Do you have a bookkeeper for your portfolio?

[sailor]

Not sure if this is the right thread?

Sometimes its no wonder I procrastinate at doing all the paperwork involved with my portfolio ...I get so much paper in the mail: bank statements, invoices, PM's monthly statements..it just goes on and on.

So I'm thinking of getting a part-time bookkeeper to do it for me.

Advantages: more time for me, & it's tax deductible, & the filing will get done.
Disadvantages: Can't think of any right now.

I'm wondering at what point I will reach critical mass or meltdown?

How many IP's before a bookkeeper is essential?
How much does a part-time bookkeeper charge?

 

[battle on]

Great idea Sailor, I have often thought the same thing.

I try to self manage our Ip's but I work out or Australia for 8 months a year so I am very lucky my wife can take care of the problems when I am gone. Unfortunatly the paperwork is still waiting for me every time I come home and a part time bookkeeper would be ideal.
We are slowly accumulating our Ip's and will have 5 shortly and I think that would be the magic number when a bit of help is needed. Like you, with the little spare time I have I would rather be doing other things.

Can't think of any disadvantages either really.

 

[DJB]

I find its not the bookkeeping that's the problem it is the filing.

And that is the 'hardest' part to outsource.

Dave

 

[Tulip]

Sailor,

Although not IPs, we used our accountants bookeepers when we needed some work done for our business (now sold). We figured the information would be used in a format that suited our accountant, they could check with him if there were any problems and the information was already on site for the end of year hand over. It cost us much less than we thought it would.

It took them a fraction of the time it took me to do it too (BAS work).

Cheers

Tulip

 

[handyandy]

I still have my bookkeeper from when we were operating our business full time.

She now does about 2 days per month at which time she does all the RE reconciliations and related MYOB postings. She also does all the associated filing.

Apart from the RE she also does all my share trading records and sundry investments plus prepares all the BAS guff.

We pay her $20 per hour plus Super.

Cheers

PS on top of this I still do about 1 day per month and my wife does 2 days per month

 

[sash]

Wow!

Any I am curious to know how many properties this applies to and what sort of share trades you do? I now have property in the double digits and am considering options trading ( paperwork here can be horrendous). As I work full time the paperwork is now taking me about 2-3 hours per month....but at tax time it takes me about 3-4 days of effort to prepare everything for my accoutant. If used trusts or companies this workload would double.

I like you need to think about getting a bookkeeper in...particularly if I start down the options route.

I still have my bookkeeper from when we were operating our business full time.

She now does about 2 days per month at which time she does all the RE reconciliations and related MYOB postings. She also does all the associated filing.

Apart from the RE she also does all my share trading records and sundry investments plus prepares all the BAS guff.

We pay her $20 per hour plus Super.

Cheers

PS on top of this I still do about 1 day per month and my wife does 2 days per month

 

[The Y-man]

I have a qualified accountant in house - lucky I made the right choice when getting married!

Cheers,

The Y-man