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So, here's the situation. My brother owns, runs...is, really, a small property-management business in Michigan. Basically he buys houses, fixes them up, rents them out or puts them on Airbnb. (Before people scream about landlords, keep in mind I'm his brother and have no control over that.) He is good at it; problem is, he's getting overwhelmed by the financial aspect of things, so I (from Florida) have offered to help by doing his bookkeeping. This is fortunate because his financial organization is a mess. He's using a ton of not-really-good excel (or google sheets) spreadsheets and PDFs of receipts, and this all grew out of him trying to get me to do it all, my taking one look, and begging him to use actual accounting software. I have no real bookkeeping experience but am an auto-didact on most things. (If I weren't disabled I'd have a real job.) Our needs: 1. We've agreed to use quickbooks or a similar software if it is priced affordably. Unfortunately, I look and find out there are tons of accounting/bookkeeping software packages, including multiple versions of quickbooks. I'm lost. 2. The basic structure of things is that there is The Business as an LLC, then each property (there are like 12-15) is under the LLC as separate businesses. 3. Brother wants to track the financials of the business both overall and on a per-property basis. 4. I'm not entirely sure how to figure out how many users we are. There'll be my brother, me, and then our mom (a retired realtor with 30+ years experience) who'll also help me figure out stuff. (Dad is an advocate of the excel/sheets method that, uh, does not scale. Plus he's old and cranky by now, plus he never liked doing the financial part of property management for his own stuff.) 5. Brother has an attorney for the business who has taken him to the woodshed over his really bad financial records. This has become an emergency in my brother's eyes, for good reason. 6. There are no employees of the business on payroll, only contractors. 7. I use Win 10 and Android, I...don't actually know what OS he uses, except probably not Mac. Where I need help from people: 1. Which versions of quickbooks even sound like a fit? 2. Training in using the dang thing: Where and how expensive?
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Apr 21, 2021 16:32
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I think you would want the Quickbooks Online PLUS version, since that unlocks a "classes" feature for divvying up the individual properties. But then you also get a bunch of inventory-type features you probably don't need and 5 users. And so I'm curious what a more knowledgeable accounting goon would say - do you really need that "class" feature if you just add the different properties accordingly under your chart of accounts? The cheaper "Essential" tier subscription still gets you up to 250 registers on your chart of accounts.... The vast majority of my Quickbooks experience is on the estimates side, we had PLUS and I guess it was wonderful? Lol something about Quickbooks always made me think if I knew a little more about accounting I wouldn't need it. Our external accountant told me not to touch the classes feature. 20 Blunts fucked around with this message at 07:35 on Apr 22, 2021 |
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Apr 22, 2021 07:24
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My mom agreed with you, for what it's worth. QBO Plus it is. Now where to find training is the next task for me. Any recommendations?
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Apr 26, 2021 02:54
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