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On today’s episode, we are fortunate to be joined by Dave Rice who will be discussing the business of bookkeeping for real estate syndicators. Let’s face it, as an entrepreneur and visionary, you are more concerned about finding the next big deal than fretting over behind the scenes issues like receipts and keeping a record of expenses. That’s why you need a bookkeeper to take care of all those issues for you, from making sure that you are prepared for paying taxes to keep score of all your profits and losses so that you can see how your investment is doing. Today Dave talks about the software they use to manage clients’ books and keep all the parties informed and updated, what we can do to organize our books and start off on the right foot even before acquiring professional services, what you can expect your bookkeeper to do for you and what your role in the process will be, so stay tuned!
Key Points from This Episode:
- How Dave and his wife Laurie got into bookkeeping for other real estate investors.
- The need for real estate investors to outsource those tasks they pay little attention to.
- What their bookkeeping services entail in the context of the syndication business.
- The convenience of using QuickBooks Online that all role players have access to.
- Finding the right bookkeeper and what sets them apart from others.
- What real estate investors can do to prepare and organize their books as best as possible.
- Which receipts to keep and tips for making it an easy practice to maintain.
- The hardest part of the bookkeeping business.
- The lack of financial education and how they help their clients every step of the way.
- How far back they go when starting with a new client’s books.
- Improving their business and their practices by using less paper and embracing technology.
- Most notable contributors to their success and how they like to give back.
- And much more!
[bctt tweet=”No one ever calls us to say, “Everything is great, can you take it over?” We often are given a puzzle that we have to put back into place. — David Rice” username=”Whitney_Sewell”]
Links Mentioned in Today’s Episode:
About Dave Rice
Dave Rice, together with his wife Laurie, owns REI Bookkeepers, a boutique bookkeeping firm exclusively for real estate investors. Being real estate investors themselves for a number of years, they saw a need for knowledgeable bookkeeping professionals in this niche. Laurie’s background is accounting, with a BS degree from the University of Wisconsin. Dave’s background is in small business with a BS in Pharmacy also from Wisconsin. Their backgrounds and years as successful entrepreneurs convinced them to hang out their virtual shingle. That was two years ago. Dave and Laurie are based in Naples, Florida and now serve clients virtually all across the United States. Together with technology such as cloud-based accounting systems, video teleconferencing, telephone and email they are able to keep up with all of their clients.
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