Best Practices for Month-End Close in Vacation Rental Management

Best Practices for Month-End Close in Vacation Rental Management

Best Practices for Month-End Close in Vacation Rental Management The month-end close puts extra strain on vacation rental management businesses. They’re not just accountable to themselves; they send month-end reports to property owners who will expect to see positive numbers presented on time. The month-end close consumes a lot of resources and inspires a certain…

Read More

The True Cost of Employees

The True Cost of Employees Companies outsource accounting functions for many reasons: to overcome a talent shortage, to gain specialized expertise, to scale their staff fast enough to keep pace with growth. But perhaps the biggest reason a company considers outsourcing in the first place is to cut costs. They want to do the same…

Read More

4 Key Issues to Address Before Implementing a New Vacation Rental Accounting System

4 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 More

The Power of the Cloud in the Time of Covid-19

The Power of the Cloud in the Time of Covid-19

The Power of the Cloud in the Time of Covid-19 Few technologies are better suited to meet their moment in history than the cloud during the time of Covid-19. Companies with the cloud in their arsenal before the pandemic have found it much easier to navigate through these uncertain times. Alternately, companies without a cloud…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More