6 Essential Reports Every Property Manager Needs from Their Bookkeeper

When you’re managing rental properties, staying on top of the numbers is just as important as keeping up with tenants and maintenance requests. Clear, accurate bookkeeping not only helps you run a smoother operation but also ensures you can spot issues before they become costly problems. That’s why the right reports from your bookkeeper are essential.

At Lock & Ledger, we specialize in providing property managers with financial clarity. Below, we’ll walk through the key reports every residential property manager should have on hand, and why they matter.

1. Profit and Loss Statement (P&L)

Think of this as the big-picture snapshot of your business. A Profit and Loss Statement shows income, expenses, and net profit over a specific period. For property managers, this report is especially useful to:

• Track whether rent income covers operating costs.

• Spot high or unexpected expenses.

• Make informed decisions about future investments.

With a P&L in your pocket, you’ll always know if your rental business is thriving, or if adjustments are needed.

2. Tenant Rent Ledger

A Tenant Rent Ledger provides a detailed record of each tenant’s payments, including rent due dates, amounts paid, and outstanding balances. This report helps you:

• Quickly identify late or missed payments.

• Resolve disputes with clear documentation.

• Keep your cash flow predictable.

Instead of digging through emails or spreadsheets, the ledger gives you all the information in one place, ready when you need it.

3. Owner Statements

If you manage properties on behalf of owners, Owner Statements are crucial. These reports summarize income and expenses tied to each property, showing exactly how much the owner is earning. Providing accurate statements not only builds trust but also positions you as a reliable property manager who values transparency.

4. Accounts Payable and Receivable Reports

Vendors, utilities, repair costs… it all adds up. An Accounts Payable Report shows what bills still need to be paid, while an Accounts Receivable Report tracks what money is still owed to you. Together, these reports ensure:

• Vendors are paid on time.

• You don’t lose track of tenant balances.

• Cash flow remains steady.

This level of oversight prevents surprises and keeps relationships with vendors and tenants running smoothly.

5. Budget vs. Actual Report

Budgeting is one thing, sticking to it is another. A Budget vs. Actual Report compares planned expenses with what’s really happening. For property managers, this means you can:

• See where you’re overspending.

• Reallocate funds for unexpected repairs.

• Adjust strategies to maximize profitability.

It’s the kind of proactive tool that keeps you ahead instead of scrambling to catch up.

6. Cash Flow Statement

Cash flow is the lifeblood of any rental business. A Cash Flow Statement shows exactly how money is moving in and out. This report highlights whether you’ll have enough on hand to cover upcoming bills and helps prevent financial shortfalls.

Bringing It All Together

The right bookkeeping reports aren’t just paperwork; they’re decision-making tools. They help you maintain healthy finances, strengthen owner relationships, and stay confident as you grow your rental portfolio.

At Lock & Ledger, we make sure property managers never have to second-guess their numbers. With accurate, timely reports tailored to your business, you’ll always know where you stand.