Bookkeeping is the act of keeping financial records and transactions organized. It's important to track the money that moves in and out of an investment property business. This helps landlords understand whether or not they're making profits on the property after expenses are paid off.
Whenever you spend in the business, you need to document the expenses so you know which ones can be used to deduct taxes. This means keeping track of receipts and expense categories. Property investors can employ accountants or bookkeepers to handle the regular bookkeeping.
Nophin builds software that lets landlords and property investors instantly categorize their transactions by property and category. Try out Nophin today and help us build the landlord software and bank that you'd be proud to call your own.