Close form

Are you using the best software for your property rental business?

15 April 2020
Gavin Hooker
Cloud Accounting, Accounting & Compliance, Property Investors & Developers

Working in the property rental market can be a minefield what with all the various regulations that need to be followed and the endless stream of paperwork!

If you keep manual records or even try to keep track of your properties on Excel, you know what a burden this can be.

There is a legal requirement to keep some property related documents for six years. It is also advisable to keep the completion statement and related documentation on the purchase of a property until you sell the property. Having hard copies of documents is great but over many years you will quickly build up a huge filing cabinet of documents. When you need that completion statement, unless you’re super organised, it can take hours to search for that one key piece of paper!

From now onwards when you come to sell residential property, other than your own home, you will need to submit a land return and pay any capital gains tax arising on the sale within 30 days. It is therefore vitally important that all documents relevant to your property are readily accessible – not just completion statements but invoices of major works and improvements carried out to the property during your ownership.

Radical changes to tax payment date for residential property disposals

When it comes to completing your rental accounts wouldn’t it be great if you didn’t have to sort out all the paperwork for your accountant and simply say it is all there online for your accountant to access. So much time saved!!!!

So why not look at an online system with the ability to scan and attach documents saving you not just time but also office space.

Other generic benefits of using an online accounting solution are:

  • You can get an app on your phone or tablet so your accounts figures can be accessed from anywhere, anytime ensuring flexibility in the maintenance of your financial records.
  • Bank feeds allow for bank transactions to be uploaded without manual input.
  • Automation of transaction processing such as purchase invoice scanning.
  • Ability to easily provide shared access to specific financial data and share management information.
  • Facility to track individual property income and expenditure.
  • Maintaining up-to-date financial figures allowing for more valuable management information output.

Whilst the above lists some of benefits of using an online accounting system, the opportunities do not stop there! You could integrate other systems to open up further benefits including property management, reporting and forecasting, and project management and budgeting solutions. There is also the opportunity to link non-financial systems, such as email marketing – the possibilities are endless!

Online property management solutions

If you have a large property portfolio which you manage yourself wouldn’t it be great if you had a system which could provide alerts for key dates and deadlines (e.g. potential rent reviews, insurance renewals, gas safety certificate renewals), or even provide a portal for your tenants to upload details of potential issues or their contract information. These systems can be opened up to whoever needs access to them.

From simple systems to automate the accounts for your single rental property to a complex property management solution for your portfolio of rental properties, we have the knowledge and expertise to provide a solution for your property rental business. Please contact Jan Friend, or Darren Hughes for more information.

The content in this blog is correct as at 15/04/2020.  See terms and conditions.

Similar articles

team meeting
23 May 2022

Employer’s NI up from 6th April 2022! How to reduce the impact of this tax increase using salary sacrifice

On 6th April 2022 the employer’s national insurance rate increased to 15.05% from 13.8%. Employer’s NI is an additional tax liability payable by employers on the gross wages of their employees. For a company with 10 employees and an annual payroll bill of £300,000 this is an annual increase in costs to the employer of £3,750.

29 April 2022

Tax trap! Is your estate worth between £2 and £3 million? If so you could lose valuable allowances

We deal with many affluent clients and it is interesting how attitudes to inheritance tax can vary significantly, even between people with similar levels of wealth. Some say that they have paid taxes all their lives – on their income, asset sales, property purchases – and begrudge paying the treasury even one more pound in inheritance tax when they pass. Others feel that it will be someone else’s problem, so why should they worry. Most people are somewhere in the middle.

22 April 2022

Is Probate Difficult to do Yourself?

This is a question that gets asked a lot. The simple answer is – it depends! The preparation of papers to obtain the grant of probate or grant of representation is the responsibility of the executors if there is a valid will, or if the deceased died intestate it will be the responsibility of the…

Our 3 step risk-free guarantee puts your mind at rest and keeps us on our toes!

byrant house at night office

Book Your Discovery Meeting

Are you hungry for success? If you run a small to medium size business and you want to grow your sales, increase profitability and pay less tax then you have come to the right place.