Landlord Vision contains a huge and comprehensive reporting suite that will help you dissect and analyse the data in your portfolio in a lot of different ways. Some of the reports are purely useful, like the one that pulls in all your key details so you can see at a glance who has what key for what property. Others, like the cash flow report, will give you essential insights into growing your portfolio.
Here we’ll introduce you to the 13 most important reports in your software and explain how you can use them to grow your company.
Expense Payment Report
This report shows you which expenses you have logged in the software. It will tell you how much each expense was and what it was for. You can see these for a chosen time period, a specific property or for your entire portfolio. With just one click the figures are laid out for you to inspect. This is a great way to look for synergies within your expenses. What can be streamlined? What seems expensive? Are there any frivolous or extraneous expenses you could do without?
You can also use this data to look for patterns. Is there one particular property that has a higher expenditure? Is there one tenant who’s constantly raising maintenance issues? Answering these questions will help you identify areas for cutting costs or can help you delve deeper into what might be a larger issue.
You can also see a more comprehensive summary of expenses in the profit and loss report and you’ll find an alphabetised list of incomes and outgoings in the nominal ledger report which also has different filtering options.
Balance Sheet Report
This report is particularly important if you are running a company owned portfolio. As you might expect the liabilities and equities in this report need to be equal to the assets. Keeping an eye on this report will alert you quickly to unbalanced finances allowing you to take action there and then instead of at the end of the year.
Bank Reconciliation Report
This report allows you to match transactions on your bank account statement to transactions you have entered into Landlord Vision. This report will help you spot things like expenses you haven’t accounted for so can help to save you money and keep things up to date throughout the year.
A report that pulls all your insurance details into an easy to digest format. Not only is this useful to double check coverage details, but it is an easier way to monitor renewal dates. If you know you have a renewal coming up, you can shop around to save money on the renewal. It won’t single handedly increase your profits, but it will save you money throughout the year. You can also use this in conjunction with the early warning feature, so you don’t have to remember to pull the report every month.
Occupancy Overview Report
If you have a lot of properties, particularly if you run an HMO or a block of flats, it can be difficult to keep tabs on which rooms and properties are occupied or vacant. This report will do that for you. The information is easy to understand so you can look for patterns which may indicate deeper issues or a need to pivot your strategy. If you find the same property is constantly unoccupied, it may signal that there is something wrong with the property. If you find that your void periods are too frequent it may be a sign that a pivot is needed or that there have been changes in the area the property is in. The report will also show you if properties are due to become vacant, which is useful for finding a new tenant in advance.
Rental Income Payments Report
Most property businesses live or die on their ability to keep the rental income steady. The rental income payment report will help with this. It shows you all your rental income for a set period, either by property, tenant or for your entire portfolio. This is a great way to keep on top of the amount of rental income you are making.
Cash Flow Report
Modelling income isn’t fool-proof, market movements and void periods aren’t easy to predict, but provided everything else is steady you can use this report to work out how much money you can expect to make in a given period. This is particularly useful if you want to plan for larger developments, or if you are using the income to supplement a pension, your own income or other assets that aren’t performing as well. The report summarises all your transactions from income and expenditure. If you have entered repeating expenses and upcoming invoices into the software these will also be factored into the report making income modelling a lot easier.
You can see a target rents graph on your portfolio dashboard, but the report goes into a bit more detail. When you enter your properties into Landlord Vison you can enter a target rent. This is the amount of rent you would expect a property to make based on your research. The target rents report will show you how your properties are performing against the target rent you’ve set. You can look at this data by property or for your whole portfolio. This data is so valuable when it comes to assessing your current strategy. If your properties are performing poorly against the target you can investigate whether something has changed in the area or if your strategy is off. You can also use this data to see if target rents have fallen over time or whether they are increasing. If you have property in an area where the target rent is increasing it may be an area you want to invest more in.
Overdue Rents and Charges
Collecting rent on time is one of the fundamental things you need to do as a landlord to keep your profits growing. The more properties you manage the harder it is to keep on top of overdue payments, this report will help alleviate any issues you have in doing this. The report will show you a list of every unpaid invoice including charge invoices. You can filter the report by payer and property so you can see exactly where your arrears are. As well as making it easier to follow up on overdue payments the report will help you spot any patterns. If you notice you have a tenant who is always behind on the rent, it is an opportunity to dig deeper before that tenant stops paying rent altogether. If you want to see just your rental income payments you can use the payment history report which will help you to see payments by tenancy or property.
Profit and Loss
This report is for you if you are using the accruals basis and if your portfolio is owned by a company rather than yourself. It excludes capital expenses and will show you the total income and expenses by room, property or for your entire portfolio. It is an excellent way to assess the profitability of a specific property or your portfolio as a whole.
This report will give you a breakdown of the mortgages on your properties. The report will show you how much finance is left on each property, the equity and the rental yield. The report will give you an idea of how much more finance you could take on a property, how much you have left to pay and how well it is performing against any criteria set by your lender. It is a great report to use to assess your financing options particularly if you are considering taking on another property.
Capital Gains Report
If you’re considering selling some of your properties, the capital gains report will tell you how much capital gains you might be liable for. The report takes into account all purchase and selling costs as well as the asset price itself, essential data to have if considering a sale and a great tool to help you plan an exit strategy.
Income Tax Report
Probably the most powerful report in the entire suite because it brings everything together in one place. This report will tell you exactly how much tax you have to pay on your portfolio in a given tax year. You can also use this report to fill in your tax return, the numbers on the report correspond to the sections of the tax return, so provided you keep the data in Landlord Vision up to date you can complete your end of year tax return in just a few minutes. The reports are updated at the beginning of each tax year with all the relevant tax details pertaining to that year, like mortgage relief, so whichever year you’re pulling the report for you’ll know it’s accurate. This report is essential for annual tax planning and will also help you with income modelling if that’s on your to do list.
Remember you can save or export each of these reports to PDF or via CSV or XLSX spreadsheets if you want to get fancy with pivot tables and other analytical tools.
So those are our picks for the top reports used to grow a portfolio. Do you use any others for essential insights? Let us know in the comments!
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