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Short-term rental bookkeeper vs. local bookkeeper or CPA
Most property managers start with a local bookkeeper or the CPA who does their taxes. That works until the portfolio grows. Then owner statements take days, the trust account stops tying out, and lodging tax turns into a monthly fire drill. The problem usually isn’t the person. It’s that short-term rental books aren’t normal small business books.
One Stripe deposit, five different owners of that money
A local bookkeeper sees one deposit from Stripe and books it as revenue. We see the reservations inside it: the cleaning fees that belong to the owner, your commission, the occupancy tax that belongs to the county, and the guest deposit for a future stay that isn’t anyone’s income yet. Get that split wrong and every number downstream is wrong too: owner statements, your P&L, your tax filings, and what you think is in the trust account.
Side by side
| Local bookkeeper or CPA | Keystone | |
|---|---|---|
| Who they work for | Any small business: restaurants, contractors, dentists | Only short-term rental property managers and co-hosts with 10+ listings |
| Airbnb, VRBO, Booking.com payouts | Usually booked as one deposit | Split by reservation into owner money, your fees, taxes, and future-stay deposits |
| Trust account | Often reconciled to the bank balance only, if at all | Reconciled every month so you know it covers every owner, deposit, and tax dollar, and how much is yours to move to operating |
| Owner statements | Usually built by your team in a spreadsheet or the PMS | Done for you by the 5th or 10th business day, in each owner’s own portal |
| Lodging and occupancy tax | Often left to you | Filed across multiple cities and counties with different rates, forms, and deadlines (add-on) |
| Your PMS | Learns it from you | Already works in Guesty, Hostaway, Hospitable, OwnerRez, Hostfully, Lodgify, and Uplisting |
| Software | You buy and set it up | VR Trust included in every plan; Full Suite runs on QuickBooks Online Plus |
| Income tax returns and tax planning | Their strength | In-house tax team available, or we hand your CPA clean year-end books |
| Price | Hourly or a flat monthly fee | For a 10-listing company: Trust Essentials from $400/month, Full Suite from $880/month |
When a local CPA is the right call
- You manage a handful of listings and the owners are you or your family.
- You mostly need a tax return once a year, not monthly owner statements.
- You need tax planning, entity advice, or audit support. That’s what a good CPA is for, and most of our clients keep theirs.
You don’t have to choose
Most of our clients keep their CPA. We do the monthly books, the trust account, and the owner statements, and at year-end we hand your CPA clean books they can file from. If you’d rather have one team for everything, our in-house tax team can prepare your business and personal returns too.
FAQs
Do I have to stop working with my CPA?
Usually not. We work alongside your CPA and hand them clean year-end books. Our in-house tax team can also prepare returns if you want one team for everything.
What does a short-term rental bookkeeper do that a regular one doesn’t?
A local bookkeeper sees one Stripe deposit. We see the owner money, your commission, the county’s occupancy tax, and future-stay deposits inside it, and we reconcile your trust account every month.
How hard is it to switch?
Give your current bookkeeper 30 days’ notice and keep them available for questions during the handoff. New clients start on the 1st of the month, and your first close and owner statements come 35–40 days later. Get the step-by-step switching guide.
Who is Keystone a fit for?
Companies with 10 or more listings on Guesty, Hostaway, Hospitable, OwnerRez, Hostfully, Lodgify, or Uplisting.
See if your books are telling you the truth
Book a 20-minute call and we’ll walk through how your owner statements, trust account, and lodging tax get done today.
Not ready for a call? Get the step-by-step switching guide.