Rental property maintenance and related responsibilities that keep you busy can put accounting tasks at the bottom of your to-do list. To reduce stress and confusion, and free up time so you don't have to toil over the books, review accounting and bookkeeping tips that make keeping up with tenant payments and maintenance expenses much easier.

How to Stay on Top of Your Rental Property Accounts

1. Separate Business Accounts From Personal Accounts

Avoid using one personal account for your rental properties. While it can seem appealing since all of your money is in one place, it creates headaches during tax season because you’ll have to remember which expenses were personal and which were business-related. Rather than listing fewer deductions because you don’t recall what some expenses were for, create at least one business account. If you oversee multiple complexes, you may want to designate accounts for each.

2. Keep Up With the Weather

Let the weather influence your property maintenance decisions to keep your tenants safe and happy. For example, if you live in a region prone to cold, icy winters, you’ll need to supply your team with shovels, road salt, sand, and other materials that keep steps, walkways, and parking lots slip-free.

Also, account for your "busy seasons." Many rental property owners experience tenant influxes during the fall or spring, depending on their location, meaning there's more or less money in the property maintenance budget at certain times of year.

3. Use a Quality Software System

Purchase a software system that streamlines the money management process. Track your income and property maintenance expenses, and review invoicing options that ensure every tenant pays. The right software allows you to set up automatic payments that withdraw rent from tenant bank accounts or lets them pay you online so you aren’t dealing with piles of checks every month.

4. Create a Spend Management Plan

Implement a spending management system that prevents you and your employees from going over budget on property maintenance expenses. You may want to create a list of suppliers and vendors that offer quality products and services for affordable prices, so you don't risk spending too much on new HVAC systems, hallway carpeting, or anything else.

Whether you need property maintenance assistance or other business services that make managing your rentals easier, contact MetroHudsonMgmt LLC. Known for delivering whatever they promise, this savvy team has provided rental owners throughout New York City and Westchester and Putnam counties with reliable services since 2001. Call (914) 941-7111 today to get started, or review their portfolio online.