How Xero can help with managing your Rental property
Monitoring financials and keeping track of rent payments coming in are aspects of rental property ownership which landlords often struggle with. With all the changes to rental property taxation like depreciation and the LAQC changes and new LTC’s it will be more important than ever to keep on top of the financials and budgets to make sure you have sufficient cash flow and plan for taxes before the end of the financial year. The reason landlords and property investors often struggle with this area is that they do not have an adequate system in place. Xero is an ideal solution for property investors whether they are small scale investors with only one or two properties or have large investment portfolios.
XERO is the easiest online accounting solution in the world and here are the top 10 reasons why people love XERO:
- Automated daily bank feeds, so you don’t have to enter your bank statements. Every morning when you log in you can see all of the in and out transactions.
- Fast, simple and customized invoicing. You can set up automated weekly invoices for rent that can be emailed to your tenant and will be reconciled with payments coming through every day so if they don’t pay the rent you will see the invoice as overdue and can follow up straight away.
- Available anytime you’re online, from anywhere so you can control your investment when you are on holiday.
- Work together as a team on financials. This will help your accountant and other financial advisers to have access to your accounts if you give them permission.
- It is safe and secure.
- Smart reports with quick links to the source transactions. You would be able to see your financials everyday if you want! As a smart investor you need to know your financials and balance sheet at all times.
- Dashboard gives a clear financial overview and you can also see your overdue rents. If you have more than one property you can monitor them individually.
- Awesome support at no additional cost.
- No installation or IT maintenance required.
- Pay as you go and no up-front costs and no contract.
You can watch this brief video about XERO or try it for free here.