What Kind of Accounting is Included? ~ The Business Blog
When you join our vacation rental management program, you’ll benefit from the services of Southern’s experienced in-house Accounting team. With years of service in vacation rental accounting, it’s no surprise that this tenured team is some of the best on the Gulf Coast. But, just what kind of Accounting is included in our services? It’s important to understand just what kind of services our team provides.
As an owner, your monthly statement is provided by the 10th of each month. You can find this posted to your owner portal. It includes an overview of your reservations and rental amounts, a breakdown of our commission, and a list of all the expenses paid on your behalf. Your owner portal is an incredibly valuable tool, since you can find everything from annual statements to work orders and reservations posted in the owner portal!
When it comes to Accounts Payable, our Accounting team also processes your bills and pays them on time. We handle licenses and permits, sales tax, tourism development taxes, and applicable vendor payments. When we pay vendors for work performed on the property, we oversee it from start to finish. This inclues everything from lining up the work and ensuring work is performed to standards.
We also help you prepare for tax season. Each January, you will receive your 1099 or 1042-S if you are an owner outside of the United States. You can find your year-end statement with an overview of your income and deductible expenses in your owner portal as well. However, it is important to note that although we help prepare for tax season and have a knowledgable staff, we do not provide property tax filings, income tax filings, or tax advice. You will need to see an outside accountant for help in those areas!