Evaluating your Bookkeeping Requirements

Estimating bookkeeping costs can be challenging for property managers with diverse requirements.

To assist you, we have gathered real-world data on hours booked by our clients. Use these statistics to understand how our services can meet your bookkeeping needs. The examples show time investments based on the number of properties, units, transactions, and reporting requirements.

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Estimation Details

Client with 100 Units

Scenario #1

Average Monthly Hours: 12.72

  • Quarterly balance audits
  • Bank reconciliations
  • Monthly trust reconciliation reports
  • Security deposit mismatch analysis

Scenario #2

Average Monthly Hours: 15.31

  • Bank reconciliations
  • Monthly trust reconciliation reports
  • Owner draw management

Scenario #3

Average Monthly Hours: 15.90

  • Bill entry
  • Vendor payments
  • Bank reconciliations
  • Monthly trust reconciliation reports
  • Owner draw and management fee review

Scenario #4

Average Monthly Hours: 19.11

  • Bill entry
  • Work order monitoring
  • Late rent tracking
  • Sending letters to owners
  • HOA reporting

Scenario #5

Average Monthly Hours: 38.63

  • Bank reconciliations
  • Monthly trust reconciliation reports
  • Bill entry
  • Property management fee handling
  • Move-out processing
  • Management fee breakdown

Scenario #6

Average Monthly Hours: 42.23

  • Bank reconciliations
  • Monthly trust reconciliation reports
  • Bill entry

Scenario #7

Average Monthly Hours: 42.48

  • Bill entry
  • Utility bill payments
  • Management fee collection
  • Tenant move-out processing
  • Owner draw handling
  • Bank reconciliations (rents and corporate)

Scenario #8

Average Monthly Hours: 37.98

  • Account cleanup
  • Bank reconciliations
  • Monthly trust reconciliation reports
  • Vendor pay runs
  • Owner pay runs

Estimating your Bookkeeping Needs

Bookkeeping Task Applicability

Tasks
Low Volume

(12-13 Hours/Month)
Mid Volume

(33-35 Hours/Month)
High Volume

(45-50 Hours/Month)
Bank Reconciliation
Bank Reconciliation
  Vendor Payments
Vendor Payments
  Monthly Trust Reconciliation Report Preparation
Monthly Trust Reconciliation Report Preparation
  Minimal Requests
Minimal Requests –
  Move-ins/Move-outs
Move-ins/Move-outs –
  General Ledger Backup
General Ledger Backup
  Bill Entry
Bill Entry –
  Entering of Receipts and Deposits
Entering of Receipts and Deposits –
  Management Fees
Management Fees –
  Bank Reconciliation for Bank Accounts with more than 100 Transactions
Bank Reconciliation for Bank Accounts with more than 100 Transactions –
  Owner Statements
Owner Statements – –
  Owner Draws
Owner Draws – –
  Bill Payments
Bill Payments – –
  Move-in
Move-in – –
  SD Refund/Move-Out Process
SD Refund/Move-Out Process – –
  Receipts
Receipts – –
  Special Tasks
Special Tasks – –

Examples

Bill Entry

  • Average Bills per Month: 100
  • Time Required: 8 hours

Bank Reconciliations with Monthly Trust Reconciliation Report

Assuming 2 Major Bank Accounts Only:

  • Time Required: 7-10 hours per month

Additional Accounts (Less than 100 Transactions Each):

  • Time Required: 3 hours per account

Management Fees

  • Time Required: 5 hours per month

Move-Ins and Move-Outs

Average of 2 per Month:

  • Time Required: 2-3 hours per month

Owner Draws and Owner Statement Review

For 75 Owners:

  • Time Required: 12-15 hours
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Client with 500 Units

Scenario #1

Average Monthly Hours: 44.70

  • Minimal Financial Diagnostics Clean-up
  • Bank Reconciliations
  • Move-outs
  • Processing of Vendor Pay Runs
  • Entering Section 8 Payments
  • Answering Owner Queries

Scenario #2

Average Monthly Hours: 178.48

  • Daily Accounting for Receipts
  • Bill Entry
  • Management Fees Pay Run
  • Sending Owner Statements
  • Bank Reconciliations
  • HubSpot Task

Scenario #3

Average Monthly Hours: 88.13

  • Minimal Financial Diagnostics Clean-up
  • Bank Reconciliations
  • Management Fees
  • Owner Payments
  • Owner Statements

Scenario #4

Average Monthly Hours: 121.98

  • All tasks except Bill Entry and Receipts
  • TPT Filing (State Rental Taxes)

Bookkeeping Task Applicability for 500 Units

Tasks
Low Volume

(37-40 Hours/Month)
Mid Volume

(115-120 Hours/Month)
High Volume

(200 Hours/Month average)
Bank Reconciliation
Bank Reconciliation
  Vendor Payments
Vendor Payments
  Monthly Trust Reconciliation Report Preparation
Monthly Trust Reconciliation Report Preparation
  3-4 Special Requests
3-4 Special Requests
  Move-ins/Move-outs
Move-ins/Move-outs
  General Ledger Backup
General Ledger Backup
  Bill Entry
Bill Entry –
  Management Fees
Management Fees –
  Bank Reconciliation for Bank Accounts with more than 100 Transactions
Bank Reconciliation for Bank Accounts with more than 100 Transactions –
  Owner Statements
Owner Statements – –
  Owner Draws
Owner Draws – –
  Bill Payments
Bill Payments – –
  Move-in
Move-in – –
  Security Deposit Refund/Move-Out Process
Security Deposit Refund/Move-Out Process – –

Examples

Bill Entry

  • Average Bills per Month: 500
  • Time Required: 45 hours

Bank Reconciliations with Monthly Trust Reconciliation Report

Assuming 2 Major Bank Accounts Only:

  • Time Required: 7-10 hours per month

Additional Accounts (Less than 100 Transactions Each):

  • Time Required: 3 hours per account

Management Fees

  • Time Required: 20 hours per month

Move-Ins and Move-Outs

Average of 8 per Month:

  • Time Required: 10-12 hours per month

Owner Draws and Owner Statement Review

For 350 Owners:

  • Time Required: 65-70 hours
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