Do many IP owners use accounting software like MYOB or do they use excel, manual cashbooks?
Would you see any benefit of getting a bookkeeper/accountant to take care of your investment bookkeeping? At an affordable cost.
Do many of you do tax planning? Or just get your tax done and hope for a big refund?
If your investing is a hobby, then treat it like one and forget all about accounting and keeping records.
Seriously, investing shouldn’t be a casual/ hobby thing, it is a “business” and therefore you need to keep accurate records etc.
Like many things, it’s easy to cut corners but when something goes wrong, then it becomes false economy and a nightmare.
A program like MYOB or Quickbooks will do the trick.
If you have one property, then it’s probably not too hard to keep track of your accounting, but as your portfolio expands, then it might be worth considering engaging a bookkeeper.
[biggrin]
John Blackburn
http://www.propertybooks.com.au
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