Real Estate Investing with Coach Carson #372: Real Estate Bookkeeping for 2025 Made EASY!
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Dec 2, 2024 In this episode, guest Kat Longoven, a former CPA turned full-time real estate investor, shares her expertise on bookkeeping for real estate. She emphasizes how organized financial records can boost cash flow and reveal hidden profits. The conversation explores best practices for tracking expenses, using software like QuickBooks, and preparing for potential audits. Kat also highlights the importance of hiring qualified bookkeepers and accountants to ensure financial clarity and success in real estate investing.
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Bookkeeping Basics
- Bookkeeping involves recording and categorizing financial transactions for analysis and decision-making.
- It tells the story of your business, revealing income, expenses, and overall performance.
Receipt Management
- Maintain digital copies of receipts and categorize them for easy retrieval.
- Use cloud storage or apps like Evernote to organize receipts and add context.
Failed Audit Story
- Kat Longoven's client failed an IRS audit due to insufficient documentation for expenses.
- He had to pay $12,000 back to the IRS, highlighting the importance of proper record-keeping.
