We know how important it is to have clear and easy-to-read financial reports for your investment properties! Honing our financial accounting abilities over several years, CTPM is able to supply you with income and expense reports, security deposit statements, projected net operating income figures., and more.
Your CPA will love us, too.
Everything we do at Connecticut Property Management is with the goal of saving you time in mind. Each month we prepare and send you an Income and Expenses Report. This report, which shows the same categories as the Schedule E that is filed for rental property income, gives you a detailed breakdown of what came in and what went out.Â
In addition to the monthly report, we issue a year-end summary report that is accompanied by any invoices or receipts that we paid out during the year. The report contains all of the information your CPA or tax professional will need to prepare your taxes.
Why financial reporting is critical
Financial reporting, also known as bookkeeping, accounting or a “P&L” is the means through which a property management company shares financial info with the property owner. A positive number in the net income box means you are “in the black” and turning a profit. On the contrary, if the number in the net inbox is negative, you are “in the red” and currently experiencing a financial loss.Â
Fundamental to a profitable rental portfolio is always making sure you’re bringing in more money (income) than you are sending out (expenses). The good news regarding rental property expenses? Many of them are tax deductible. Visit the IRS website for “Tips on Rental Real Estate Income, Deductions and Recordkeeping” here for more information.