Proper internal controls and regular processes are essential components for maintaining accurate financial records and implementing an effective tax strategy. Having internal controls in a real estate business establishes checks and balances, preventing errors, fraud, and mismanagement of funds. By following structured processes and procedures, real estate investors can manage their finances effectively, leading to reliable financial records.

In this episode of the Know Your Numbers podcast, host Chris McCormack delves into key number two from the e-book “The Six Keys to Increasing Your Real Estate Revenue” which is the importance of internal controls and processes in real estate revenue. Chris emphasizes the significance of having processes, procedures, checks, and balances, particularly focusing on internal controls. Drawing from his experience in the audit field, Chris highlights the relevance of internal controls for both big and small businesses, stressing their necessity for maintaining financial health and security.

Remember, forming positive financial habits and setting up internal controls are not just about avoiding problems; they're about creating a foundation for sustained business growth and personal peace of mind. Please share and leave a five-star rating and review to support the Know Your Numbers REI podcast. Let's empower ourselves with knowledge and financial freedom!

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E-Book: https://mailchi.mp/betterbooksaccounting/6-keys

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#InternalControls #ChecksAndBalances #AccountingProcedures #Processes #RealEstateRevenue #HabitFormation #FinancialHabits #AccountReconciliation #FinancialRecords #Taxes #Income #TimeManagement #Delegation #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

Clean accounting and bookkeeping are essential for the success of real estate investors, as they help eliminate chaos, errors, and unnecessary costs. Maintaining accurate financial records is the cornerstone of a successful real estate portfolio. Just as a secure foundation is crucial in building a house to prevent future issues, having organized accounting records is key to avoiding costly mistakes down the line.

In this episode of the Know Your Numbers podcast, host Chris McCormack delves into the first key to increasing real estate revenue: clean accounting and bookkeeping. By emphasizing the importance of accurate financial records, Chris aims to help real estate investors achieve peace of mind and confidence in their portfolios.

Don't miss out on this valuable information! Tune in to learn how clean accounting can eliminate chaos and errors in your real estate business. Remember to leave a five-star rating and review to support the Know Your Numbers REI podcast. Let's empower ourselves with knowledge and financial freedom!

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E-Book: https://mailchi.mp/betterbooksaccounting/6-keys

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#CleanFinancialRecords #Accounting #Foundation #Bookkeeping #RealEstateRevenue #TaxPlanning #CleanAccounting #Expenses #Taxes #Income #AuditRisk #Costs #TaxCases #IRS #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses his six keys to real estate tax savings. He highlights potential changes in tax laws that could benefit investors and emphasizes the need to plan ahead for the rest of the year.

With market uncertainties and rising costs, McCormack focuses on ways to increase cash flow in real estate investments. The episode delves into strategies outlined in the new e-book, "The Six Keys to Increasing Your Real Estate Revenue."

Don't miss out on this valuable information! Tune in now and unlock your success in the real estate world using these six keys. Remember to leave a five-star rating and positive review to support the Know Your Numbers REI podcast. Let's empower ourselves with knowledge and financial freedom!

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➤➤➤ To become a client, schedule a call with our team or fill out a contact request form

➤➤ https://www.betterbooksaccounting.co/contact  

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#6KeysToIncreaseRevenue #CleanFinancialRecord #AccountingProceduresAndControls #PerformanceMonitoring #CreatingATaxPlan #SeekingProfessionalAdvice #FlexibilityInDecisionMaking #Bookkeeping #TaxPlanning #Revenue #Cashflow #TaxBenefits #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack interviews David Bahnsen, founder of the Bahnsen Group and author of "Full-Time: Work and the Meaning of Life." David discusses the importance of work and how it is ordained by God, emphasizing the significance of producing goods and services to meet the needs of humanity. He explores the idea of co-creating with God through work and highlights the role of work in stewardship and innovation.

Don't miss out on this enlightening conversation that will challenge your perspective on work and inspire you to see your professional life through a new lens. Let's continue to learn, grow, and integrate our faith into every aspect of our lives. Stay tuned for more engaging episodes coming your way.

Tune in to gain insights into the purpose and value of work in our professional lives. Don't forget to leave a rating and review if you find value in this episode!

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To connect with David, visit his Social Media Platforms:

Instagram: @davidlbahnsen

Facebook: https://www.facebook.com/david.bahnsen

LinkedIn: https://www.linkedin.com/in/davidbahnsen

Youtube: https://www.youtube.com/@Thebahnsengroup

Website: Full-time Book (fulltimebook.com)

Twitter: https://twitter.com/DavidBahnsen

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#KnowYourNumbersREI #Work #MeaningOfLife #Purpose #Faith #BahnsenGroup #TheologicalPerspective #EconomicDimensions #Entrepreneurship #EntrepreneurialJourney #FinancialGoals #WealthBuilding #BetterBooks #ChrisMcCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack interviews Aaron Letzeiser, the co-founder and COO of OBIE, a cutting-edge insurance and risk management technology platform for real estate investors in the United States. Aaron shares his journey from successful entrepreneur to real estate investor and venture partner. Discover how Aaron's frustration with lack of control over insurance expenses led him to start OBIE insurance with his brother, Ryan, and how they are revolutionizing the insurance market for investors.

Aaron shared his journey from being a real estate investor frustrated with the lack of control and transparency in the insurance market to creating OBIE insurance, a company that empowers property owners with instant, customizable insurance quotes. OBIE’s mission is to put real estate investors in the driver's seat, allowing them to tailor their coverage to their specific needs and investment strategies.

Are you a real estate investor looking for transparent insurance coverage? Tune in to the Know Your Numbers REI podcast to hear Aaron Letzeiser share how OBIE insurance is changing the game for investors. Don't forget to leave a rating and review if you find value in this episode! 🎧✨

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To connect with Aaron, visit his Social Media Platforms:

Instagram: @aaronletz

Facebook: https://www.facebook.com/aletzeiser

LinkedIn: https://www.linkedin.com/company/joinobie/

Youtube: https://www.youtube.com/@ObieInsurance.com

Website: https://www.obieinsurance.com/

Twitter: https://twitter.com/obieinsurance

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#KnowYourNumbersREI #NavigatingInsurance #RealEstateInsurance #AaronLetzeiser #OBIE #ReplacementCost #CoverageCost #LLC #Cashflow #MoneyMyth #Entrepreneurship #EntrepreneurialJourney #FinancialGoals #WealthBuilding #BetterBooks #ChrisMcCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses key considerations as we approach the end of quarter one of tax season 2024. He emphasizes the importance of proactive planning to reduce tax bills, minimize stress, and save more money. Chris highlights missed opportunities he often sees and stresses the significance of building strong relationships with your CPA.

If you're feeling overwhelmed by taxes, stressed about paying too much to the government, or simply want to optimize your tax strategy for financial growth, this episode is a must-listen. Join Chris as he shares valuable insights and actionable steps to help you navigate the complexities of real estate taxes and secure your financial future.

Don't miss out on this valuable information! Tune in now and take control of your tax planning to achieve greater success in your real estate investments. Remember to leave a five-star rating and review to support the Know Your Numbers REI podcast. Let's empower ourselves with knowledge and financial freedom!

[00:00:57] Maximizing tax savings strategies.

[00:04:36] Finding a tax planner.

[00:07:26] Keeping records in real estate.

[00:09:53] Leveraging properties for wealth growth.

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➤➤➤ To become a client, schedule a call with our team or fill out a contact request form

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#ProactivePlanning #SpecializedTaxProfessionals #Bookkeeping #ReduceTaxStress #TaxSavings #Appreciation #Cashflow #Leverage #TaxBenefits #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

Building trust through human interaction and service is essential in financial empowerment. In a podcast episode featuring Parker Purcell, the significance of human connection and service in the financial industry was emphasized. Parker stressed the importance of winning hearts before minds when it comes to leadership and relationship-building. He noted that people are not robots; they are complex individuals with lives, families, pasts, and baggage. Therefore, establishing a strong human connection is crucial in gaining trust and empowering individuals financially.

Parker shared insights from his experience at EQRP, where they prioritize a robust service model. They have dedicated account managers who proactively engage with clients, ensuring that everything they do is centered on a human-first approach. This strategy aims to make clients feel valued, understood, and supported throughout their financial journey. By focusing on human interaction and service, EQRP aims to cultivate trust with their clients, empowering them to take charge of their financial well-being.

Tune in to discover Parker's commitment to shaping a future where financial empowerment knows no bounds. Don't forget to leave a rating and review if you find value in this episode! 🎧✨

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To connect with Parker, visit his Social Media Platforms:

Instagram: @parkerpursell

Facebook: https://www.facebook.com/parker.pursell

LinkedIn: https://www.linkedin.com/in/parker-pursell

Youtube: https://www.youtube.com/@pursellfarms

Website: https://eqrp.com/

Twitter: @parker_pursell

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➤➤ https://www.betterbooksaccounting.co/contact  

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#KnowYourNumbersREI #NurturingGrowth #FinancialSuccess #ParkerPursell #EQRP #Faith #Finance #RealEstateAgent #Investor #FinancialEmpowerment #Entrepreneurship #EntrepreneurialJourney #FinancialGoals #WealthBuilding #BetterBooks #ChrisMcCormack

In this insightful episode of the Know Your Numbers REI podcast, host Chris McCormack covers the five common bookkeeping pitfalls to avoid, including the consequences of not keeping up with bookkeeping, failing to utilize software, procrastination, the importance of delegating, and the significance of properly categorizing transactions in the real estate industry.

Tune in to learn how neglecting bookkeeping can lead to failed audits, increased tax liabilities, and wasted time and energy. Chris provides valuable tips on how to overcome these challenges and emphasizes the importance of seeking help from real estate accounting specialists to ensure accurate and efficient bookkeeping practices.

If you're a real estate investor or business owner looking to optimize your financial strategies, this episode is a must-listen. Don't miss out on valuable insights that can help you save money, grow your portfolio, and achieve financial success. Share this episode with a friend who could benefit from this valuable information!

[00:01:28] The power of scripture.

[00:05:00] Importance of bookkeeping for business.

[00:08:20] Procrastination in bookkeeping.

[00:11:30] Proper categorization of transactions.

[00:14:18] Real estate bookkeeping importance.

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➤➤ https://www.betterbooksaccounting.co/contact  

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← 

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#BookkeepingTips #AvoidingBookkeeping #ForsakingSoftwares #Procrastination #FailureToDelegate #InabilityToProperlyCategorize #FinancialSuccess #RealEstateInvestmentTips #RealEstateTaxProfessionals #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the topic of syndications in real estate investing. Syndications are group-funded investment projects that target larger commercial properties.

Chris addresses common questions about syndications and explains how they differ from smaller residential properties like duplexes or quadplexes. Learn how syndications differ from partnerships and gain insights into common questions surrounding this topic. 

Tune in to learn more about this investment strategy and how it can benefit your real estate portfolio. Don't forget to leave a five-star rating and review if you found this episode helpful!

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➤➤➤ To become a client, schedule a call with our team or fill out a contact request form

➤➤ https://www.betterbooksaccounting.co/contact  

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Connect with Chris McCormack on Social Media

Facebook: https://www.facebook.com/chris.mccormack.cpa.mba/ 

LinkedIn: https://www.linkedin.com/in/chris-mccormack-cpa-mba/ 

Instagram: https://www.instagram.com/chrismccormackcpa/  

→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← 

https://www.youtube.com/@betterbooksREI/featured

The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#Syndications #FormsOfCapitalGainBenefits #Depreciation #CapitalGainsOnTheSale #1031Exchanges #PassiveActivityLosses #CostSegregation #TaxBenefits #RealEstateInvestmentTips #RealEstateTaxProfessionals #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack

In this episode of the Know Your Numbers REI podcast, host Chris McCormack delves into the controversial marketing techniques used by TurboTax. He shares insights on how these strategies impact customers and the financial world. Chris highlights the limitations of relying solely on tax software, such as TurboTax, which may guarantee an accurate tax return but overlooks proactive tax planning.

He emphasizes that TurboTax's guarantee of accuracy does not necessarily ensure that all deductions, credits, and tax-saving opportunities are maximized. Taxpayers using TurboTax may unknowingly miss out on potential savings due to errors or oversights in their tax returns.

Tune in to learn more about this topic and gain confidence in your financial decisions as a real estate investor. If you enjoy the episode, don't forget to leave a five-star rating and review. Visit betterbooksaccounting.co for more information or join our Facebook page for free guidance and interaction.

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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

#TurboTax #IRS #MarketingTechniques #TaxReturns #TaxOverpayments #TaxPlanning #BetterBooksAccounting #ProactiveTaxPlanning #TaxPayers #RealEstateInvestmentTips #RealEstateTaxProfessionals #AccountingForRealEstateInvestors #RealEstateTax #RealEstateTaxTips #RealEstateInvestor #KnowYourNumbers #BetterBooks #ChrisMcCormack