Running a short-term rental means juggling guest communications, cleaning schedules, and making sure every stay is five-star worthy. But what about your bookkeeping?

As hosts we are amazing at managing the minutiae and ensuring guests experience nothing less than a picture-perfect stay. But, many of us could improve our overall approach to save ourselves from future headaches.

Commingled Expenses
Since the nature of our business often necessitates personal and business errands happening at the same time, it’s important to remember not to commingle expenses. This means personal expenses should be kept separate from rental property’s expenses when we make purchases. Be sure to save receipts so later we can provide proof of the expense.

Mileage Deductions
All this running around usually involves a car. Be sure to track your mileage so you can deduct them as a business expense on your annual income tax return. I used to keep a simple form in the car and I noted miles out, where I went, and the miles when I returned. When the log filled up, I transferred it to a spreadsheet. You could also use a simple, online Google Form or even an app to track your miles.

Track Your Data
Speaking of relying upon online tools to track your data, you should be careful not to rely solely upon an online platform like Airbnb to track this info. Opt for an accounting system of some sort to ensure you retain the data you need for your business in the future.

Keeping track of all of these expenses, deductions, and tax documents can feel overwhelming, until you learn a few smart strategies.

On April 17th, Host2Host is bringing in professional bookkeepers who specialize in working with hosts like you. They’ll share practical tips to streamline your financial records, avoid common pitfalls, and make tax time less stressful. Whether you’re just starting or looking to refine your process, this meetup will provide valuable, actionable insights.

Join us at our April meetup and get your financial house in order!