My son and I have five properties we rent out. Four are in San Francisco, one in London. We currently maintain our P&L on Google Sheets. We don't maintain a balance sheet. We store documents on Google Drive, and use Google Docs for word processing.
We need ongoing advice on various issues, including the ones listed below.
* End of year processing
* Preparation and submission of tax returns
Maintaining Independence of Accounts:
* What is the best way to separate the accounts from our personal accounts? We don't want the overhead of setting up a separate corporation
* Provide for easy transfer of management annually between myself and my son. The idea is that he's in charge one year, then me the next, and so on
* What accounting and bookkeeping tasks should we give to our administrative colleague Sara?
* What is the best way to train Sara?
Audit & Security:
* How should we incorporate checks and balances, to reduce the chance that money is stolen or inadvertently misplaced?
* How should we maintain our simple online systems so that money is unlikely to be stolen through malware exploits?
* How should we back up our Google Docs-based environment?
* What is the best way to check the data is valid?
* Should we start double-entry bookkeeping, and have a balance sheet? We want to keep the system simple and easy to maintain
* Should we retrospectively apply capital costs to the London property, amortize the depreciation, and send in adjusted tax returns?
* How should we make the London reporting consistent with US reporting, for tax purposes?
* I am resident both in San Francisco and London. I currently submit US tax returns. I am joint resident, and could starting submitting UK tax returns. Would it be better to submit UK rather than US tax returns?
* What key management statistics should we review every month?
* How should we best incorporate car port rental income?
If you can help us, please respond to these questions/requests:
* Are you a CPA? Tell us about your qualifications, and your experience with Californian & US regulations
* Tell us about your experience training part-time bookkeepers
* Tell us about your accounting experience in the property management field, and some of the property management clients you've worked with
* Are you familiar with Google Docs and Google Sheets?
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