“Don’t treat your business accounting like your personal budget!”
When it comes to discussing all of the various roles and responsibilities of a real estate entrepreneur, one responsibility that often doesn’t get highlighted is the importance of bookkeeping and accounting. You may be interested to find that many successful real estate entrepreneurs do not have an accounting degree or studied accounting at a higher education level however understanding accounting principles and proper bookkeeping our essential to successfully operating your real estate business.
Our guest on today’s episode is Ben Day, Founder of Rex Capital Group and Owner of Lionshare Bookkeeping. Ben and his team specialize in helping real estate entrepreneurs properly manage their business accounting and finances. Understanding the implications of poor bookkeeping and accounting practices has allowed Ben to help many entrepreneurs right their ship and avoid costly mistakes. Accounting is not sexy, but is fundamental as a business owner and entrepreneur.
Since 2017, Lionshare Bookkeeping has provided outsourced bookkeeping exclusively to real estate investors. In 2020, Ben launched The Landlord CFO System to help real estate investors and entrepreneurs figure out their own finance department before committing to a bookkeeper. Ben is a certified instructor for Bookkeepers.com, Inc, a Fortune 500 company that helps aspiring entrepreneurs launch and grow their bookkeeping businesses. Ben also invests in various passive & semi-passive ventures through his company, Rex Capital Group.
In this episode, we cover:
The difference between a bookkeeper and accountant
The common mistakes real estate entrepreneurs make as it relates to bookkeeping and accounting.
When is the best time to hire a bookkeeper
How to keep asset managers, bookkeepers, and accountants aligned
How Lionshare integrates its bookkeeping services across your desired management platforms
Tune in today to hear Ben address each of these important topics and so much more in this information-packed episode!
The Final Four:
1. What do you do for your continued education to further your investing?
Ben: “I have a mastermind group that I meet with each month, I do weekly coaching for bookkeeping businesses, and I spend time with my mentor. On the real estate side, I have 43 clients, so I have 43 people doing different strategies across the country that I can look to for advice and insight. When you ask, people show up for you. Also, so many books.”
2. What have been the lasting lessons you've learned along your journey?
Ben: “There’s very much a culture in entrepreneurship right now that’s all about working as hard as you can every day, short-term sacrifice for long-term gain. That works, but if you grow 1% each day or work on growth for just 15 minutes a day, 100 days from now you’ll be miles ahead of where you originally were. Go read Atomic Habits.”
3. What advice would you give to the listeners to help them grow their businesses?
Ben: “Don’t be afraid of networking and making new friends, everyone expects you to be weird because it’s real estate and we’re all weird. Go full nerd with it. Also, don’t forget to build your business along with your growth. It’s so easy to get excited about something but if you forget about accounting, marketing, building relationships, or hiring high-level talent, it’s going to hurt.”
4. How can they listeners learn more about and connect with you?
Ben: “Stalk me on LinkedIn, Facebook, Instagram and YouTube.”
Resources mentioned:
Lionshare Bookkeeping
Landlord CFO System
Rex Capital Group
Bookkeepers.com
QuickBooks
Xero
Cozy
Stessa
TenantCloud
Traction by Gino Wickman