![]() ![]() ![]() Click here for more information about Vacasa's licensed real estate brokerage/property manager in your state. Vacasa offers property management and other real estate services directly through Vacasa LLC and through Vacasa LLC's licensed subsidiaries. But the pile of receipts may soon become daunting, so it’s important to use tips like these to streamline your bookkeeping (and save your sanity). ![]() Staying on top of your vacation rental expenses-then allocating and organizing them correctly-can help keep your business running like a well-oiled machine. Work with a vacation rental property manager to streamline financesĪs a full-service vacation rental management company, Vacasa automatically tracks your annual earnings, supplies tax forms and owner statements, and provides end-of-year tax and expense reporting-all available in a simple online account. However, you’ll still need to keep good records of your expenses to make the best use of their time. But hiring a professional accountant-especially one who is familiar with the laws related to the vacation rental industry and related expenses-will save you time and money. Sure, you can go the DIY route and handle all your own bookkeeping. Not only can you track how much you paid each contractor, but you can also prepare and file your 1099s from within the software. This is easily managed in programs like Quickbooks Online. If you pay a contractor to do work on your vacation rental-and the cost is more than $600-you’ll owe them a 1099 at the end of the year. Don’t forget about contractors and vendors If you set up purchases at the beginning of each month-such as bulk orders of paper towels and laundry detergent-you’ll know roughly how much you’re going to spend each month before the year even starts.ħ. You can then plan out your spending with recurring payments on sites like Amazon. Set up recurring purchases or subscriptionsĪfter organizing your short-term rental expenses, you may start to see a spending pattern. If you’re working with an accountant or a bookkeeper, this eases their workload, as they can access your bills and receipts without having to pick up a shoebox from your office. You can simply take photos of any paperwork with your smartphone and even forward email invoices right from your inbox. Digitize your receiptsīuried under an unwieldy stack of receipts and bills? There are numerous cloud-based apps to store your paperwork as digital files instead, such as HubDoc. This kind of paper trail is important, as it will help support your case in the event of a tax audit (credit card statements are not sufficient). For instance, if you have a receipt from a business meal, write down who was present and the purpose of the meeting. Meals and entertainment, travel, vehicle, and home office expenses are among the main choices. When possible, write relevant notes on the backs of your receipts so that you know exactly which expense categories they relate to. Then, you’ll be able to create expense reports with just a click. Link your credit card and bank account so that expenses feed right into your account, where they will be tracked and categorized automatically. ![]() Since the software is web-based, you can access it and record your expenses from anywhere. If you’re not already using a cloud-based accounting software system-such as Quickbooks Online, Mint, or Xero-consider making the move. When you review your bookkeeping, you simply have to assign the purchases to the right property and let your spreadsheet calculate your totals. This works even if you have multiple vacation rental properties. Stick to the same credit card for all of your business expenses, then try to pay off the balance each month. Find what works for you and set up your own routine. Or, break the work into even smaller pieces by setting aside dedicated time each day or week to update your records. Consider spending 30 minutes or so on bookkeeping every month. Keeping track of your expenses doesn’t have to be complex. ![]()
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