As a seasoned property manager, you’re already familiar with the basic chart of accounts categories (expenses, income, equity, liabilities, and assets). You probably have at least two bank accounts set up to handle the money coming in and moving out of your business.
But as your business grows and your door number increases, you may find your accounting practices getting more complex. There could be key entries you’re missing in your chart of accounts.
Upgrading your chart of accounts can improve the way your property management firm handles money for your properties which will, of course, benefit your bottom line.