Managing rental properties means handling significant financial responsibilities. For Salt Lake City property owners, this is especially important as over half of households (56.5%) rent their homes according to an analysis by the University of Utah, with adults under 35 making up the majority (52.7%) of renters in the city.

With the rental market expanding nationwide, property accounting has become increasingly complex. At Advanced Solutions Property Management, we understand that solid financial management is crucial to your investment success. Here’s how partnering with a property management company can transform your accounting processes

1. Streamlined Financial Reporting and Bookkeeping

Property management companies take the burden of day-to-day financial tracking off your shoulders:

We use specialized property management software to track all rental income, expenses, and financial transactions for each property
You’ll receive detailed monthly statements showing your property’s performance and cash flow
Our Client Dashboard gives you 24/7 access to financial statements, monthly summaries, and year-end tax documents
All rent payments are processed smoothly and deposited directly into your bank account
We track expenses down to specific line items (GL codes), giving you granular visibility into your property costs
All your financial data is securely stored and accessible for years to come – even if you sell a property, you’ll still have access to historical financial records

Our scheduled notices, reminders, and follow-up processes help facilitate smooth rent payment processing right into your bank account, eliminating payment delays and improving your cash flow.

2. Tax Preparation and Compliance

Tax season becomes much simpler when your property management team handles the groundwork:

We track all deductible expenses throughout the year, including maintenance, repairs, and management fees
All financial transactions are properly categorized and documented, making tax preparation straightforward
You’ll receive comprehensive year-end financial summaries with 1099 documentation for your tax filing
Our organized record-keeping helps maximize allowable deductions while minimizing audit risk
Remember that property management services themselves qualify as a tax-deductible operating expense for your rental business

You can count on us to maintain all the necessary documentation for inspections, security deposits, Equal Housing Opportunity laws, Fair Housing laws, ADA compliance, and service animal accommodations – all of which have tax and financial implications.

3. Bank Reconciliations and Cash Flow Management

Maintaining healthy cash flow is essential for rental property success:

We handle all monthly bank reconciliations, comparing statements with accounting records to catch any discrepancies
Monthly owner ACH payments are processed efficiently, so you receive your rental income reliably
Our team manages rent collection, security deposits, and disbursements with professional precision
We charge no hidden fees or maintenance markups, so you always know exactly where your money is going
Our detailed financial reports identify cost patterns over time, helping you make informed investment decisions
For example, our expense tracking might reveal recurring maintenance costs that signal it’s time to replace equipment rather than continuing to repair it

Our fee structure is straightforward – we make money when you make money. We charge a competitive rate (8% monthly management) to ensure profitability while providing high-quality service.

“As property owners ourselves, we understand the accounting headaches that come with managing rental investments,” said Bob Mack, Principal Broker and Owner of Advanced Solutions Property Management. “That’s why we’ve developed comprehensive financial reporting systems that give our clients complete visibility into their property performance. Our clients don’t just get basic statements – they receive detailed financial insights that help them make data-driven decisions about their investments. We’ve found that proper accounting isn’t just about tracking dollars and cents; it’s about giving property owners the financial clarity they need to grow their portfolios with confidence.”

The Value of Professional Financial Reporting

DIY landlords often wear many hats – maintenance technician, leasing agent, and accountant. When you partner with Advanced Solutions Property Management, you get a professional accounting team dedicated to your financial success.

Our reporting capabilities include:

Vacancy reports to track occupancy rates
Maintenance expense breakdowns by category
Cash flow summaries for individual properties or your entire portfolio
Customized financial reports based on your specific needs
Inspection reports and detailed work order documentation

As property owners ourselves, we see things from an owner’s point of view and understand the importance of accurate financial management. Our data-driven approach means we don’t operate on hunches – we make financial decisions based on solid information.

When you work with Advanced Solutions Property Management, you’re not just getting a property manager; you’re gaining a partner who treats your investment with the same care they would their own properties.

Ready to take the stress out of property accounting? Fill out the form below for a free rental market analysis: