Do you still have your rents being paid into different bank accounts and/or have your property related expenses being paid from different bank accounts?
One of the best ‘organisational’ tips for landlords is to run your property business through a single bank account.
This means having one bank account for your property portfolio and having all the rent and expenditures coming into and going out of this one bank account.
Also, if you use credit cards, make sure that they are linked to this single bank account. Try not to use more than one credit card.
If you do this, then you will save yourself a considerable amount of time as you won’t have to look at different bank accounts or statements when completing your end of year accounts, or when you need to query a transaction.
You are also less likely to miss any receipts or other expenses that you can claim for as you will know that everything has gone through the one bank account.
If you are currently operating more than one bank account then it is worthwhile taking a ‘little pain’ now and getting everything moved to a single ‘property’ related bank account.
