Trust Accounting
Short-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 MoreAccounting Best Practices for Property Managers
Accounting for property managers: What are the best practices to follow and how can Ximplifi help? Read the episode transcription below to learn what Jesse Ehret, CPA and CEO of Ximplifi, recommends for property managers hoping to gain a better understanding of their company financials. Content has been lightly edited for brevity and clarity Would…
Read MoreHow a Single Source of Truth Benefits Hospitality Managers
What is a single source of truth? A single source of truth (SSOT) means that all of your company’s financial data is aggregated and stored in one place. This allows business leaders to obtain a holistic view of the company’s performance and make informed decisions based on a single point of reference. Consider this for…
Read MoreWhat to Look for in an Outsourced Accounting Firm for your VRM Business
What to Look for in an Outsourced Accounting Firm Here’s a common misconception about outsourcing: Any firm you choose must be better than what you already have. People assume that once they’ve selected an outsourcing firm, their problems are solved. But some firms are better than others. And while the option you choose may improve…
Read More7 Keys to Selecting Financial Software for Property Management
Introduction When researching robust financial software and ERP solutions for property management companies, two solutions often come to the top of the list: Sage Intacct and Oracle NetSuite. Both provide an array of core accounting capabilities, serve customers globally, and can perform advanced reporting functions, but there are a few key differences that property managers…
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 MoreOutsourcing vs. Upgrading: Two Options for Vacation Rental Accounting
Outsourcing vs. Upgrading: Two Options for Vacation Rental Accounting The exacting demands of trust accounting create huge headaches at most vacation rental management businesses. Trust accounting is a time- and labor-intensive obligation that repeats month after month. Even harder, the particulars of trust accounting are foreign to many working accounting professionals and hard to learn…
Read MoreTax Reporting Tips for Vacation Rental Property Managers
Tax Reporting Tips for Vacation Rental Property Managers Tax season may be unavoidable, but it doesn’t have to be an obstacle for vacation rental property managers. Make sure you do everything right by following these tax reporting tips from the team at Ximplifi, experts in accounting for vacation rental property managers: What Not to Report…
Read MoreMaking Owner Statements a Breeze for Vacation Rentals With Sage Intacct
In Depth and Valuable Owner Statements for Vacation Rentals With Sage Intacct For vacation rental property managers, one responsibility matters more than all the others: preparing monthly owner statements. No matter how well a property manager performs in other respects, they can’t expect to keep clients without delivering accurate owner’s statements and timely owner payouts.…
Read MoreThe Power of Best-in-Class for VRMs
Historically the belief has been if you want good trust accounting and owner statements you have to choose a property management system (“PMS”) with built-in trust accounting. The problem is those systems are often hard to use, are not tried and true accounting systems, not very flexible and don’t provide much in automation functionality or…
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