ctrlbnb

Thanks to our input, CtrlBNB transformed into a comprehensive platform tailored for the short-term rental industry by integrating automated accounting, advanced property management tools, and thorough tax planning features. These improvements allowed users to manage income, tax obligations, and property availability while reducing manual data entry. The platform's unique design, built in collaboration with tax professionals and property managers, ensures accurate reporting and ease of use.

Tax Solution for Vacation Rental Owners

Vacation Rental Accounting

Techstack

Node

MongoDB

NextJS

AWS

API's

Plaid

Stripe

Guesty

The Project

Anyone who has been lucky enough to earn additional income from services like AirBnB, VRBO, or other short-term housing marketplaces has had to deal with the inevitable tax considerations.

Finding a way to easily understand your expected earnings, tax obligations, invoicing, and post-visit follow up of owner's was elusive until now!

CtrlBNB was the answer to the hopes of accountants and vacation rental property owners everywhere. In one simple to understand tool, you could now view your income, tax obligations, availability, dead times, and more!

The Problem

The financial concerns of property ownership is known to many, but when creating alternative revenue streams, these issues become magnified. Suddenly, this property is generating income and that income requires a very different set of documentation and rules to follow, according to the IRS.

Simply put: CIT was tasked with creating a bespoke solution to a bespoke problem. Working with the client, we identified the core aspects as to what was missing from their current tool kits and how to automate those processes whilst ensuring accuracy for reporting.

By having a thorough Discovery phase with the client, we helped identify the following inefficiencies in the current models:

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Automated Accounting: The application allows users to connect their property management system to auto-categorize their payouts.
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Property Management: Need to manage your revenue and expenses for individual owners and properties.
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Comprehensive Tax Planning: See real-time estimated taxes and generate Schedule E's and C's, automatically.

Our Solution

Unlike other accounting software that requires tons of manual data entry, this application has been designed from the ground up to be ideal for those in the short-term rental industry. We worked with tax professionals, property managers, and property owners to solve the biggest problems they had when it came to running a profitable business.