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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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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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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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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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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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 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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