Trust Accounting
The 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…
Read MoreHow to Automate Vacation Rental Accounting
How to Automate Vacation Rental Accounting How much time do you spend each week on vacation rental accounting? If you’re like most firms, the answer is too much. Critical as accounting may be, it consists of tedious, time-consuming, error-prone processes that take hours to complete. And then the cycle starts all over again. Making matters…
Read More4 Key Issues to Address Before Implementing a New Vacation Rental Accounting System
Four Key Issues to Address Before Implementing a New Vacation Rental Accounting System The decision to implement an enterprise-class vacation rental accounting system is a major leap for your company. It promises to upgrade your accounting capabilities and help you turn finance into a strategic asset. However, implementing a new vacation rental accounting system isn’t…
Read MoreTrust 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…
Read MoreOutsourced 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…
Read MoreCalculating 5 Property Management KPIs With VRPlatform & Sage Intacct
There are several Vacation Rental performance metrics that all property managers should be tracking, but what do they all mean, and how can you use them to drive your business?
Read MoreCommon 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…
Read MoreHow Trust Accounting Works
Understand how transactions flow You will need a general understanding of accounting in order to properly account and track both your owners’ and your own vacation rental management company’s books. Hopefully, this will give you a general understanding of the flow of transactions using trust accounting best practices. Bookings & Invoices Rental & security deposits…
Read More