot of the work for you and here is how…
- Each month, Xero can automatically raise a rent due notice against each property that will sit there until you match it against rent received. If rent isn’t received this will show on a report.
- Xero links to your bank, data is imported each day, so you can match off against the rent due notice.
- You can set rules up, so Xero knows which rent to match.
- You can manage your expenses on Xero too.
- Xero produces a Trial Balance to provide your accountant at the end of the year.
- You can issue statements by property showing rents due and paid
Once set up, Xero is up to 50% quicker than using a spreadsheet because many of the tasks are automated.
So if you are stuck in spreadsheet hell, give me a call and I will be happy to demonstrate how awesome Xero can be.
If you would like to talk about how we can help you with your Xero Journey call on 01622 671 835 or to find out more visit The Kent Xero Experts
