Like any other business, the real estate business requires strict bookkeeping procedures. That’s the only way to realize an excellent return on investment.<\/p>\n\n\n\n
In addition, one thing you should know about rental income is that it’s now taxable in Kenya. And that calls for precise bookkeeping.<\/p>\n\n\n\n
If you keep the wrong records, the Kenya Revenue Authority (KRA) will be on your neck, and you can’t hide.<\/p>\n\n\n\n
Now, this guide will help you learn about bookkeeping in real estate<\/a>. In addition, you’ll know the critical records you should keep enabling you to calculate the actual profit or loss.<\/p>\n\n\n\n Bookkeeping involves recording all transactions happening in a business. You take note of all purchases, sales\/rent, payments, and other business expenses. Every record should be against the date it happened to enable more accurate calculations.<\/p>\n\n\n\n In this digital era, you can keep long-lasting records via free-to-use Google tools like photos, Docs, or Sheets. Alternatively, if you prefer physical documents, you can still maintain them. But digital records on Google are safer since you can access them wherever you are.<\/p>\n\n\n\n Rental income is among the main benefits that lead you to real estate<\/a> investment. A good flow of rental income accompanied by proper bookkeeping can help you retire early with real estate.\u00a0<\/strong><\/p>\n\n\n\nWhat is Bookkeeping in Real Estate?<\/h2>\n\n\n\n
3 Important Records to Keep in Real Estate Business in Kenya <\/h2>\n\n\n\n
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