As a landlord, managing rental properties can be a challenging and time-consuming task. One of the most crucial aspects of property management is tracking income and expenses to ensure that you are making a profit and staying compliant with tax regulations. While many landlords resort to using spreadsheets or pen-and-paper methods instead of short term vacation rental software, these approaches can be error-prone, inefficient, and leave you vulnerable to mistakes and compliance issues.
Fortunately, there are tools such as PortfolioBay that are specifically designed to help landlords track their rental property incomes and expenses effectively.
PortfolioBay is a cloud-based software that offers a range of features to help landlords manage their properties efficiently. Here are some of the benefits of using PortfolioBay to track your rental property incomes and expenses:
Designed specifically for landlords
PortfolioBay is designed specifically for landlords, so you don’t need to spend a lot of time learning how to use it. The interface is intuitive, and you can quickly navigate through the various sections of the software, such as the dashboard, income, and expense tracking, and reports.
Unlimited receipt storage
One of the most challenging aspects of tracking expenses is keeping track of receipts. With PortfolioBay, you can easily scan and upload all of your receipts, so you have a digital record of all of your expenses. The software offers unlimited receipt storage, so you don’t have to worry about running out of space.
Depreciation tracking
PortfolioBay tracks the depreciation for capital expenses, so you don’t have to do the math manually. The software estimates the remaining basis, making it easier for you to manage your taxes and stay compliant with regulations.
Intuitive expense visualization chart
PortfolioBay offers an intuitive expense visualization chart that lets you explore and analyze your expenses easily. The chart provides insights into your spending habits and can help you identify areas where you can cut costs and save money.
Built-in receipt scanner
PortfolioBay has a built-in receipt scanner that lets you digitize and upload a paper receipt in seconds. The software extracts receipt details and makes them searchable, so you don’t have to rely on manual annotation for each entry.
Overall, using PortfolioBay to track your rental property incomes and expenses can help you manage your properties more efficiently and save time on paperwork. With features such as unlimited receipt storage, depreciation tracking, an intuitive expense visualization chart, and a built-in receipt scanner, PortfolioBay can make it easier for you to stay compliant with tax regulations and make informed financial decisions. By using software designed specifically for landlords, you can streamline your property management processes and focus on growing your business.