Posts by Marianne Roper
Prepare Your Vacation Rental Business for Peak Season
Navigate The Unexpected Challenges of Peak Season With peak season just around the corner for vacation rental managers, it’s easy to get caught up in the exciting prospect of increased bookings, higher occupancy rates, and improved average daily rates (ADR). However, these aren’t the only things you can expect. Peak season brings a host of…
Read More1099 Compliance for Short-Term Rental Managers
Key 1099 Compliance Tips for Property Managers Tax season is a notoriously stressful time for everyone, but for short-term rental managers, the challenges of 1099 compliance can make it even more frustrating. With the need to collect accurate W-9 forms, verify taxpayer information, and issue 1099 forms to both homeowners and vendors, the process can…
Read MoreTrust Accounting Dos and Don’ts
DOS: Separate Accounts: Maintain separate bank accounts for operating funds and trust funds to avoid commingling. Two bank accounts (at least) are needed to appropriately administer trust accounting. While trust accounting is not required in every state for short-term rental property managers, trust accounting and separate bank accounts is the best way to track owners’…
Read MoreImpact of Fixed vs. Variable Expenses on Vacation Rental Revenues
Here’s what you need to know to understand fixed and variable expenses in short-term rental revenue strategy: Fixed expenses are consistent costs like mortgage, insurance, and taxes, while variable expenses fluctuate with occupancy, such as cleaning fees and OTA charges Fixed expenses help set cost targets but variable expenses determine pricing decisions Dynamic pricing can…
Read MoreShort-Term Rental Tax Compliance for Property Managers
Achieving short-term rental tax compliance can be a complex, nuanced process, from understanding filing timelines and frequencies to license registration and revenue reporting. The goal of this article is to put your mind at ease as a property manager and keep your business in good standing. Continue reading to find answers to common questions related…
Read More3 Ways That Property Managers Compare Sage Intacct to NetSuite
In this article, we’ve collected customer reviews and ratings from G2.com to compare Sage Intacct and Oracle NetSuite on three important features that property managers need out of their financial software. We trust these ratings because G2 is an independent company with over 1.7 million software product reviews. They are not paid for or sponsored…
Read More7 Financial Housekeeping Tips for Vacation Rental Managers
Imagine your business is one of your rental properties. No matter how much curb appeal it has, if the interior is a mess, it’s not going to live up to its potential. The same logic applies when it comes to your property management company. Even before going public, many successful companies depend on clean financials…
Read MoreRevenue Management 101 for Vacation Rentals
Revenue management for vacation rentals is more than pricing Dynamic pricing has been a cornerstone of the hospitality business for more than a decade, but it’s only one piece of revenue management for your vacation rental business. Even for companies who operate with very little overhead costs, if you don’t know how your variable costs…
Read MoreXimplifi, LLC. Adds Owner Portal to Automation Suite for Short Term Rental Accounting
Nashville, TN, US – Ximplifi, LLC., an accounting solutions provider specializing in vacation rental management, announced today the launch of the Owner Portal, a feature now available to property managers using its VRPlatform software. The new functionality addresses one of the biggest pain points of vacation rental management: preparing, sending, and reviewing monthly owner statements. …
Read MoreHow To Use Accounting Software with A Property Management System
Vacation rental management is an attractive venture, but it also comes with specific financial duties and obligations. For example, property managers have a duty to keep owner funds secure and accurate by preventing commingling. Commingling funds means to mix expenses or income inappropriately, and it must be avoided by keeping business funds and owner funds…
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