Our Accounting Team Provides Vendors and Homeowners On-Time Payments and Tax Documents

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Our Accounting Team Provides Vendors and Homeowners On-Time Payments and Tax Documents
Get To Know TurnKey – Accounting Team

As tax season approaches, you might have a lot on your plate, including doctor bills, tuition receipts, mileage reports, and W-2s. Adding the complicated income reports from your vacation rental can increase your already large burden. Our accounting team at TurnKey streamlines that process by providing ready to file documents for homeowners. Our team also collects taxes from each stay so you remain current with your entity and prepares the 1099’s for each vendor who provides services for your property. In short, we take care of the nitty-gritty details thereby simplifying your tax season.

In this edition of “Get to Know TurnKey,” we’re highlighting the value the accounting team provides to our homeowners and vendors, especially since their work is largely behind-the-scenes.

Day-to-day duties

The accounting team’s role is to ensure each TurnKey homeowner, vendor and employee is paid and every practice is in compliance. TurnKey values transparency and that starts with the accounting department. Their consistent, up-to-date record keeping delivers owners, vendors and employees peace of mind.  

The job encompasses a wide range of duties, including:

  • Approving batch housekeeping payments daily and seamlessly without the added step of invoicing.
  • Providing timely payment to vendors and billing to owners for any needed work done to a home.
  • Communicating clearly with other teams at TurnKey to ensure consistency in execution.
  • Generating monthly owner statements.
  • Improving financial transparency within the reservation folio.
  • Ensuring accuracy of tax rates charged on each reservation.
  • Working to get homeowners compliant as quickly as possible through effective use of third party compliance partners.
  • Ensuring all vendors and owners complete all necessary tax reporting documents in a timely manner.
  • Collecting and remitting taxes on behalf of each homeowner, through leverage of our third party compliance partner.

We have dedicated team members who specialize in:

  • Monitoring regulations and tax rates in each market.
  • Processing and reviewing owner statements.
  • Working daily to improve the financial transparency of guest reservation reporting.

Benefits to homeowners

TurnKey accountants not only deliver convenience and peace of mind to homeowners, but they ensure vendors, homeowners, and employees are compensated quickly and efficiently by:

  • Maintaining excellent relationships with our vendors to ensure our business is a priority and problems are fixed promptly. Vendor payment turnaround time at TurnKey is one of the quickest in the industry, which benefits our vendor relationships.
  • Using top-of-the-line payment tracking software Bill.com and Expensify to efficiently monitor spend.
  • Setting up TurnKey umbrella accounts in various markets for efficient mass tax filings.
  • Staying up-to-date on regulations and the legal framework of vacation rentals.
  • Updating the owner dashboard to provide transparency and peace of mind.

Here’s what colleagues say:

It’s been a lot of extra work for him but he always stops whatever he’s doing to help someone whenever they have a problem- payroll, benefits, accounting or otherwise (not to mention gets all our pay checks out to us on time!)

Delivering convenience and peace of mind is the core value that best describes her. She has been an integral part of the accounting department over the last couple months. Any task given she takes on without any hesitation as she sees each new assignment as an opportunity to learn, and that she has. There have been many changes that have been made in the accounting department and she has been instrumental in ensuring these changes are properly being executed. Moving 90% of credit card users to Expensify is a heavy task, her execution over the last couple months has made this a seamless transition. From creating wiki’s, to talking with vendors, to training fellow employees, she has been a role model employee.

What does TurnKey look for in candidate?

Three of our team members are CPAs, and all have many years of experience in accounting. Every team member possesses exceptional attention to detail. Advanced knowledge of Salesforce, Excel, QuickBooks, and Escapia is a plus.

Do you know someone who exemplifies the above qualifications?

Visit the TurnKey Careers page!

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