Procrastinating with the "less fun" bits

[Perp]

Good morning!

I love being a property investor. I love almost all of it - I love scouring the web for properties, researching locations, negotiating deals, marketing properties for rent/sale, going to seminars and educating myself, reading informative posts/emails, looking for the angle, networking with other investors, etc.

What I loathe is the administrative side. I hate doing tax returns with a passion. And yes, I pay an accountant to do it, but one still has to be organised enough for them to do it efficiently, and I find pulling all the information together excruciating. Same for BASs. And I'm always way behind on both, which a) makes lending a nightmare, and b) usually attracts late fees from the ATO, which are a waste of money. To scope the problem: I've got 05, 06 and 07 ITRs outstanding.

I also dislike returning phone calls - I prefer to email, but some parties (property manager, some tradies, etc) seem to only operate via phone, and I really don't like talking on the phone. So I put off checking my voicemail, and then I take ages to return calls.

I'm guessing the answer is "get off your #*% and get on with it", and that's a fair call.

But I'm hoping that some of you have some specific tips that might help me with this. For example, one that I've just thought of is that I'm really a morning person, so I should put aside a half-hour in the morning where the only thing I do in that time is paperwork. Not only am I taking advantage of my positive frame of mind at that time, but then I can enjoy the rest of the day knowing that I've done the worst bit.

Any other tips for this hopeless procrastinator?

 

[Raddles]

Hi there
can you get your partner involved in the less fun bits so things get done?

Otherwise - as you say set yourself a goal each morning to keep up with the paperwork and return the calls.
thanks

 

[wylie]

When I have something I am putting off, I try to get it done with the prospect of doing something I want to do for ME afterwards, sort of like a reward.

Works for me, and I am definitely a procrastinator.... "Why put off until tomorrow, something you can put off until the day after tomorrow "

 

[skater]

This is me big time. I hate all the admin. I have to physc myself up to even open MYOB & start entering things into it. It is frustrating for everyone as there is a lot of paperwork each month that can't be filed away until it is entered.

 

[lizzie]

the majority probably procrastinate with the paper work. i have two trays - one for stuff to be entered in the accounting system and one for filing that doesn't have to be entered (personal stuff etc).

i probably hit these trays only about once every 2 months. they take a good half day to clear out (everything entered and filed), but i've trained myself not to think of them for the other 59 days.

a half day every 2 months? works for me.

 

[BayView]

AAHH...paperwork. great fun!

I used to do it in fits and starts, but ended up like Ozperp - always behind.

Now, I do every IP statement, Bank statement, expense (most are on the IP statement these days) as soon as it arrives.

It means a few minutes each day or not even, as the statements are always arriving on different days, so some days there is nothing.

Then the statements are filed, job done.

 

[alexlee]

I use checklists. I have a list of every document I should have, and when it arrives I scan it, name it, file the hard copy and tick it off the checklist.

Ok, I'm an accountant, so they trained me to do stuff like this....
Alex

 

[Sheryn]

We don't have to do everything...

I too dislike bookeeping paperwork. Bores me...

So I employ a casual bookkeeper, current one comes to my house once a month and picks up my paperwork.

I brought a memory stick for him and he downloads what the has done onto my computer so I have a back up copy.

06-07 tax currently with accountant.

Only been doing this for 2 years but it has made an enormous difference to me. I don't have a house keeper and work fulltime.


Cheers
Sheryn

 

[ethereal]

I use checklists. I have a list of every document I should have, and when it arrives I scan it, name it, file the hard copy and tick it off the checklist.

Ok, I'm an accountant, so they trained me to do stuff like this....
Alex

Goodness! Would like to have you around the place. I like the 'make a big pile and when desk is no longer visible deal with it' approach. I have had to get to it at least weekly though because I managing a building project at the moment. Can't wait for it to be over.

Louise

 

[Sailesh Channan]

I get my partner to handle the accounting side of the business. We also have a regular book keeper to enter figures into Quick books.

Our accountant is very good and he handles all the tax issues for us.

This allows us to stay on top of our accounting requirements.

 

[Mike F]

Any other tips for this hopeless procrastinator?

I was going to think of a reply, but I will reply to your question tomorrow...

(someone had to make the usual joke)

 

[sparky23]

I know the feeling well, I have things reasonably under control in that I enter things onto the spreadsheets as the paperwork, bills, statements etc turn up instead of doing a pile all at once but still hate the week or so before tax time when I have to check that everything is under control before I see the agent, I like to give her a summary of everything and not dump a years worth of stuff with her as it makes it much cheaper if you can make some attempt at being organised.

I have a chore that I do keep putting off however which is sorting through my filing cabinet which is absolutely chocka and has been unable to take anything more for months now but I stuff more things in anyway! I know there is paperwork I don't really need to keep and some that doesn't really belong in there but it will take at least a day to go through and cull things and I have better things to do with my time! I will do it though next week..........or will I just buy another cabinet!

 

[ianvestor]

Sparky, that's interesting because I have just found buying a new filing cabinet (my first *real* office-type one), has helped me a lot in getting things done.

I often find the main cause of procrastination with paperwork is simply an organisation issue. (i.e. I don't know where those statements are; I'll deal with it later). But now that everything is organised in a whopping big filing cabinet, I find it more of a pleasure to deal with when someone says "Do you have a recent rental statement for property X?".

 

[Perp]

I was going to think of a reply, but I will reply to your question tomorrow...

(someone had to make the usual joke)

I was going to tell you about the book I bought about overcoming procrastination, which I didn't get around to reading... but sadly this is NOT a joke!!!!

Thanks to all those replies so far - I'm thinking perhaps I might invest in a bookkeeper to visit once a month...

And - I can't believe that I'm giving tips! - but one thing that has improved things a lot - for a girl who's much better with 1s and 0s than pieces of paper - is my investment in a piece of software called a "document management system". There are lots of different brands, I'm happy to recommend the one I bought if you PM me. You scan in all your paperwork, and it creates the file system structure that organises it (so your rental statements can be filed under both "property X", and under "rental statements", for example), and mine also does OCR (optical character recognition). So if you're not sure where your receipt for carpet is, if you've scanned it, you can ask it to search for "carpet" and it'll find the receipt for you! How cool is that?

I have spent about a year (not full-time!) gradually scanning all our paperwork into this software, and I've gotten about 2 very full filing cabinet drawers done. You can publish the whole lot as a read-only file on a USB drive, to give to your accountant or whoever. Or I take it with me to the mortgage broker and he just downloads the pdfs of all the documentation he wants for a loan application, and can immediately email them off.

The most beautiful thing about this for me, is that the ATO accepts scans of most papers, so there are very, very few things that you need the originals of, and more than 95% of stuff goes straight from scanner to shredder. There is nothing so good as the feeling of shredding paper! (Well, OK, maybe a couple of things )

 

[our obsession]

For paperwork:

Gotta couple of filing cabinets, each IP has a file, address, year bought/built, current financial year on it, and all relevant paperwork for each property goes straight into each file.

Too easy, as your mail comes in walk that mail straight to it's spot mate!

Bills go in a big yellow folder, ones due first, facing front..as they are paid ................into the file...

Repeat after me: "Into the file"

Our accountancy people are happy to have each file handed over as-is; they always remark how well organised we are and thank us?!

As the filing cab fills, and financial years turnover (sweetest of sweetest rebates this year).........each financial year p/work is stored in those big grey marbig boxes which stack up square in the office, and I can sit stuff on them.

Alternatively you could do as others suggest, casual bookeeper-share the love.

Which reminds me:

*I like to pay taxes; with them, I buy civilisation..*

Oliver Wendell Holmes JR

Say, why is it you don't like phone conversations, I find them great, talking to people is good, always learn something from it, always nice to catch up with them all, what's the latest happenings for them and business...and can lead to who knows where.

Seriously, I think it is (to me), important; almost networking, and another resource, and good for the soul...wonderful characters. You never know what you are going to discover.

Ha! I'm hoping it's as good for them as it is for me.

 

[bernly]

I make a point of dealing with any paperwork as soon as it arrives; schedule bills to be paid via BPAY a couple of days before final payment date and enter any IP related data straight into my property manager programme (thanks Rixter!) etc etc. The thing that's made the difference is the property manager programme. I can see straight away if there are discrepancies in expected income and expenses and can then follow up. If I'm feeling lazy I just think about the hassles caused by not being organised in the past.

Cheers

 

[LouiseHui]

This is me, right down to the phone calls as well. Although I'd prefer to phone people than do the paperwork.

My answer was to marry an accountant, which I did. This worked for a while until he decided to leave accounting and do an MBA....boo hoo. What I do now is put all the paperwork into clear loose plastic sleeves, then into a folder for each property. When I have time I enter it on the computer and then shoot it off to my new accountant at year end. Very basic, which is what I need!!

 

[Perp]

Say, why is it you don't like phone conversations, I find them great, talking to people is good, always learn something from it, always nice to catch up with them all, what's the latest happenings for them and business...and can lead to who knows where.

Seriously, I think it is (to me), important; almost networking, and another resource, and good for the soul...wonderful characters. You never know what you are going to discover.

Ha! I'm hoping it's as good for them as it is for me.

Yes, I've often wondered this, too, as ten years ago I used to love talking on the phone. My theory is that I've become accustomed to the convenience of email. I'm very possessive of my "brainspace", and when people email me, I can attend to it in my time, whereas when they phone me, I have to deal with it right now - on their terms - and I think I somewhat resent that... I think the fact that I have two adorable but somewhat demanding children who constantly intrude my brainspace and want everything "right now" certainly adds to my feeling of being constantly responsive to others, and I just want to be left alone for a bit! And because I know how I sometimes feel when others phone me, I feel kind of rude phoning other people and worry that they'll find my call an intrusion... even though I know that most of them seem to prefer phone to email. I suppose awareness is 90% of the solution, and I should just "get over it" and phone, remembering to ask if it's a good time to talk before launching into my issue!

 

[wylie]

Hi Tracey. What you wrote above about the phone is EXACTLY how I feel about the phone. With three kids to organise (not young anymore, but plenty of things still to organise) I really hate the "faceless" phone. I would much rather call someone and arrange that they come around for a coffee.

I have one "friend" who rather thoughtlessly rambles on for an hour at a time and I use this time hanging on the phone listening to her waffle on about "me, me, me" while I do things around the house. (I actually do things that I have been putting off .)

I have tried cutting her off, but I don't want to offend her and it is hard to get a word in edgewise. Sometimes I just have to put my foot down and break into her monologue to say "I have to go for school pickup".

If I have to call her, I make sure I do it when I have to leave the house in 20 minutes.

Having said that, there are times when I am glad I am on the phone and not face to face.

One ex-friend, on my gently telling her over the phone that my kids were tired of her kids telling us that their house is bigger, their view is better, their pool is deeper etc, proceeded to say "Yes, our house IS bigger, and yes, our view IS better and yes, our pool IS deeper, but I will speak to my kids and explain that they cannot just tell the truth because it upsets some people "

That is one conversation I am glad was over the phone because I was completely gobsmacked and my face was

 

[LouiseHui]

Yep, my delightful child often decides he 'must' speak to me whilst I'm on the phone, I just can't keep up with 2 conversations. Email is fantastic!