You’ll also get a rough estimate of your average nightly rate for each month. You can add in the gross income for each month and compare that to your expected earnings. For example, if one of your properties has a pool, you can put in the maintenance fees associated with the amenity, so you don’t lose track of how much the upkeep is costing you.īeyond expenses, you can also evaluate your income and income expectations. The template already includes some basic costs, such as cleaning products and property management tools, but you can customize it to meet your needs. Our short-term rental expense spreadsheet allows you to write in all the expenses and purchases you’ve made for your vacation rental on a yearly and monthly basis. What does the vacation rental income and expense worksheet cover? Once you have your prices perfectly adjusted to meet your needs, you can pop the numbers into your expense report and see just how well your vacation rental business is doing. Lodgify integrates with PriceLabs, which automates flexible prices based on real industry data. Once you have the numbers, you can identify areas for improvement and, if necessary, reinvestment.Īn expense template can help you to understand your average rate, but if you want to appropriately price your properties to maximize profits, we encourage you to use our dynamic pricing tool. By tracking key data in your short-term rental analysis spreadsheet, you can figure out what months perform better, what type of guests you appeal to, and what your projected revenue will be. In terms of the positives, you can also see how well your business is doing. You can see where the bulk of your expenses are coming from and decide if you want to cut back on any purchases. Eliminate the guesswork by using a short-term rental accounting spreadsheet. When you don’t have data to understand your business, you can have a feel for how well your business is doing, but you’ll never really know. Understand your vacation rental’s performance Keep your customers, employees, and wallet happy by tracking them in our worksheet.īonus tip: Put these expenses in our vacation rental income calculator to estimate how much you should be making from your property. Sometimes, these small costs are missed, leading to unknowns in your budget. The little expenses that come with managing a property, like replacing a door handle or deep cleaning the carpets, can really add up at the end of the day. Guest satisfaction equals more bookings, which is more money in your pocket. When you implement a system that consistently keeps payments to your staff members on time, you deliver better service to your guests. In the event of late payments or inconsistencies, you can aggravate staff and consequently receive subpar service, and your guests deserve nothing but the best! To keep the business running smoothly, payments should be handled swiftly and on time. With each of these steps comes an array of fees and services. Improve staff managementĪs a vacation rental owner, you are well aware of the many steps that go into room presentation, upkeep during the stay, and clean-up after your guests leave. This tool eliminates hours of administrative work and gives you a much deeper analysis of your finances. You can also keep track of incoming and outgoing payments. This helpful tool calculates how much your business is earning and spending, sums up your total revenue from all your properties and listings, and lets you filter for booking periods. Looking to go a little deeper? Consider using Lodgify’s accounting tools. What’s more, when it comes to filing your taxes, you’ll already have your numbers available in one handy short-term rental spreadsheet, saving you time and stress. Instead of starting from scratch each billing cycle, you just have to pop in your monthly expenses and earnings then you’re done! No more time wasted doing the same tasks over and over. Save time and effortīy using a short-term rental accounting spreadsheet that’s already programmed to meet your vacation rental needs, you avoid having to manually calculate your finances every month. Adding this spreadsheet to your toolkit just makes sense. When you use a vacation rental income and expense worksheet, you minimize manual accounting work. If you’re renting out a vacation home, you might wonder, “why do I need a short-term rental excel template?” Ultimately, the goal for all vacation rental tasks is to make it as easy and painless as possible. Download our free short term rental expense spreadsheet Why do you need a short-term rental expense spreadsheet?
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