Guide
What real estate bookkeeping costs
A plain look at what moves the monthly price of real estate bookkeeping, and what JNM charges. JNM is a new firm, so this guide sticks to how the work is priced and what we publish.
JNM's published plans
Three plans, month to month.
JNM prices by the number of entities (LLCs or other legal owners) whose books we keep. Each plan is a fixed monthly fee, month to month, with no separate charge to get started.
- Foundation, $495 a month: one entity.
- Portfolio, $895 a month: up to two entities.
- Portfolio Plus, $1,695 a month: up to four entities.
Every plan includes a profit and loss statement for each property. The exact monthly limits for each plan are on the plans and pricing page.
What drives the price
Four things set the cost of the work.
Whoever does the books, the price follows the amount and difficulty of the work. For real estate owners, these four things matter most:
- Entities. Each entity needs its own complete set of books: its own bank accounts, balance sheet and reconciliations. A third entity is a third set of books, not a slightly bigger first one.
- Monthly transactions. More rent deposits, vendor payments and card charges mean more to categorize and check each month.
- Accounts. Every bank account, credit card and loan has to be reconciled to its statement. Ten accounts take more time than three.
- The condition of the books. Books that are months behind need cleanup before monthly work can start. That is a separate project, not part of a monthly fee.
Property count is not on the list. JNM does not price per property or per unit.
How bookkeepers charge
Hourly, flat monthly, or per unit.
Bookkeepers commonly charge hourly, by a flat monthly fee, or per unit. We make no comparison to any firm's prices here.
- Hourly. You pay for time spent, so the bill changes with how busy the month was.
- Flat monthly fee. The price is known in advance. Ask what the fee covers and what happens if your volume grows.
- Per unit or per property. The price grows with portfolio size, which may not match the actual work.
JNM uses a flat monthly fee set by entities, with monthly transaction and account limits.
Doors and large portfolios
What a door is, and when we quote individually.
A door is one rentable unit. A quadplex is one property and four doors. We use doors only to size very large portfolios; above eight entities or forty doors, pricing is quoted individually.
Behind on your books
Cleanup is quoted separately.
Being months behind is common and fixable. JNM starts with a written review of your books and quotes cleanup as a fixed fee that you agree to in writing before any work begins. It is never folded into a monthly plan.
What is not included
Bookkeeping, not tax work.
JNM keeps and reconciles the books. We do not prepare or file tax returns and we do not give tax guidance; ask your CPA. Technology prepares the work and a person reviews every deliverable.
To compare plans against your own portfolio, see the real estate bookkeeping page for what each plan includes.
Before you hire anyone
Questions to ask any bookkeeper.
- How many entities and accounts does the fee cover?
- What happens to the fee if my transaction volume grows?
- Will I get a profit and loss for each property?
- Is cleanup of older months included, or quoted separately?
- Can I leave month to month?
Questions
Common questions.
How much does real estate bookkeeping cost at JNM?
JNM's plans are $495 a month for one entity, $895 a month for up to two entities and $1,695 a month for up to four entities. They are month to month, and there is no separate charge to get started.
What if my books are behind?
Cleanup is a separate fixed-fee project, quoted after a written review of your books and agreed in writing before work starts.
Do you prepare or file my taxes?
No. JNM does bookkeeping only and does not prepare tax returns or give tax guidance. Ask your CPA.
Do I have to change my accounting software?
No. We work in the accounting software you already use. On a first call we confirm whether your setup can produce a profit and loss by property.
Next step
Not sure which plan fits?
Tell us how many entities and properties you have, and we will tell you which plan fits. No obligation.