Tax Smart Real Estate Investors Podcast
251. Why You Can't Afford to Neglect THIS Critical Aspect of Your Business with Taylor Brugna, CPA
Dec 12, 2023
Taylor Brugna, an accounting expert and real estate investor, joins the podcast to discuss the importance of having a good accounting system for real estate businesses. They cover topics like the benefits of current financials, pitfalls of neglecting accounting, and practical solutions for handling this side of the business.
29:49
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Quick takeaways
- Neglecting bookkeeping can lead to compliance issues and hinder effective management of a real estate business.
- Outsourcing bookkeeping allows investors to focus on strategic tasks and provides a scalable solution for managing the financial aspects of a growing real estate business.
Deep dives
The importance of having a bookkeeping system
Accounting is crucial for real estate investors as it serves as the foundation for running a successful business. Having access to accurate and detailed financial information allows investors to make informed decisions about property acquisition, tax strategies, lender reporting, and raising capital. A reliable bookkeeping system ensures clean financial statements, helps calculate gains and losses, and provides necessary information to comply with tax regulations and reporting requirements.
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