Quick Books Automation
I am the accountant for Irvie homes and we are suing the desktop version of QuickBooks. Currently I am tracking property activity by class. Every reservation that comes in is taking approximately 2 minutes per reservation and we are doing about 100 reservations per month. When I add reconciliation to our bank accounts to track the Stripe payments and Airbnb payments This add hours. With the addition of Creating month end owner statements I am spending about 40 hours per month on the accounting.
I am seeking help to automate this function as we would like to expand but are hitting our bandwidth with accounting.
Does anyone have an automated solutions?
I feel for you. I’m the CFO and originally did all our bookkeeping for our company. We’ve used QBO in the past, been using Buildium the past five years, but hope to move off it.
There is currently a Trial underway with MyVR Users testing the interface between QBO and MyVR.
I would share with Michael that you’re reservation volume is pretty high for twenty units. That’s great news! The content on your pages is beautifully built out. And your growth is phenomenal. You have a great sales engine. Our CEO is pretty dynamic too.
This year, we’ve been setting higher minimum stays (5-7 nights) and not backing down until we get closer. Our average booking is now coming approximately 90 days out.
We actually raise rates as we get closer and reduce the minimum stay. Hopefully, that will not effect your revenues but will decrease your workload 20%. Our top performing unit should gross $300k in rents this year with this strategy.
You could potentially outsource some of the work until that solution becomes available. We use two services, one for AP and the other strictly for Reservations.
I’m not recommending either of them. You can find them on G00gle. I spend 20 hours every month doing a 100% audit of the reservations, but I keep finding new nuances. I’ve hired a person with a Doctorate in Accounting and significant experience in Buildium to audit them so we ensure compliance.
Hang on, help is coming.
P.S. Love your analytics on the accounting activity. You’re pretty damn fast if all that’s only taking you 40 hours. That would be an easy 120 hours for me. I’m challenged on the topic, but I work hard enough to get A’s.
I wanted to thank you for the detailed reply here. We have taken your advise and recently hired more help for our bookkeeping out of the Philippines. The majority of homes average a 5+ day stay. We have one property that is a traditional BNB. It’s average stay is 1.5 days and has been extremely time consuming with low revenue per unit. I will never onboard a property of this nature again as the juice isn’t worth the squeeze.
I am really looking forward to MYVR implementing a better solution for us all with an integration that works.
@carl-vidal We tried a sixteen unit Hotel two years ago. There were only 70 hotel doors open locally on AirBnb at the time and we launched there first. Over 90% of our bookings came from ABB.
It was fine until the owner interfered with our pricing strategy, cutting rates by 50% to 70%. We gave notice and terminated the contract.
Same story, no money to be made at those rates.