Diligently recording and categorizing all expenses related to short-term rental operations on a weekly basis, including cleaning fees, maintenance costs, and platform fees, to monitor profitability and identify areas for cost optimization.
Implementing a budgeting method where all expenses are justified and allocated from a zero base each period, ensuring efficient financial management and cost control for short-term rentals.
The management of all financial aspects of a vacation rental property, including income, expenses, taxes, and insurance.
Tracking income and expenses, setting financial goals, and optimizing pricing strategies to ensure the profitability and long-term success of the short-term rental business.
A detailed itemization of individual utility expenses (e.g., electricity, water, gas) for a specific period, such as a month or a guest’s stay.
This Swedish term refers to ‘service year deduction,’ a tax deduction related to the number of years worked. While specific tax rules vary, it highlights the importance of understanding potential deductions for short-term rental income.
A feature provided by Square that allows hosts to create and send professional invoices to guests for bookings, additional services, or security deposit deductions.
Tools like Microsoft Excel or Google Sheets used for managing bookings, tracking expenses, and analyzing financial performance of the rental business.
Meticulously recording all income and expenses related to the short-term rental property for accurate financial reporting, tax purposes, and profitability analysis.
Connecting a short-term rental management software or platform with QuickBooks accounting software to automate financial transactions, track expenses, and simplify bookkeeping.
Implementing sound financial practices for tracking income, expenses, taxes, and generating reports to ensure profitable and sustainable short-term rental operations.
Connecting your property management software or platform to QuickBooks Online or Desktop for automated financial tracking, including income, expenses, and tax reporting.
BNBVIBE is the top choice for your Idaho short term rental property management solution
email us: hi@bnbvibe.com
Call us: 208-366-5905
