The Property Voice Podcast - Series 1: Episode 8 Financial & Accounting Systems
In addition to property, two other main areas we need to get strong in as a property investor are people and finance. We spent the last few weeks looking at some of the people aspects such as tenants, agents and previously tradespeople, professional advisors and so on.
We have also looked at some aspects of finance already with property as an investment and our key performance indicators and criteria. Today, we consider the importance of good accounting and record-keeping systems. We shall attempt to do this in as illustrative and engaging way as possible, so fear not and have a listen!
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Resources mentioned
- Property Investor Toolkit – here is the book link on amazon.co.uk & amazon.com in case you would like to get yourself a copy to accompany this series
- Your Voice – Listener reviews from Robson & Ana all the way from Brazil...where else is the show heard we wonder?
- Shout Out – Scoop.it is a curated content management platform to stay up to date with news and stories on a topic, including Real Estate / Property. The Property Voice Scoop.it Page has a page there too, where we add our own insights
Today’s must do’s
- Get yourself familiar with the differences in accounting treatment of different aspects of property, such as capital expenditure (capex) and operating expenditure (opex). Always remember that cash is king however.
- Subscribe to the show in iTunes…and while you are at it please help us to spread the word by telling all your friends too! If you enjoy the show, a review would be very much appreciated 🙂
- Send in your property stories, questions or moans to podcast@thepropertyvoice.net and we will try and feature YOU on the show too! This week, Casa set a challenge for the funniest stories to be submitted, with those selected to be read out to get a free copy of Richard's book.
- If you would like to, grab yourself a copy of the book: Property Investor Toolkit (link in Resources above)
Get talking!
- Join in the discussion, either here in the comments section below or anywhere else on the Blog
- Start a conversation on Twitter with us @PropertyVoiceUK or on our Facebook page
Transcription of the show
Richard: Hello there and welcome to another edition of The Property Voice Podcast. My name is Richard Brown and as always it’s a pleasure to have you join us today.
To some extent, I have been dreading this particular episode. If I mention the word ‘accounting systems’ and ‘record-keeping’ to you, you might be tempted to switch off at this point in time…and I’ve been wrestling with the whole concept for at least a couple of days thinking how to communicate what can be a dry subject and one that may be leading itself to some alternative presentation. Let’s say visually and using numbers in written form, graphics and that type of thing to communicate and articulate in an audio format. So I think I cracked it actually. So therefore please stay with me and bear with me on this episode. I will do my best to convey what is actually a very important topic as part of property investment. Property investing, a lot of people think is all about property, obviously property is significant part of property investing but there’s really two significant part of being a successful property investor that we’ve been aiming to cover
Property investing, a lot of people think is all about property, obviously property is significant part of property investing but there’s really two additional significant parts of being a successful property investor that we’ve been aiming to cover over the series. Today covers one of those. One of them, of course, is people and the last couple of weeks, we have addressed that (tenants and letting agents, etc). We’ve obviously talked in the past about people, vendors and other professional people that support us. People
People plays a big part in the property investment journey but equally finance is another big topic and finance actually breaks down to a series of sub-topics. We’ve already talked about investing and investment and we’ve talked about criteria and key performance indicators. A big area, which we have not gone into a whole lot of detail, I must admit, is lending and financing, in that sense. Today is really about keeping a good record. Ist kinda keeping safe knowing where we stand and that type of thing. I'm going to do my best to explain in a simplified manner these sort of good record-keeping and accounting systems and things to be careful of. So that’s what you can
Today is really about keeping a good record. It's kind of keeping safe knowing where we stand and that type of thing. I'm going to do my best to explain in a simplified manner these sort of good record-keeping and accounting systems and things to be careful of. So that’s what you can look forward to and I promise you that I will try to make this less than dull (if I can put it that way) . In the meantime, I'm going to head over to Casa to give us an outline of the course of this episode.
Casa: Hi Richard! I am doing great this week. Thanks! So a little later I will be back with Your Voice and let's just say that we have some sort of international audience, we will find out more in a while. We have another great resource to aid your learning and education, not just in property with today’s shout-out. But before all that, we have our main topic with Property Chatter and Richard. I do believe you are making this topic of financial and systems and accounting a fun one today. We shall see. Back to you now, Richard.
Property Chatter
Richard: Thank you very much, Casa. It is going to be fun. As I have mentioned we are looking at finance and property and specifically we’re looking at record-keeping and property financials. It isn’t the lending side of it, it isn’t on the investment side, it isn’t KPIs, although they form part of this area. It is all about gaining an understanding, a difference of recording different things.
I’ve got what I called the 1-2-3 System to share with you as sort of some image that you can take away in your own mind. Hopefully, this will help. I really have to give some credit here, this is a form of a shout-out to a teacher that I had at college. At school, I was a pretty average student. (maybe I should not say that) But I was perhaps above average with English, although I was average at what was GCSC. So that dates me as well. Needless to say, I went to college and I studied business and accounting and I was introduced to a teacher called Sue Wooldridge. Sue, I credit to explaining accounting in a most simplified way & that I could grasp and has stood with me for many, many years. I subsequently went on as an accountant to practice with a large group called KPMG. So, it obviously had a lasting effect on me. I went to university and indeed started training as an accountant.
I didn’t stick with the profession though because I think there was too much in terms of number crunching. Auditing is not an exciting profession in my opinion. Sorry to all auditors and accountants out there, this is just my personal view. I'm very much more of a people-person actually . So I migrated but not too far but into financial services. In financial services, I was able to work with businesses, looking numbers and also dealing with people. So that’s a little bit of digression there. But I just would like to share the context here and give a little credit to Sue Wooldridge as I mentioned.
This 1-2-3 system, I was trying to wrack my brain as to an easy way to kind of explain an accounting system without losing the audience and obviously find some ways to articulate it an audio format. This 1-2-3 system which literally hit me when I showered
This morning. I said, “That’s it! That's what I needed to do.” So the 1-2-3 system is just for one thing that you have going on for your property business. Imagine that you have two pebbles and then three buckets.So that's the 1-2-3 system: One thing, 2 pebbles, 3 buckets. So just have this image in front of you and if anything happens you have to decide which two out of those three buckets the pebbles are going to get into. I would probably illustrate that now so you can follow where I'm going.
I should probably illustrate that now so you can follow where I'm going. Let's take an obvious thing like ‘rent’. So with property investing, unless you are trading property, you’re usually going to get involved with rent collection in some way. So, the one thing is rent. Just to make that clear. Now we have two pebbles, don't we? So the two pebbles in this scenario, they represent two sides of the same coin, two things that in the accounting terms are usually called double-entry book-keeping, but two pebbles makes it nice and easy to understand. And then the three buckets as I’ve mentioned are where we allocate those pebbles. And the three buckets in simple terms are:
Bucket #1: Profit and Loss Account, sometimes knows as the income and expenditure statement. That’s the incomings and outgoings to run the property business.
Bucket #2: Balance sheet which keeps records of assets and liabilities, fundamentally.
Bucket #3: Cash Flow statement which records every incoming cash and every outgoing cash. Cash Flow does not always literally mean cash in hand. Anything that you need to pay for and receive money for is cash flow. In fact, just last week we talked about that and I would make a clear distinction of the property business. It is a business and its separate to ourselves, so that actually means recording everything that relates to our business, even if everything is under our personal name.
The best way to make sure that we have everything in order is to have a separate bank account for all business expenses. So everything to do with the property in other words. I personally have two bank accounts, but I have a separate bank account for everything to do with my day-to-day living but also with my business bank account, which I operate for my property business. My rental income and everything that has something to do with my property business, I keep separate from my personal account. If you take a note from this particular episode, then take this one. Just have a separate bank account. Trust me if you have to unpick what is personal from what is business ...it's very very tricky and that’s the first piece of a very significant advice.
Just to get back from my 1-2-3, the 1 thing, the 2 pebbles with two sides of the same transactions and the 3 buckets are the profit and loss account, the balance sheet and the cash flow statement. That's a little bit of the theory, so let's put them into practice and let's take that rent as an example.
The two pebbles for the one thing of rent would be income so rent constitutes an income to us. So one pebble needs to be thrown into the income and expenditure bucket as income. That's one pebble gone. Then we have another pebble, in the normal circumstances will be thrown into the Cash Flow bucket because we would have received money from the tenants to pay for the rent. So you can see then how rent is broken down into two things. It is both an income and a Cash Flow receipt. That's just a simple way to explaining that.
A Lot of you may be thinking, “Well we don't always get paid by the rent.” And that’s true. so let's just think about that scenario. We have a tenant in the property, there is a rent obviously, but the rent is not physically paid. Now there are still two pebbles here. One pebble is still called rent and so we throw it into the profits and loss bucket but instead of throwing the second pebble into the Cash Flow bucket because the tenants paid (obviously, in this case, they have not paid) so it's actually an asset. We are owed that money from the tenants and they owe us that money. And they have not paid yet so we can't throw it into the cash flow bucket because we don’t have the cash. What we end up doing is throwing it into the balance sheet instead. It has become an asset. Its money that is owed to us. We will get that money eventually when the tenant maybe pays us. Often it's the case when they’d have arrears if they fall behind, but eventually they pay us, so in that situation what we end up doing is taking that pebble that we threw in the balance sheet bucket and put it into the Cash Flow bucket instead. So when we get paid the rent, we just transferred it from one bucket to the next. I hope i didn't over-complicate it by using that description.
So, that's a situation when rent was paid. A situation when rent is delayed and that's what we call arrears. There is a third situation with regard to rent and that is when rent is not paid at all. When a tenant absconds or when we end up having to evict them or we just don't get paid the rent. There are lots of scenarios where that can happen. So here we still have two pebbles but in this case we still throw 1 pebble into the profits and loss bucket because we’re assuming we should have received that money, that rent. But the other pebble, it's an asset now, which we hope we will get paid in the future which is what happens when the rent arrears, for example. In this case, we are pretty certain and we can make a judgment after a period of time, that we are not going to get that money. That's what we call a bad-debt written-off. So we actually take it away and we throw that also into the profit and loss bucket but with the rent going in the income side and bad debt written off on the expenditures side. So it's a way of deducting our rent. slightly more complicated, a bit unusual perhaps but we’re still using two pebbles and instead of them going to two separate buckets, they’re actually going to the same bucket in that illustration (note: I have simplified the actual accounting treatment for ease of illustration, so please don't write in!).
So that’s my 1-2-3 system; taking one thing, two pebbles and three buckets. Let's just look at it in a slightly different way. Let's look at it as buy-to-let mortgage. The one thing is the mortgage, the two pebbles on the other hand (when we take out the mortgage, we actually get cash because the lender gives us money). So one pebble gets thrown into the cash flow bucket because we get money into the business. the second pebble, however, gets thrown into the balance sheet bucket because in addition to getting that cash, of course, we owe the bank money and that's what we call a liability. So the liability sits on a balance sheet. So that's where the one thing- the mortgage, falls into two pebbles , the cash we’re getting and the liability we get and obviously we’ve allocated across two of those three buckets. The cash flow and the balance sheet. So thats my 1-2-3 system illustrated with a couple of different things. All you do actually for the property business is for any one thing that you have ; it could be a bill or a maintenance cost , it could be professional fees, anything at all. Just think of the one thing breaking into two pebbles and three buckets.
Hopefully I have given you enough information there to use that and simplify how things work. It can be confusing and as you can see it can make a difference as we go into descriptions for different people under different circumstances as well.
So to take this logic a little bit further, we will get into a little bit more depth. With a business, if you are running a formal business, anybody would be familiar with the financial and accounting statements. I'm going to use some headlines to help illustrate property as a business, in fact. So with the financial statements, we actually get three main statements. We have the balance sheet. The balance sheet shows assets and liabilities. We have a profit and loss account, which sets out the revenue or income and the expenses of the business. Sometimes the profit and loss account is called income and expenses statement. But its the same principle. We also have the Cash Flow statement. This shows all money coming in and all money going out. The Cash Flow could relate to the things in the balance sheet or the profit and loss account. As I have kind of mentioned, that’s like a bank account. That’s the illustration there. But equally if you’ve ever looked at the set of accounts, if you own shares or if you look at the accounts issued at the AGM or you run your own business, you will notice there are notes to the account. The most important things that I’m going to talk about in the notes in the account are contingencies. These are things that don’t yet get reported in the financial statements but they could happen. So in property terms, a very good example of that say, if you have an early redemption charge in the mortgage. So you take out a fixed-rate mortgage. I shall use an illustration of a five-year fixed-rate mortgage. The lender would say if you pay that mortgage within that five-year period, you have to pay them not only the money normally to settle the balance but also the early redemption charge.
It is called a contingency because if you don’t actually redeem that that mortgage early then you never pay that charge. So if you wait for 5 years and a day and then settle that mortgage, there will be no early redemption charge. However, if you redeem that mortgage within four years and 11 months which might be an unfortunate timing but just to illustrate my point, then an ERC or penalty will apply. But on day one when you take out the loan, its what you call a contingency, it might happen. So if we were looking at a real business accounts. We might see ERCs in the contingency notes. But the other thing that s kind of implicit here, is not necessarily what’s in the account, it’s how we record what is in the account. It's the financial system. We need to be able to record what is in the account to know what’s going on and work out what to do to with those buckets.
As I moved on with this, I realized that I’m actually most proud of this chapter in my book, The Property Investor Toolkit because I was able to outline and illustrate and show figures to explain that sort of thing. So, I'm going to direct you to the book because it does set that out. So I'm just going to set out headlines in the podcast to explain, but for a fuller explanation, I would actually divert you to the book. starting with the balance sheet as I have mentioned, set ou the assets and liabilities of the business.
Starting with the balance sheet as I have mentioned, sets out the assets and liabilities of the business. An asset is something we own that is of value. That's my definition. The biggest thing that is likely to be in the property business is the property itself. There could be other things like furniture, fridges and cookers and that sort of thing, but the most significant thing of value is the property, that’s the asset. Similarly, the definition of liability is something that we owe of value. The biggest liability that we are going to owe as a property investor is mortgage. Using a buy-to-let mortgage is probably our most significant liability. There could other liabilities, for example the easiest one to explain is the electric bill. If we’re up pick the charge for the electricity charge as a property investor, after a point in time we receive a bill. It is a liability. We may pay it later on but the point that we get a bill, if we have not already paid it, that is a liability. But it's the mortgage that’s going to be our most significant liability.
The balance sheet in very simple terms adds our assets and liabilities and therefore can tell us our net asset positions. The net asset position can be positive or negative depending on whether the assets are higher than our liabilities. Also, we are looking for the positive where assets exceed liabilities. It can get a little bit complex because in the balance sheet, we also show profits and bank balance but I don't want to get into too much complexity in a podcast episode and that’s why I directed you to other resources perhaps to get more information. But another point that’s worth really highlighting in the balance sheet sort of thing is the idea of Capital Expenditure or CapEx and operating expenditure also known as OpEx. These two things are different. It's more relevant for us as far as the taxman is concerned. The taxman is going to allow us to make deductions in terms of property. In terms of rental income we are allowed to offset what is called OpEx against rental income to reduce our tax liability. But we are not allowed to offset CapEx against the same rental income. But We are allowed to make offsets eventually against tax but it’s only in any capital gain we would make in the property. But a capital gain would only come if we sold the property under normal circumstances.
Talking about standard BTL here rather than property trading to distinguish because it kind of gets complicated when you talk about trading but lets leave that for the detailed analyses for the explanation.
So CapEx and OpEx, some of the illustrations that an HMRC, the tax man would use to differentiate, he would say things like “buying and selling fees related to the property itself so things like legal fees would traditionally class as CapEx. And therefore we cannot offset those against rental profits. Similarly, structural works and white goods and some higher upgrade types of replacements in a property like high spec kitchen replacement probably. It can get a bit grey but they are some of the illustrations. How is that relevant? Its relevant because as a property investor, the more money we can defer from a tax point of view, the better. The more money we retain short-term, the more money we can invest in additional properties. CapEx is not tax efficient because it means that we have to sell that property before we can offset money against tax. Therefore, OpEx is the most efficient expense that we could have because it reduces the tax burden on our rental profits and you can have in fact have a situation where you buy a property and you don’t even pay tax for maybe a year or two because you have had to do some Opex expenditure on the property. Illustrations of EpEx would be normal repairs and maintenance, replacements and equally the cost of financing is OpEx. All these costs can get deducted from rental profits. If you have not let that property out for a period of in time, you have not made a rental income, it’s quite common in fact that you acquire a property that you don’t have a rental profit for at least the first tax year, possibly longer. So understanding CapEx and OpEx is a very important thing.
There is more I can say on this topic I just have to refer you to the book to be honest because it’s not going to do it using an audio format.
Moving on to the next statement, it's called the Profit and Loss Account, sometimes the income & expenditure statement. In the Profit and Loss, we record all the revenue or income relating the property business and all related expenditures or OpEx . It collects everything together. Now the revenue, is pretty straight forward with the BTL it would rental income primarily. There could be other things, but let's keep it simple, it would be rental income. But if it's a trading business, buying and selling properties and not renting it out, the income would actually be the proceeds of sale of the business. That’s actually the main difference I could think of. So that is the distinction that we could make of a trader versus a long-term investor. But probably the most complex side of this discussion comes when we are looking at allowable expenditures, as I alluded to between CapEx and OpEx in the balance sheet sections. Let me just give you examples on what our OpEx is and what we can offset against our rental income and therefore shown in the profits and loss account. Mortgage interest is an example, not the full mortgage payment if you have what we call the capital replacement mortgage because that falls into two sections; interest and capital repayment. It’s only the interest element which is allowed to be offset against the rental profit and the expenditure we pay out. Other things typically would be letting agent fees, repairs and maintenance,etc. But there is also some more indirect expenses. Some things are actually allowable as an offset against profits and it’s worth looking into or having a chat with an accountant on this because things like travel and mileage to visit properties to do inspections, professional fees like that of an accountant, and some training costs. It gets a little bit complicated what is and isn’t allowable training so the bottom line is if its to develop an existing skill then, its allowable but if it’s a new skill, then it’s not. So its a little bit complicated as to what is allowable and what’s not. And then you got some standard stuff like printing, stamps and stationery which are also allowable. So don't forget to record those kinds of cost.
And very simply, similarly with the balance sheet, we got a situation where we add up both columns of income and expenditure and we end up with net position, whether a net profit or a net loss. So very simply if income or revenue is higher than expenditure, then we will end up with a net profit.
So the third statement is the cash flow statement. So you might have heard this saying “Revenue is vanity, profit is sanity but cash flow is reality” And you might have heard a similar statement that goes “Cash Flow is King”. And I think I said if there was one thing if you have to take away something very important from this episode but probably this is the most important thing- Cash flow is King. A little example I use in the book and I will use again now. Lack of oxygen to the human brain is what ultimately kills a human being, unfortunately. But what kills a business is the lack of cash ultimately. We can usually survive a difficult trading period if we have enough cash. Just to emphasize the value of cash, in terms of the cash flow statement, it records the business bank account, everything that goes in out of the business cash inflows and outflows. Of course, some of those inflows and outflows can be in the profit and loss bucket and some of them would be in the balance sheet bucket. But they will all be eventually landing in the cashflow bucket. This is important, so many people forget that the timing of cash flow is so relevant. The most significant, sensitive part of cashflow probably is when we purchase a property. All of the cost are probably front-ended.Purchase costs, refurbishment, everything... You have cost associated with the property but you are probably not going to rent it out for a period of time. So the cash burden is most significant at the beginning of owning a property. There are also times in that cycle that can be repeated. Say when we do a refurbishment after a couple of years, we are going to be cash flow restrained. So having a bit of cash flow, understanding the timing and principle of cash flow is important to recognize that. So keep a separate bank account and understand the timing of things…
The next section is contingencies. In the introduction, I did talk about things like early repayment charges. It may happen but it's not for sure that it will happen. It is what’s called a contingency, the what-ifs. What if something were to happen? What if I settle my mortgage earlier, will there be extra costs? And certainly there are other things to perhaps consider in the what-ifs section. For example maintenance. Unfortunately, so many people enter into an investment deal and don't consider voids and maintenance. They will have to be considered. You are lucky if you survive a certain period of time without any voids and maintenance charges. A lot of people ignore that. But that has to be considered. Equally, if the tenant doesn’t pay? We need to have provision for that. What if interests rates rise or fall? That will affect mortgage payments. So there is a number of contingencies that we have to be ready for.
Another contingency actually is kind of insurance based. For example, fire is a contingency as it could happen to the property. So it makes sense to take adequate risk protection like insurance. So thats the whole notion of contingency. But it could be such a wide topic and I don't really want to have that in a podcast episode.
The final section that I want to cover is that of accounting systems. If I refer back to my interviews a couple of episodes ago with Damien Fogg. I asked him what are your suggested systems. He said ‘outlook and excel’. And to be honest from an accounting point of view, excel is perfectly adequate. So think about those three buckets that I mentioned- profit and loss, balance sheet and the cash flow statement and think of three spreadsheet tabs with those three things. What you actually need to do is have income and expenditure recorded in your profit and loss tab. Assets and liabilities columns recorded in your balance sheet tab. Similarly with cash flow, everything, in and out in the cash flow tab.
So that is probably all you need for a fairly new investor. As Damien suggested, excel is perfectly adequate for a couple of hundred properties but there are more sophisticated systems that can be used. If you use your own accountant, they may give you their own spreadsheet.
But very simply, all you need to do is think of my pebbles or my buckets, and then construct a spreadsheet or simply keep a paper journal (although I don't recommend that for practical purposes because its hard to keep tabs with it). They are the essentials in that respect
So I really have run through that quite quickly, I'm not quite sure if its come over very well in a podcast episode. I’ve got a lot more illustrations in terms of numbers that is in the book. So I am going to refer you to that for further insights. I kind of want to highlight this point that finance is very important in being a property investor. But finance is such a big topic. As I mentioned, it covers investing and principles of investment, is a financial consideration. It also covers things like raising money and mortgages, so I probably would have a whole new series on financing coming up, so I will address that later in a more in-depth series. Similarly, record keeping is essential as well. We talked about this earlier in this episode about KPIs & criteria which is another form of number crunching or finance. But today of course, is all about accounting systems and the e1-2-3 system, the one thing, 2 pebbles and 3 buckets. So have that image in your mind whenever you think of property investing and you probably won't go too far wrong.
PROPERTY VOICE
Casa: I am not so sure about fun Richard but you did sure bring some imagination earlier with your buckets and pebbles illustration. That made simpler for an audio format, well done for that.
But it may be best to leave the fun stuff to me. Now, talking about fun. You don't get much fun than a carnival in Rio, do you? Well, we learned that whilst the podcast is available worldwide via iTunes but if you are subscribed outside the UK and leave a review, then we don't always get to see it. We learned of this when a listener in Brazil contacted us and then we saw a couple of reviews left for the show over there. Listening to a property investing show aimed primarily at the UK deserves a mention don't you think?
Here’s a couple of a review from a fun, yet ever so smart property investing in Brazil
Robson Bass, who gives our show a five star rating and said “Very good! very easy understanding of property investing issues. I recommend.
Thank you Hobson! As I understand you say in Brazil. Thank you for that review from afar. Then, we also spotted another Brazilian 5-star review, This time from Anna. she described the show to be very simple and direct. Very good podcast.Simple and very understandable with very useful tips. Thank you so very much Hobson and Anna for listening and leaving such nice reviews.I wonder where else we have listeners that we do not know about. In addition to listening to reviews from far and wide, we would love to hear your stories so here is our challenge for you.
Send us your funniest, true-to-life property stories and we will select one or two to feature in our future show. The contributor/s will get a paperback version of Richard’s book, The Property Investor Toolkit.
Email us at podcast@thepropertyinvestor.net for your chance to win and make us laugh,too.
That is all for me. Now back to you Richard for the shoutout!
Richard: In addition to the shout out to my college teacher or lecturer, Sue Wooldridge (I'm not even sure if she gets the credit she deserves but I still probably should do that) The main shout out today is a resource called Scoop.it . Scoop.it is a platform where it consolidates insights and curated, content section for wide topics. It covers a wide range of different topics; from activism to well-being and obviously one of the topics is real estate. It's an international community and is not exclusively a UK resource so it doesn't say, Property and instead Real Estate. The Property Voice has a section in scoop.it so find us there. We use this platform to stay updated with news and information that circulates in the area of property. So you can do keyword searches so you are actually being fed with stories which are relevant in your areas of interest. Obviously I am interested in property. But if I was interested in well being for example, I can create a page andI will be fed with information. It's a nice little funnel to see what's going on with the world. Of course, that information can be shared on various social media. In that particular case, we have a following. By all means come and follow us at the site. But we also have stories recorded in the website. It;s a great resource. So scoop.it is a the shout out for this week.
Another interesting week on the TPV podcast, I hope you like my 1-2-3 system, with my one thing, 2 pebbles and 3 buckets and I hope that came over quite well in an audio format. There are some other places to look for that kind of information. But as I’ve said I hope it gave you insights in accounting and financial records with your property business. That is it for another week, by all means do head over to the website where the show notes and resources will be listed. Get involved and maybe you’ve got great resource for accounting and record keeping. A lot of people are asking about spreadsheets and I will be interested to find out great resources. If I could ask for one thing week, it would be perhaps go to the show notes and just provide some links to great resources and it will be fantastic if you do that. But in the meantime, I just want to say Thank You so much for listening to another episode of the TPV podcast.
Until next time, Ciao,Caio!
Casa:Ciao,Caio...