3 Unexpected Perks of Automating Your Rental Accounting

Landlords, rejoice! TurboTenant’s latest product innovation allows you to sync REI Hub’s comprehensive accounting software with your TurboTenant account, meaning you can automate your rental accounting processes like never before. (Give it a whirl with a free demo, no sign up required!)

Automating your rental accounting efforts offers a variety of perks for your business, but did you know it could impact other areas of your life as well? Let’s explore the three most unexpected benefits of integrating your TurboTenant account with REI Hub’s accounting software.

1) More Free Time

Beyond the fact that REI Hub provides you with tools tailor-made for rental property management accounting, their software can free up a significant amount of time for the average landlord.

According to a 2019 study by Score.org and the National Small Business Association, more than 25% of small business owners spend over 100 hours preparing their federal taxes alone. That hour count doesn’t include manually entering in expenses, cross-referencing old receipts, or any of the other accounting work you’re forced to undertake as a landlord.

On the other hand, landlords who subscribe to REI Hub through TurboTenant can automate these processes in just a few clicks. Once you’re no longer drowning in receipts and improvised spreadsheets, you could…

  • Buy more rental property. Why not expand your investment portfolio once you have your accounting on lock? There are various financing options available for those looking to purchase more property. Plus, TurboTenant’s rental property calculator can help you hone in on the best deal for your unique investing strategy.

  • Pick up a new hobby. Is there anything you’ve wanted to do but felt like you couldn’t fit it into your schedule? Whether you daydream about soap carving, underwater basket-weaving, or something else entirely, you can take the time you used to waste maintaining your own accounting spreadsheet and let your dreams take flight.

  • Solve mysteries around town. Life is full of mysteries – why not use the extra time on your hands to solve some of them? The United States offers a plethora of unsolved cases from coast to coast, whether you’d like to crack the 1990 painting heist in Boston or uncover the identity of DB Cooper in Seattle.

2) An Increased Appreciation for Organization and Efficiency

When you automate your rental property accounting with REI Hub and TurboTenant, you’ll be able to generate tailored accounting reports that easily outline your cash flow, income, and asset appreciation. You can even connect however many bank accounts you use and associate them with the right properties, meaning your financials can be tracked and reported on at the unit, property, and portfolio levels. With all this organizational power at your fingertips, you might start looking for opportunities to increase your efficiency. 

To help you make the most of this newfound appreciation for organization and efficiency, the University of Rochester offers the following tips: 

  • Create to-do lists, and organize your tasks based on urgency. 
  • Practice accountability. Check in with yourself regularly to assess your progress, find areas of improvement, and celebrate your wins frequently.
  • Keep a clean environment. A clean room is a sign of a clear mind, so be sure to add “tidy up” as a recurring task on your to-do list.

If you need further inspiration, get ready to add this song to your favorite playlist:

3) More Confidence in Yourself as a Business Owner

When you streamline your rental accounting and can spend less time gleaning better insights from your portfolio’s financial health, you’re bound to feel more confident about your professional prowess. And that confidence can spill over into other areas of your life, too.

According to LinkedIn, feeling more confident can lead to:

  • Being at your best when it counts the most. Imagine confidence as a bank account. When you do something awesome, such as master your rental property accounting with REI Hub, you increase your confidence. When a day inevitably comes that demands the most from you, you can “withdraw” the self-esteem you’ve built up and meet that challenge as your best self.
  • Rising to the top. People who lack confidence are less likely to take risks, which can translate into missed opportunities. Conversely, those who know their worth are more likely to undertake challenges as they arise, which leads to greater success overall.
  • Feeling happier. Confidence and happiness go hand in hand. When you feel good about your business acumen, you’re likely to feel happier, too. And, going back to our bank account analogy, confident people know they have what they need in the “bank” to handle whatever challenges life throws their way, which makes it easier to smile and enjoy the ride.

Clearly, automating your rental accounting unlocks a host of perks. From allowing you to pursue hobbies to increasing your desire to get organized to boosting your confidence, we can’t find a reason for you not to give TurboTenant’s REI Hub integration a try. Sign up today!

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