Developing robust accounting practices is critical to effectively managing PadSplits. In addition to any general overhead costs, there are six standard types of expenses that should be tracked for every property: utilities, recurring service charges (such as landscaping and cleaning), labor (such as for maintenance technicians), materials, subcontractor charges and amortization of leasehold improvements.
Effectively tracking these expenses can often require the assistance of a bookkeeper or accounting service. PadSplit does not provide accounting software. At the end of each month, PadSplit provides a breakdown of all revenues and fees payable to Hosts. Owners should feel free to use whichever system they are most comfortable with, whether it’s general accounting software such as Quickbooks or Property Management-focused solutions such as Yardi or AppFolio.