Vacation Rental Management
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 MoreMemorable Moments from VRNation 2024
VRNation rebrands and pushes back on Airbnb One message that came through clearly was a push for property managers to differentiate their business from Airbnb and get away from competing on price. For VRNation, (formerly North West Vacation Rental Professionals), the organization’s rebranding is a signal to the world that it’s time for vacation rental…
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 More4 Financial Reporting Tips for Property Managers
When you think about the myriad of things that are rapidly changing in the hospitality sector every day, companies – especially those managing short-term rentals – need to be able to leverage data effectively in order to adapt and succeed in this dynamic environment. If you’re a property manager looking to grow your organization, and…
Read MoreTop 5 advantages of outsourcing
Top 5 advantages of outsourcing accounting: 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 of…
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 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 More