In this insightful episode of the Know Your Numbers REI podcast, host Chris McCormack covers the five common bookkeeping pitfalls to avoid, including the consequences of not keeping up with bookkeeping, failing to utilize software, procrastination, the importance of delegating, and the significance of properly categorizing transactions in the real estate industry.
Tune in to learn how neglecting bookkeeping can lead to failed audits, increased tax liabilities, and wasted time and energy. Chris provides valuable tips on how to overcome these challenges and emphasizes the importance of seeking help from real estate accounting specialists to ensure accurate and efficient bookkeeping practices.
If you're a real estate investor or business owner looking to optimize your financial strategies, this episode is a must-listen. Don't miss out on valuable insights that can help you save money, grow your portfolio, and achieve financial success. Share this episode with a friend who could benefit from this valuable information!
[00:01:28] The power of scripture.
[00:05:00] Importance of bookkeeping for business.
[00:08:20] Procrastination in bookkeeping.
[00:11:30] Proper categorization of transactions.
[00:14:18] Real estate bookkeeping importance.
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Connect with Chris McCormack on Social Media
Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/
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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.
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