An Airbnb Expense Tracker Guideline That Will Save You Thousands!
Before you read, please note that:
StayPro is a full service property management platform that updates video reports for each turnover, and shares them with Airbnb hosts via an integrated user system. Regular video evidence of your property will ensure that you can document the changing condition of your property without ever needing to be on scene.
Not to mention that StayPro’s services ensure a safe and contactless check-in process for guests and housekeepers. For hosts, no management work is required, so you can get income effortlessly.
Our professional short-term rental experts train the housekeepers to perform quality cleaning & pay attention to details. On top of that, StayPro also sets-up a full protocol to guarantee smooth turnovers and more revenue.
You can skip shopping for a massive amount of spare beddings, shampoos, smart-home devices and towels & save more by simply renting every utility from StayPro! StayPro clients can manage item rental options and restocking amenities on their personal user system.
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You will be surprised how much income you can save by monitoring your short-term rental expenses. Be ahead of other hosts by tracking the following:
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Cleaning Cost
The cleaning cost is often overlooked, but Airbnb hosts need to be mindful of the actual cost of a turnover. There are many things to consider:
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Utilities
When living in your accommodation, your guests will be using various utilities everyday. For example, it is crucial to calculate how much each guest uses on average per day and add it into the cleaning fee.
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Consider Cleaner Duties
Track the cleaner’s fee so you have an idea of their workload and how to set the cleaning fee. The more there is to do, the higher the cleaner’s fee should be.
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Cleaner Performance
Airbnb hosts should be especially mindful of their cleaners and other staff. Dishonest staff can take advantage of the property owners by stealing equipment and cleaning supplies. It is critical that Airbnb hosts check the performance of the cleaner and/or hire Staypro, a short-term rental property management platform, that will ensure a premium clean.
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Utilities
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Damages
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Keep Receipts!
Accidents always happen and cannot be avoided. Thus, it is important to keep a record of the cost of all the items in your Airbnb listing for tax purposes or in case you must file for damage reimbursements. Even if you buy your item on an online seller like IKEA, Airbnb hosts should still keep their own receipts. Especially monitor all larger pieces of furniture that if damaged could impact the operation of your property. StayPro suggests you place all receipts in a separate container and document the costs in a booklet or an Excel spreadsheet.
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Track Maintenance Cost
Airbnb hosts should track how much it costs to repair a damage or carry out maintenance for both tax purposes and potential applications for guest reimbursement.
StayPro’s user account allows Airbnb hosts to track all damages on an online database. Housekeepers and hosts communicate about the repairs and maintenance that is needed. Furthermore, regular video reports provide the necessary evidence to file for compensation from responsible guests. Check 5 Airbnb Checklist Templates Hosts Must Have! to find out more about how video reports can be helpful.
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Keep Receipts!
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Tax
Anything associated with your property could be subject to a tax write-off. Mortgage interest on your property, internet, home insurance, property taxes, are all just a few examples of tax write-offs of which Airbnb hosts should be aware. In order to minimize the amount of tax you must pay, remember to keep all receipts and check for GST/QST tax remittance. For more information, please check The Government of Canada website. You can also check StayPro’s A guide to short-term rental tax law in Canada in 2022.
If you still need further clarification, StayPro recommends you schedule a meeting with an accountant.
For StayPro clients: all information needed to file your tax reports, including client income, management fees, housekeeper fees, item rental, amenities restocking, etc, can be conveniently found on your StayPro user account. Airbnb hosts no longer need to spend hours searching for all the information that they need!
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Track Your Own Work
Airbnb hosts should remember that they also should be paid for the time and effort they spend maintaining their property. It is important to track how much you worked in order to accurately estimate the true profit and cost. If you plan on expanding your short-term rental investments in the future, this documentation will greatly help you calculate your revenue.
StayPro tracks all the work that is done, including maintenance and repair work. Through our online system, you can track all your work and the incurred costs of various activities which are labelled in your user account.
Great! Now that you have learned how to track your expenses, you should start managing your property remotely to save time. See How to Manage Airbnb Remotely.
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