The Importance of Integrated Technology for PSOs

The Importance of Integrated Technology for PSOs

The Importance of Integrated Technology for PSOs Successful professional services organizations (PSOs) share a common trait: they have visibility into all revenue and cost information to consistently meet their financial objectives. While all engineering and architecture firms will have both successes and failures, the key is knowing how to replicate the successes and avoid repeating…

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Trust Accounting: Crucial For Vacation Rentals

Trust Accounting: Crucial For Vacation Rentals

Trust Accounting: Crucial For Vacations Rentals Vacation rental managers are really in the business of trust accounting. No matter what range of services they provide or how many properties they oversee, their fundamental role is to make sure funds flow from renters to property owners (and themselves) correctly. If managers need to get one thing…

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Outsourced Accounting: The Secret of Successful Vacation Rentals

Outsourced Accounting: The Secret of Successful Vacation Rentals

Outsourced Accounting: The Secret of Successful Vacation Rentals What differentiates successful vacation rental businesses? Many people assume it’s about having a portfolio of beautiful homes to rent in ideal locations. Others think it’s about how you market the properties or handle the maintenance. All these things are important, of course, but the answer is more…

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PPP Loan Forgiveness Updates

PPP Loan Forgiveness Updates

New rules, guidance, applications coming The SBA, in consultation with Treasury, will “promptly” issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing the amendments to the PPP made in the new law.  Here’s a summary of the changes with the new legislation: The covered period for loan forgiveness…

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Vacation Rental Property Management Key Performance Indicators

Vacation Rental Property Management Key Performance Indicators

Gross Rental Revenues We will start with the obvious one, rental revenues. Every vacation rental property manager should be tracking this metric month-over-month, year-to-date and season to prior year season. However, going further should tell an even better story.  For example, calculating rental revenues by property, destination (if multi-destination manager), area of town, owner, channel…

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Common Pitfalls of Accounting for Vacation Rental Property Managers

Common Pitfalls of Accounting for Vacation Rental Property Managers

Not Using Tracking Categories. Likely the most common pitfall is using separate accounts to track properties instead of tracking categories (i.e. locations or classes in QuickBooks). Using separate accounts instead of tracking categories creates several challenges, including difficulty setting up owner/property reporting and banking rules. In addition, if you use a PMS that syncs with…

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Trust Accounting for Vacation Rental Managers

Trust Accounting for Vacation Rental Managers

One Bank Account or Two? There really is not much of an option here. Two bank accounts (at least) are needed to appropriately administer trust accounting. One of the most basic requirements of trust accounting as required by law, is that there be no commingling of company funds and property owner funds. While trust accounting…

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Essential Ximplifying Applications

Essential Ximplifying Applications

As a company begins to build its accounting systems and processes in the cloud, it may become overwhelmed by the number of apps or not know which cloud-based accounting software to begin with.  My review below is certainly not all-encompassing, but it reviews and compares several of the most essential apps necessary to become lean, mean, and Ximplified.

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Becoming Ximplified

Becoming Ximplified

Time and Talent.  The two T’s we always need more of. Time:  stakeholders expect reporting faster than ever.  Talent:  there is an ever-growing shortage of top rate talent with unemployment rates for accountants hovering below 2%. Luckily, integrated accounting and finance tools, once only available with multi-million-dollar implementations and hours of IT designing and coding, are available at minimal costs.

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Top 5 advantages of outsourcing

Top 5 advantages of outsourcing

Top 5 advantages of outsourcing accounting services! Cost savings. Taking into consideration the full cost of full-time employees (salaries plus employer taxes, recruiting fees, and benefits, and more.), the cost of outsourcing is typically similar and often less because of the use of best practices, powerful software and access to employees on a fractional instead…

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