The Challenge

HHL Group, Inc. was approached by the owner of several rental properties. She was using a spreadsheet program and was having a difficult time allocating revenues and expenses to the respective properties as well as determine gains/losses on properties when they were sold.

The Solution

We suggested that she outsource her bookkeeping to us, allowing us to use a software solution which would enable us to classify all revenues and expenses to the correct property. This would enable her to identify under-performing properties so she could direct her efforts to managing the properties.

The Results

HHL Group, Inc. reviewed the past year tax returns as well as current financial spreadsheets to setup depreciation schedules, and financial statements. We then created a new QuickBooks Online company for the client so that they could access their financials anytime they required. HHL Group setup “classes” within QuickBooks so that the profit and loss statements could be viewed by property and input accurately on the client’s tax return. We met with the client to review her financial statements and offer planning & tax saving strategies. When properties are sold, we calculate the gain/loss on sale. The client has realized superior ability for analysis and examination and has also saved thousands of dollars in tax.