Lakeside Rental Property Accounting Upgrade

Marblehead Properties manages rental houses and condos around the Sandusky Bay area of Ohio’s Lake Erie coast, and was in need of a rental property accounting upgrade. The firm handles the maintenance of and books clients for vacation rentals. When Matt of Statera Services first discussed working with Marblehead, the firm was in charge of 35 separate units. Some units are 2 and 3 bedroom condos, others are single-family homes, and three properties are lakeside cottages. All of these properties are booked weekly or for weekend-only vacations during Lake Erie’s busy summer season. A few are rented during crisp autumn weekends or during the spring break season.

rental property accounting

Some years ago, Marblehead Properties hired a college intern to set up its rental property accounting system on Quickbooks. For many years, the firm relied on QB to track its revenues, expenses, invoices, and payments to contractors which Marblehead retained for maintenance and remodeling work. Marblehead used part-time office assistants to handle its Quickbooks tasks. Unfortunately, it turns out that some office assistants are more proficient with QB than others; while some have no knowledge of bookkeeping at all! Not the best set of circumstances for Marblehead.

After years of stumbling along with haphazard books, Marblehead retained Matt, who converted the firm’s books over to the Xero accounting system. Matt then made sure that the Chart of Accounts was set up correctly, and suggested that Marblehead’s various contractors use smartphone cameras to record their receipts. Matt now takes all digitally recorded contractor receipts – for all types of purchases from lunches to remodeling materials – and enters them into Marblehead’s Xero rental property accounting system. Using Xero’s tracking features, Marblehead’s office personnel know exactly which properties are earning the most rental income, which are incurring the highest maintenance costs, the types of properties most in demand, and those least likely to be rented for weekend-only visits.

How can Statera Services, and Xero, help your business keep better track of costs and revenues? Find out by getting in touch…