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๐๏ธ Episode 372 โ If you nail bookkeeping, itโs like seeing everything - like Neo in The Matrix. Coach and Kat break down how tracking every dollar can steady cash flow, impress lenders, and even reveal hidden profits. Hereโs how to get your books in shape and level up your real estate business.
โถ๏ธ Next Video: How to Avoid Income Taxes (Legally) with Real Estate Investing
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๐ Show Notes:
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๐ฌ Topics Covered:
0:00 - Having good books is a superpower
0:54 - Why is bookkeeping important?
3:54 - Benefits of having good books
7:12 - The basics of bookkeeping
12:54 - What will be required if you're audited?
15:24 - Best bookkeeping bank account practices
19:34 - Best bookkeeping software
25:28 - What should your bookkeeping schedule look like?
28:25 - What are reports and balance sheets?
34:25 - Hiring a bookkeeper
39:04 - Importance of hiring an accountant
44:29 - Set up your books early
45:47 - Connect with Kat
46:45 - Reduce your rental income tax
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