4 Signs you have the RIGHT Self Storage Accountant

accounting Apr 01, 2020
  1. They understand your software

Too often, owners hire their local CPA or bookkeeper to handle their self storage accounting, but that professional doesn’t understand self storage software. Hiring a self storage accountant that knows how to read your reports and correctly classify your revenue will help you understand your numbers and run your business better.

Self storage accounting should break your income into appropriate buckets. Being able to review revenue collected and understanding what part is rent, late fees, admin fees, tenant insurance, other fees, etc. is crucial in running your operations. Total revenue can increase, but if you don’t know WHY, it doesn’t help you very much.

The right self storage CPA will understand your reports, correctly classify your income, and guide you in making the best decisions for your company.

  1. Properly record sales tax

Some states charge sales tax on storage rent or parking spaces. Most states charge sales tax on...

Continue Reading...

Revenue, Profit and Cash: Is my self storage business making any money?

accounting Jan 23, 2018

Have you heard the saying, “Revenue is vanity, profit is sanity, cash is reality”? Nearly all business owners have, but most aren’t entirely sure what it means, and that’s okay. Self Storage business owners need to understand the difference to make sure their facility is making money. Let’s break this down right now, and you’ll be wiser than most of your competition.

Revenue is Vanity: Revenue is the top line on your income statement. For a storage business, it is normally the cumulative amount of rent, inventory sales, and truck rentals. Rental income is usually the largest number in the revenue section, since that is your main business. Seeing a large monthly rental income number and a high occupancy rate can make you feel like your storage business is a success, since you are mostly full and the hard work of marketing and breaking even is over, but don’t let vanity block your view. Here are some factors to consider:

  • Are you charging...
Continue Reading...

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.