How Keystone Bookkeepers helps Your BNB Property, a short term rental management company in North Carolina
Mike Reilly started YourBNBProperty in 2020 to help vacation homeowners in North Carolina increase their revenue. He started out as most small business owners do, by attempting to manage the bookkeeping on his own.
“I started out by doing the books myself, with a few pointers from my Mom as she’s a CPA, but it was just taking so much time,” Mike says. “I used QuickBooks but I was spending 20 hours a month just doing the Owner Reports for our clients. I also had to manage all the bookkeeping including transactions and reconciliations,” Mike says.
Something had to change.
“We then decided to hire a larger software company to do the books. Their software was good but their support was not. While they were nice people, they were not as efficient as what I needed. Their processes weren’t clear so I had to follow up with them a lot and as a result I was not gaining any time back. In fact, I was still spending the same amount of time each month going back and forth and chasing up what was outstanding.”
A quick, yet smooth transition
In June 2023, Mike decided to reach out to Ben at Keystone Bookkeepers, after a referral from a trusted friend. Keystone Bookkeepers now provides a full, end-to-end bookkeeping service for the team at Your BNB Property.
“Ben manages 17 or 18 listings for us and it has been fantastic. Keystone Bookkeepers picked it up fast. The onboarding process was simple and the support they provide us is world-class and flexible to suit our needs.”
A stark contrast to the large company Your BNB Property used in the past, Keystone Bookkeepers have systems that make things run smoothly.
“Their systems are great! They have a checklist for every month so there’s transparency as to what’s needed and it’s clear what everyone’s roles and responsibilities are. The whole team at Keystone Bookkeepers are nice, it really is a pleasure working with them.”
“Keystone Bookkeepers has saved me 15 hours a month!”
But it’s not just the support that Mike values, it’s the time he’s gotten back that he loves. “Instead of 20 hours a month, now we probably spend 5, maybe 6 hours a month on our reports. And there’s cost savings too. I have saved at least $1200 a month in property management system costs, and even more now as the company has grown.”
Support for other vacation rental owners
Mike also runs a coaching group for other vacation rental owners, and Ben from Keystone Bookkeepers has helped there too.
“Ben has helped more than 30 of my clients in the coaching group I run. He regularly runs group coaching calls (for free) for people who have bookkeeping questions. He doesn’t do it to try and sell to people, he just really wants to help. The end result is that bookkeeping is easier for everyone. Accounting for short term rentals is not easy. Trust accounting for hundreds of thousands of dollars or more each month is a lot to be responsible for and Ben makes it easier.”
World-class service
Mike and his team value the way Keystone Bookkeepers handle books.
“I would describe Keystone Bookkeepers as World class, trustworthy, transparent and communicative.”
Advice for other rental management companies
“You’re in business to create a business and not another job. Doing the books yourself is just creating another job for yourself. Don’t think twice, just let the Keystone Bookkeepers team do their thing. Focus on the things that matter and the things you enjoy like growing your company or spending time with your family.”