What app are you using for accounting?

[Molly559]

Hello, I have one short term rental and am wondering what app you're using to keep track of income and expenses also reciepts? Thank you!

[Alicia753]

Hi @Molly559,

You can streamline your expense tracking for your Airbnb by enhancing your current spreadsheet system or using a dedicated app like QuickBooks or Stessa.

These tools can automatically categorize expenses, integrate receipts (including Amazon purchases and service provider emails), and provide a clear overview of your finances. If you prefer to stick with spreadsheets, consider adding features like separate tabs for categories, automated formulas for totals, and receipt links for better organization and efficiency.

As for income, I rely mostly with Airbnb's transaction history.

I hope this helps.

All the best,

Upfish Management

[Karen114]

@Molly559  I am with @Alicia753 .  I use Quickbooks desktop.  I am old lol .  I have been using it for 20 years and my accountant loves it because most accounting firms use QB.  

Personally I am not a fan of QB online mainly because the look and feel is very different than the desktop version which I was brought up on.  

You can do a test drive with QB online for a free trial.  If you have one rental and don't need class tracking, (multiple properties to track), the basis QB online might be the way to go.  

[Emilie]

Thank you @Alicia753 and @Karen114 for your insights!

I hope you do not mind me bringing you into this conversation @Lydia594 @Thomas3789 @Alex12990 @Mike-And-Jane0 @John7474 - do you perhaps have any other suggestions for Molly of effective apps or softwares you've found useful to track income, expenses and receipts in the past?

Have a lovely day everyone 🙂

Emilie

[Mike-And-Jane0]

@Molly559 we used a Microsoft excel spreadsheet. simple and effective allowing us to then have the key figures for our HMRC tax return. Being Excel we could also modify the figures when the  VoA  required us to fill out a new form requiring excessive levels of detail. We also used Excel to track every booking and whether or not Airbnb had paid plus keeping track of our private bookings.

[Frances3408]

@Mike-And-Jane0. I'm with you. I love my excel spreadsheets and its always a starting point for me BUT my accountants ignore them as they need to produce "proper" company financials with a long Chart of Accounts and the auditor likes the see the raw transaction history through my bank feeds before signing off!.

@Molly559. Quickbooks is great for DIY and basic ownership structures running an AIrbnb. Anything involving companies and trusts I'd use an accountant (and they generally tell you want they want you to use, if any). We change our tax laws every year here so hard to keep up.

[Mike-And-Jane0]

@Frances3408 Ah well you see I never use accountants primarily because a) they cost money and I am a cheapskate, b) I am still responsible for what they create and I don't trust many people, and c) they produce backwards facing accounts that require tax to be paid. In the UK we could (can?) get tax relief on pension contributions so knowing the profit before the end of the tax year allowed me to maximise these contributions and minimise tax payable.