Successful real estate agents are well aware that they need to keep track of business expenses and income. Unfortunately, the sheer amount of paperwork, receipts, and invoices can pile up quick. When you add that on top of everything else you need to do as an agent, it’s easy to end up neglecting your finances.
You’ll end up in a pile of unorganized receipts come tax time if you don’t get a grip on tracking your finances now! Not to mention, not staying on top of your money management could put you in a sticky financial situation.
In the past, real estate agents had to rely on (dare I say) primitive ways to track those expenses and income. It winds up being a lot of papers, which can get lost easily, and it all piles up in baskets, envelopes, and filing cabinets. To me, it’s a big pile of mess that gives me a lot of anxiety.
Luckily, technology has given us plenty of options to keep track of our finances without so much hassle. We now have financial software that can sync between your computer, phone, and tablet, so that you have access to it whenever you need it. It can also make it easier to visually see your income and expenses, help with budgeting, help you consolidate multiple accounts (such as a bank account and a company credit card), and make tax deductions a snap.
This expense management software is a great option for real estate agents that are always on the go. Expensify has an app that allows you to scan and import receipts as soon as you get them. This means no more losing receipts, and no more piles of receipts to sift through at the end of the month (or year, if you procrastinate).
Import your bank and credit card account information to track your daily spending. On top of tracking expenses, use Expensify to track mileage, business travel, and time. The software can also run financial data reports, helping you to analyze your current financial status.
Mint is another money management app that can help manage your budget, earnings, and spending, by importing all of your accounts where you can see your entire financial picture. You can use it to categorize your spending, so you can easily see where you’re spending your money.
Mint can alert you when you are over-budget, if you have bills due, or notify you of unusual transactions. This app will make recommendations that could help you save money.
This one has been around for 30 years. Instead of a monthly fee, this option is a direct download software that you pay for once.
Organize all of your financial information in one place. Like other software options, Quicken allows you to import your banking, investment, retirement, and credit card accounts, so that you can see them all in one place. Manage your spending, budget for goals or retirement, and set up debt reduction plans. You’re also able to easily view and manage your bills, and you can set up alerts for them.
One of the biggest perks to Quicken is that it makes it easy to find tax-deductible business expenses, and offers a direct export to your TurboTax account.