Are you still using spreadsheets to keep track of your rental properties? It may seem like the simplest solution, but you could be missing an opportunity to optimise your portfolio and make significant financial savings.
Why spreadsheets are wasting your time and money
Spreadsheets contain errors
According to research, more than 85% of spreadsheets contain errors! That misplaced decimal point can have significant consequences for your portfolio.
Spreadsheets don’t grow with you
As your property business grows, a spreadsheet doesn’t scale with you, instead it gets larger and more unwieldy, meaning it takes up a lot more of your time to manage.
Spreadsheets can only do one thing
Spreadsheets are designed to do one thing. You still need a separate tool to store documents and receipts.
Prepare for Making Tax Digital
The HMRC’s MTD scheme means that by 2023 landlords with an income of above £10,000 will need to submit their tax returns digitally using an approved software.
By combining accounting tools with property management tools in a landlord specific solution you can dramatically increase the efficiency of multiple areas of your rental business!
How Landlord Studio’s App can save you time and money
Landlord Studio is designed to make managing your properties and income and expenses as easy as possible. Here’s how we can help you ditch the spreadsheets, and save you time and money.
Automate all of your data entry
We remove as much manual data entry as possible, and allow you to easily set up your properties so that you can track each unit separately and assign expenses accurately. We even use Open Banking so that you can view and reconcile income and expenses directly from your bank feed.
Manage your properties from your smartphone
Our smart scan receipts tool and easy document upload mean you can easily keep on top of your expenses on the go, without needing to set aside hours to get on top of your admin.
You can even send out templated emails with just a few taps.
Easy reporting for your accountants
We give your accountant their own login and reporting, meaning that you don’t need to lift a finger when it comes to filing your return. And with all your information, documents and receipts already stored in the app, you don’t need to spend hours searching through emails to find the right information.
Get notified about key dates
Are you keeping track of when you need to remortgage? Maybe your insurance is up for renewal soon? Landlord Studio sends out notifications reminding you of key dates, meaning you don’t end up overpaying for third party services.
Landlord Studio and MTD
Landlord Studio allows you to accurately track your income and expenses on the go in a software that will be approved before the 2023 MTD deadline. And it comes with handy time saving features like the receipt tracker.
Learn more about MTD
If you’re looking to learn more about MTD (Making Tax Digital), check out Landlord Studio’s full range of free resources.