MARCH 19, 2024
#72: Master Your Short-Term Rental Finances with Jessica Lawrence
Ever felt overwhelmed by the financial side of running a short-term rental? You’re not alone. On the latest episode of The STR Sisterhood, I had an epic chat with bookkeeping whizz, Jessica Lawrence.
We dove headfirst into the money maze of Airbnb hosting and Jessica shared some golden nuggets on tackling the finance game like a pro.
Here are the five hot topics we tackled:
Say hello to Financial Literacy!
Jessica stressed that understanding the basics of finance isn’t just important, it’s a game-changer for your Airbnb business. Get financially literate and watch your profits soar.
Financial Roles Uncovered
Feeling confused about the different financial roles in your business? Don’t sweat it. Jessica broke down what accountants, bookkeepers, and financial advisors do and how they can catapult your Airbnb venture to success.
The Art of Financial Separation
Mixing personal and business finances? Big no-no! Jessica shared some killer tactics on keeping them separate, making tax time a breeze and giving you a crystal-clear view of how your rental is performing.
Mastering Financial Statements
Financial statements can seem scary, but they’re the heartbeat of your business. Jessica demystified income statements, balance sheets, and cash flow statements, showing you how to make smart, data-driven decisions.
Get Savvy with Financial Software
In our digital world, the right financial software can transform your Airbnb operation. Jessica took us through some top-notch software options and shared how to become a tech-savvy finance ninja.
Whether you’re an Airbnb veteran or a newbie, mastering your finances is your ticket to long-term success in the short-term rental world.
Don’t miss this chance to supercharge your Airbnb finances and become the host of your dreams. 🏅🌟 Tune into our episode now and start implementing Jessica’s game-changing financial strategies today!
Highlights and Key Points:
[02:13] Getting to know our guest Jessica Lawrence
[04:45] Jessica highlights the importance of Financial Education in schools
[06:32] The difference between a bookkeeper, a tax preparer, and a tax strategist
[11:34] Why is it important to separate personal and business finances in Property Investment
[16:44] Tips about managing revenue in real estate and the importance of Escrow accounts
[19:11] What are the three important financial statements for real estate investors
[31:30] Jessica recommends an essential financial software for real estate business
[33:52] Tips and best practices in managing multiple LLCs and properties in Quickbooks Online
[39:48] When is the best time for an investor should hire a full time Bookkeeper
[44:33] The lightning round
Golden Nuggets
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“It’s better to start now than not at all.”
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“Numbers are the numbers, whether you look at them or you don’t. So it’s just you at the end of the day, that is either going to be helped or hurt by what’s happening with those numbers.”
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“Take action; because we often get stuck in analysis paralysis, especially with our first one, where it’s like you’re trying to make it perfectly right.”
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“Trust your instinct, right? And just make a decision.”
CONNECT WITH OUR GUEST
Follow Jessica Lawrence on:
Website: https://jesslawrence.com/
Instagram: https://www.instagram.com/jesslawrence424/
LinkedIn: https://www.linkedin.com/in/jesslawrence424/
Facebook: https://www.facebook.com/jesslawrence424
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