Rental Property Accounting, Financial Statements & ROI Reporting
When you own a rental property, you must keep track of all its expenses and income. Efficient bookkeeping for a rental property allows you to know how much value you’re gaining and be prepped for tax filing. Doing this manually can be a tedious task for most landlords. That's why you need a competent property manager that offers accurate rental property bookkeeping services.
At Harrisburg Property Management Group, we take care of all types of accounting for rental properties in Harrisburg, PA and beyond. From maintaining records of rent collection and all expenses paid, our full suite of property management services covers all rental property accounting services in Harrisburg, PA, including the following.
Keeping Accurate Rental Accounts
It's easier to track the success of your rental property when the accounts are orderly and up-to-date. If you aren’t trained to keep accurate accounting records, you can easily forget expenses. At Harrisburg Property Management Group:
- We not only help you receive rent, but we also keep a record of every expense made on your property.
- You can get a vivid picture of what comes in and what is used to maintain the apartment.
- We use modern software applications designed for managing rental property accounts.
Providing Real-Time Access to Rental Property Financial Information
With our feature-rich accounting software, we can provide an accurate picture of your investment property without waiting until the end of the financial year. This is the type of information you need to have to make better investment decisions in the future. Real-time account monitoring allows you to:
- Know if your property is running at a loss or making profit
- Decide whether you need to increase your rent to cover your expenses and move the property from loss to profit
- Know if the cost of renovations and repairs is becoming rather high
- Learn as much as possible about your property’s financial health
Managing Rental Property Expense Budgets
As your property management company, we take responsibility for managing the expenses for each property in our care. Although we may need to exceed budgetary limits when there is an emergency, we won’t do so unless it’s necessary. Managing a budget for property maintenance enables you to:
- Avoid renovations that look or feel good without adding any value to the property
- Focus on the most important parts of the apartment or building when carrying out repairs
- Ensure that the rental property remains a profitable investment by keeping expenses lower than income
- Have some savings to deal with serious emergencies that can affect the physical structure or life of the tenants.
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Filing Property Taxes
The IRS rules concerning rental properties can be quite generous to many individuals, and our bookkeeping helps you take full advantage of them. Landlords who have comprehensive records are better positioned to take full advantage of applicable tax laws. More importantly, our bookkeeping is designed to make it extremely efficient for any tax professional or accountant to review and incorporate your rental property details with your tax filing. For each client, we track the:
- Income from rent, utilities, repairs retained from security deposits, and other sources of income such as laundry or on-site storage facilities
- Property management fees
- Licensing and rental property inspection fees
- Costs of maintenance and repair, utilities, and other related expenses
Providing Periodic Financial Reports
When you own a rental property, you must be able to determine the return on investment (ROI), so you can know how viable an investment it is. We’re committed to managing our client's properties, so they can deliver a great ROI. We’ll help you do the math involved in determining your ROI by:
- Calculating the yearly rental income
- Subtracting the total expenses from yearly income to determine net income
- Assist you in calculating a variety of financial metrics
Giving Property Investment Advice and Recommendations
In addition to providing financial reports on your property's ROI, we also offer professional investment advice on rental real estate. This helps you make better decisions to improve the viability and ROI of your existing rental home. It also gives you an idea of the type of ROI to expect when you invest in a new rental property.
Let Us Do Your Rental Property Accounting
Harrisburg Property Management Group has the knowledge and expertise needed for accurate bookkeeping. All our existing clients can attest to the fact that they have access to detailed financial reports and can track the performance of their property every month.
Give us a call now or fill out our property information form to join the smart landlords who trust us with their rental property bookkeeping and accounting in Harrisburg, PA.