Once upon a time, there was a couple named Roy and Gabby Emerson. This duo was unbeatable in everything they attempted from raising a family to DIY projects and small business enterprises. Their charming personalities endeared them even to strangers and their faithful work ethic impressed everyone who knew them. With all their skills some of the Emerson’s friends asked them to manage a property they owned and rented out. The job seemed to be right down their alley – Roy with his handyman skills and Gabby with her marketing capabilities. The Emersons did such a good job that soon other friends began asking them to manage their properties and before long their side-job had become a full-blown management company. Because of the personal interest they took in each tenant, they called their business “Memorable Management.” As time progressed, the couple started to burn out. Their time was so focused on the actual business that they stopped enjoying the interaction they had with tenants and clients. Their repair work got monotonous and the day-in-day-out of finances became tedious if not down-right overwhelming. “Memorable Management” was memorable all right – the only thing they could remember when they finally crawled into bed each night. They divided the work and hired out some of the maintenance and upkeep that they enjoyed. Their marketing became less and less effective as they had to throw each ad and promotion together between all their other duties. They began hating their jobs, their business, and ultimately their lives (or lack thereof).
One day, Roy and Gabby finally had a chance to sit down and scrutinize their business. They realized that even with all their work day after day, they had no idea how well their business was actually doing. Roy commented on how he wished they could focus on doing the things they enjoyed, and Gabby suggested they make a list of the things that each of them liked doing and at which they excelled. In the end, they agreed the bookwork was definitely their least favorite aspect of the business. In the beginning, it was obvious how well their business was progressing as they accumulated clients, tenants, and money, but at some point, they had tried to save time by only keeping track of the bare essentials. Often, the bookkeeping didn’t take top priority and got so far behind that when there was a ‘slow’ day, it was taken up catching up on the books. At times necessary tax deadlines were missed because of the backlog of bookwork. It was time to get some professional financial help. As they researched their options, CPA’s, bookkeepers, and software, the Emersons looked for something or someone who would reflect their business – customized, personal and providing the reports that they needed. As a rental company, their business was different than all the other small businesses out there, but few professional establishments truly understood what they did and what they needed.
The story of the Emersons may be fictional in names and exact facts, but I believe it reflects many managers both in the long-term and short-term rental industries. Have you forgotten how much you enjoyed your start-up, your interaction with people outside of the necessity of pure business, having your weekends free of column after column of figures? If your business is growing but you can’t give the concrete facts about what is working and what is a waste of time and money, maybe you too should consider hiring a bookkeeper. No, not just the first one you find in the white pages, internet search, or friends’ recommendations, but a bookkeeper who understands your business and can give you both the financial and customized reports that can help you see where your time and money are best spent.
At Vacation Rental Bookkeeping, that is just what we do. We are focused on helping all types of rental businesses, small or large, short-term or long-term. We ease the burden of your bookkeeping and can customize reports to help you not only know the health of your business but also how best to focus your efforts. Hiring a specialized bookkeeper allows you to get back to the things you enjoy doing, the things at which you are best. Hiring a virtual (remote) bookkeeper also relieves the stress of added taxes along with office space and equipment. Don’t wait until you are completely burned out to consider hiring help. Vacation Rental Bookkeeping is ready and able to give your calculator a much-needed vacation.
We would be happy to do what we do best so you can do what you do best.