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Solid accounting practices are essential for short-term rental business owners for many reasons. Here are just a few to consider.
- Accurately tracking income and expenses gives owners insight into their current financial position, allows them to spot trends and forecast potential issues, and make informed decisions when allocating resources or deciding to grow their portfolio.
- Having accurate records of transactions helps take the headache out of tax time.
- Many lenders will ask for financials in connection with securing new financing should it be needed. Having your financials ready to go tells the lenders you run your business professionally.
- Having your financial ducks in a row is critical if you plan to scale your portfolio or begin co-hosting or managing properties for others.
Taking time to choose the right accounting platform and setting it up correctly will lay a solid foundation for your short-term rental business and benefit you many times over.