Self Storage Accounting
Providing self storage owners with clear, accurate day to day accounting to make decisions in their business and have confidence that everything is running correctly.
What is Self Storage Accounting?
Self storage accounting is the process of taking the revenue information from your self storage software, matching it to the bank account, adding in the expense information, and creating monthly financial statements. We've designed a process for handling the monthly accounting of a self storage facility that we use in our management company and that I use with the property I own. Our goal is that you understand your numbers so you can make better decisions at your property and ultimately, make more money.
Our Monthly Services Include:
Deposit review - Owners love knowing the manager deposited all the money they collected.
Income match to storage software - Matching the revenue categories to your self storage software makes it easier to audit or sell the property.
Crystal clear income categories - We categorize revenue by rent, late fees, administrative fees, merchandise sales, etc. so you can understand exactly where your income is derived each month.
Balance Sheet reconciliation - All assets and liabilities are reconciled monthly to provide clarity around loan balances, accumulated depreciation, and inventory.
Monthly financial statement preparation - Your financial statements will be prepared in an easy-to-understand manner to allow you insight into your business and the opportunity to grow your revenue.
Custom reporting - What information do you need to run your business? We are happy to provide any custom reporting that you need and walk you through how to read your numbers.
All deposits are matched from the storage software so you know the manager deposits all the money they collected.
The balance sheet and income statement are fully reconciled each month to ensure accurate books.
Receive monthly reconciled financial statement that matches your self storage software.
Optional Services Included:
Annual budgeting assistance - If you want to operate your property compared to a budget, we can help. We can work with you to create a realistic budget and prepare monthly financials to show whether you are on track or not.
Monthly bill pay - we use a cloud-based, fully transparent system to pay your bills. You retain full control over which bills are approved and paid.
Monthly sales tax filing - Need your sales tax returns filed for rent or merchandise sales? No problem!
1099 Filing - We can prepare and file your 1099s at the end of the year to keep you compliant.