CPA or Book Keeper?

Make sure they are Certified, which is what a CPA is, but often someone will work under a CPA, but still the CPA has to look over and double check the work done.

Thanks! I think you are refering to a book keeper who may work under a CPA.....

How did you find your CPA person? How much is pricing if you do not mind me asking

I feel this is an important team member I need to acquire quickly but carefully

CPA is going to be your best bet. A book-keeper does not have to be certified and therefore may know have the accurate knowledge to keep your accounting in order. Hope this helps!

Thank you !

As I am a person who is detail oriented and I like advice based on sound judgement and from facts

I also use a CPA. Set up an appointment and go in to talk with them. You want to feel comfortable with them. Let them know what you do and ask what kind of advice they can offer.

Joe Jurek has a running list of different team members you will need and what to ask them. I am sure you have seen these because you have been soaking this site up. (good job)

As you get busier, you may want to use both a CPA and a bookkeeper. The bookkeeper can enter your daily receipts for expenses, milage, marketing, etc on your spreadsheets and will be cheaper for that type work. The CPA will then reconcile things quarterly or however often they recommend and file your tax paperwork.

Karen

I found mine through referrals.

Karen

you will need a CPA when it comes to getting your taxes done right... as Karen said, a bookkeeper will help you with you day to day data entry, filing, record keeping, etc. For a low cost bookkeeper, you can hire an accounting student to help for low pay or school credit.
However, for a CPA, find one through your rei club or referral. There are also CPAs who are also attorneys; if you find one of them, hog him/her, and treasure him/her. They are a Godsend and will keep you from ever getting audited

Very good point...... Karen and I will look at Joe Jurek on his entries to keep soaking it up because I do like being on this site (hope I am not becoming a pest . )

Funny you mentioned referrals I asked my mother who is a small business owner if the person she has is a book keeper or accountant and he's neither but she is looking for an accountant ( we had this conversation two days ago) and she says but you have a job with a paycheck and I said oh you never know things change all the time

In terms of receipts I will buy the neat organizer and plan to get quick books ( but I rather have a professional set it up and guide me even though I know there are YouTube videos on this

Deductions or start up expenses can be written off some how so I focus on the team

And I got great news from my lawyers ( that is to come in my real estate journal entry)

Excellent point Valerie !

I almost forgot about the great people you can connect with at REI clubs .....

Interesting points I heard on a podcast

tax attorneys are bound by the client professional confidentiality agreement but not a regular CPA who is not a lawyer (even though we conduct our business with honest intentions) so be mindful to all who reads and another thing

Valerie where did you come up with the name Valuni?

Valuni wrote:

you will need a CPA when it comes to getting your taxes done right... as Karen said, a bookkeeper will help you with you day to day data entry, filing, record keeping, etc. For a low cost bookkeeper, you can hire an accounting student to help for low pay or school credit.
However, for a CPA, find one through your rei club or referral. There are also CPAs who are also attorneys; if you find one of them, hog him/her, and treasure him/her. They are a Godsend and will keep you from ever getting audited

The best way to find a CPA is through your local REIA club. See who everyone else is using. For example: I found mine through a local reia and he is also a local real estate investor. The prices will vary by region, so really you just have to go see.

I checked out different REI clubs and I will look into that when I go