Rental Property Bookkeeping 101

Staying on top of your bookkeeping is the solution to safeguarding your business and maximizing your financial performance. Below are some helpful tips for setting up a solid bookkeeping system for your rental properties.

  • Separate your personal and business accounts
  • Set up individual accounts for each property
  • Implement a system for tracking your income and expenses
  • Choose between the cash or accrual accounting methods
  • Take advantage of accounting technology
  • Prepare for fluctuating expenditures
  • Learn how to fill out tax forms correctly
  • Add a tax professional to your team
  • Hire a property manager

Kong Property Management Group provides property management and leasing services to the greater part of Silicon Valley. We specialize in single-family homes, condos, townhomes, duplexes, as well as apartment buildings. Based in San Jose, Kong Property Management Group is a local and family-owned business with over 15 years of combined experience in residential property management, real estate sales, and appraisal.