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ContinueWhat should your rental property spreadsheet template include? And what are the alternative options real estate investors can use to replace clumsy error-prone spreadsheets?
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Real estate remains one of the most advantageous long-term investments available, but it also has a less glamorous side. Managing properties is not, as many an influencer might have you believe, a passive investment. To be successful with real estate you need to keep your finger on the pulse and this means staying on top of your finances, running regular reports, doing property maintenance, and managing tenants.
Traditionally the cheapest and simplest way to stay organized is to set up a rental property spreadsheet - which is where our free spreadsheet for rental property comes in.
However, a spreadsheet is not the only way and may even hinder your future growth, costing you time and money down the line.
In this article, we take a closer look at what a rental property spreadsheet template needs to include. As well as exploring how software can be a cost-effective alternative for more efficient and accurate rental property accounting and management.
A rental property expense spreadsheet is mainly used by real estate investors as a tool to accurately record all of their property income and expenses. This is essential for running a profitable portfolio and filing an accurate and timely tax return.
As such, a good rental property spreadsheet enables property owners to monitor everything from monthly rent to major deductions like depreciation to minor costs like small repairs. With this data at hand investors can accurately calculate net profits when they need to, and file their end-of-year taxes.
Utilizing a template for this document will help ensure you’re correctly categorizing expenses in line with IRS requirements, and help you capture all the necessary details effectively.
The contents of a rental property spreadsheet template can vary depending on whether you are a landlord or an owner and the number of properties you manage.
A basic rental property spreadsheet will, at a minimum, need to record your property address alongside all the relevant income and expenses, with dates, descriptions, and accurate categorization.
You may also want to record supplier expenses for potential 1099 requirements and capital expenses for depreciation purposes. This data should be presented in a way that allows you to review your profit and loss every month.
In addition to the financial income and expense data, you might also include:
Everyone has their own way of managing these types of things and ultimately you need to find a method that suits your needs.
However, managing real estate involves juggling multiple jobs which only grow in complexity as your portfolio grows. You will likely want to set up a separate spreadsheet for each property and for each financial year as you will need to report on each property’s finances separately at tax time.
And, it’s important to note that as well as tracking all of the above you will also need systems in place for:
Landlords using software reported saving more than $500 more per property at tax time than when they were using spreadsheets. (View the report.)
Managing rental properties requires clear communication, financial transparency, and diligent tracking to maximize profitability. A rental property spreadsheet can help by organizing key details like rent payments, expenses, and maintenance costs in one place.
Centralized Information for Property Owners
A spreadsheet keeps track of late fees, deposits, and repairs, reducing miscommunication between landlords and tenants. However, manual updates and version control can be time-consuming and error-prone.
Financial Transparency and ROI Tracking
Spreadsheets provide a structured way to monitor income and expenses, helping landlords assess profitability and increase ROI. But as portfolios grow, so do the complexities—making automation a smarter choice.
While a spreadsheet can serve as a basic tool, a dedicated rental accounting software can significantly simplify your accounting and property management needs with real-time tracking, a mobile app, automation tools, and seamless financial reporting—without the hassle of manual data entry.
When it comes to managing rental properties, spreadsheets have long been a go-to tool for landlords.
However, there is a solution that surpasses the limitations of spreadsheets and offers a comprehensive set of features tailored specifically for rental property management - Landlord Studio a purpose-built software designed to streamline rental accounting and property management processes.
Let's take a closer look at why Landlord Studio is the ultimate choice for landlords seeking a more efficient and effective way to manage their properties.
Say goodbye to manually entering data into spreadsheets and struggling with complex formulas. The software automates your rental accounting with features like recurring expenses, smart scan receipts, an in-built automated mileage tracker, and the ability to connect your bank feeds and quickly reconcile transactions.
From lease management to tenant screening to maintenance tracking to communication; Landlord Studio centralizes all essential property management tasks in one intuitive platform.
Effortlessly store tenant information, manage lease agreements, prioritize maintenance tasks, and even communicate with tenants directly through the software.
Never experience late rent again. Automate your rent collection and receive payments directly to your bank account, and the software will automatically reconcile payment transactions in the income and expense tracker. Landlords control the rent amount, and payments are delivered directly into your bank account. You can even set up automated rent reminder emails and use our rent receipt templates.
Landlord Studio provides a secure document storage feature where you can conveniently organize everything from leases to receipts, in one place. This eliminates the hassle of searching through stacks of paperwork and ensures easy access whenever you need it.
Instantly generate any of over 18+ accountant-approved reports, such as the profit and loss statements or Schedule E report, at any time. Giving you detailed financial insights when you need them.
Missed expenses can quickly add up to hundreds of dollars in lost revenue and can seriously impact the profitability of your rental portfolio.
As such, having quality processes and systems in place to manage and track your income and expenses is an essential part of manag
Ultimately, whether you choose to use a spreadsheet or you decide to join the thousands of landlords who are already employing professional-grade property management software like Landlord Studio is up to you. However, with Landlord Studio being free and proven to save landlords hundreds of dollars every year why not take it for a spin?
Create your free account with Landlord Studio today and see how you can maximize your rental property profitability today.
Landlord Studio is an easy to use property management and accounting software designed for landlords.
Find and screen tenants, collect rent online, track income and expenses, run reports, and more - all for free.
Tax season is tough enough without overpaying taxes or being audited. Learn how to stay IRS compliant to reduce the risk of an audit while maximizing your profits.
Hosted by: Logan Ransley, Landlord Studio Co-Founder, and Thomas Castelli, The Real Estate CPA
Where: Online event
When: Tuesday 25th February, 2pm ET
From finding tenants to filing taxes. Reduce vacancies and maximize your portfolio ROI with software designed for you.
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