As a property investor, there’s no reason you should have to spend valuable time on slow, manual accounting processes to manage your portfolio.
Using accounting software like Xero, you can get a top-level view of all your property income and expenses, and sync that information seamlessly with specialist property management tools.
That means less time spent on administrative jobs, more in-depth information on your financial position and outlook, and ultimately more value from your investments.
See your finances in real-time
When you’re managing all the moving parts involved in a property portfolio, you need to stay on top of your financial position – and ideally, you need to be able to check in quickly and easily on a regular basis.
Xero’s automated feeds make this easy, pulling through data from your bank and other sources so you can see where you stand at any point in time.
Not only does this mean you can stay in control of your cashflow and spot any immediate issues, but it also allows you to look ahead and project the return you should see on your property investment in the long-term.
With Xero’s reporting tools and advice from an expert (like us!) on what the figures really mean for you, you can set forecasts based on different scenarios and make important decisions based on those.
With Making Tax Digital (MTD) for income tax due to roll out in April 2024, the time is ticking before self-employed business owners and landlords with an income of more than £10,000 per year are brought under the new rules.
If you’re included under MTD, you’ll need to make sure you’re storing your accounting records digitally.
You’ll also need to start submitting quarterly income tax updates, rather than only submitting your self-assessment tax return each year.
Xero makes meeting these requirements easy. All of your important data can be stored on the software with minimal manual input, and submitted straight to HMRC from the platform.
Link up with property apps
One of the main benefits of Xero is the sheer variety of add-on apps it supports.
That means you don’t have to compromise when it comes to setting up your tech systems: you can choose from a huge selection of apps for property management, from task management and KPI tracking to handling rent payments and supplier costs.
Connecting Xero with these apps means you can handle every aspect of your property portfolio seamlessly, cutting down even more on admin time.
Collaborate with a specialist property accountant
It’s easy to give your accountant or adviser access to your accounts on Xero, and collaborate with them through the software – so there’s no need to travel anywhere or make special arrangements to get advice.
Instead, your accountant can check in on your accounts, giving you the reassurance you need that you’re on track for your financial goals.
As specialist accountants for landlords and property investors, we can work with you to get the most out of the powerful features Xero has to offer.
Get in touch to find out more.