Property operations & real assets

Books and taxes for commercial property management companies.

Base rent, CAM recoveries, percentage rent from your retail tenants, and tenant improvement dollars that are not really your income yet. Gus sorts all of it, and an accountant checks every transaction.

Book a call What we handle
  • From $197 a month
  • An accountant on every transaction
  • Cancel whenever
NovemberExample month
$22,700
what you made

November came in at $22,700. The percentage rent true-up from the fitness tenant at Oak Plaza landed this month, and I kept it on its own line since that number depends on their year-end sales, not the fixed base rent.

  • Base rent, Oak PlazaBase rent
  • CAM recovery, Oak PlazaCAM recoveries
  • Yardi subscriptionProperty management software
  • Janitorial contract, all sitesBuilding services
  • Elevator maintenance contractBuilding services
Money in$87,500
Money out$64,800
Set aside for taxes$4,600
An example month. Yours will have your numbers.

Why your books are different

A commercial landlord's rent roll hides three kinds of money in one deposit.

A tenant's monthly check can carry fixed base rent, a share of taxes and building upkeep, and sometimes a cut of their own sales. Treated as one lump sum, you cannot true up CAM at year end or tell whether percentage rent is actually growing.

  1. 1

    CAM recoveries mixed into base rent

    A tenant paying $4,200 base rent plus $650 for their share of taxes, insurance, and common area upkeep often gets recorded as one $4,850 rent payment, which makes the year-end CAM reconciliation a guessing game instead of a subtraction.

    What we doSplits base rent from CAM recoveries on every tenant, so the year-end true-up starts from real numbers instead of an estimate.
  2. 2

    Percentage rent gets buried until a tenant reports sales

    A retail tenant paying a base rent plus a cut of sales over a threshold often reports sales quarterly or annually, and if that percentage rent is not tracked apart from base rent, a strong sales quarter can look like an accounting surprise instead of a number you expected.

    What we doKeeps percentage rent on its own line as it comes in, so a true-up from a tenant's sales report lands as an expected number, not a mystery deposit.
  3. 3

    Tenant improvement allowances counted as income the moment they are paid out

    Money you put toward a tenant's buildout is not simple rent income or a straightforward expense; miscategorize a TI allowance and both the year's profit and the property's depreciation come out wrong.

    What we doFlags tenant improvement spending separately and hands it to the accountant to depreciate correctly rather than expensing it outright.
  4. 4

    Rent escalations get missed until a tenant catches it first

    A lease with a scheduled annual rent increase or a step-up tied to an index needs the new amount applied on time, and a missed escalation quietly costs real money every month it goes uncaught.

    What we doFlags when a tenant's payment does not match what the current lease term should be collecting, so an escalation does not get missed silently.
  5. 5

    Vacancy on one suite hides in a healthy shopping center's total

    A retail center collecting rent from nine of ten tenants can still look fully occupied in a lump total, hiding a vacant suite that is quietly costing you in utilities and taxes with nothing coming in against it.

    What we doBooks rent tenant by tenant so a vacant suite shows up as a gap, not a rounding error in a healthy-looking total.

Your categories

The categories Gus keeps for a commercial property manager.

Set up once for how each tenant pays and what the properties themselves cost. You never pick a category. He does, and an accountant checks it.

Money in

  • Base rentThe fixed rent amount owed under each lease.
  • CAM recoveriesEach tenant's share of taxes, insurance, and common area upkeep.
  • Percentage rentA retail tenant's cut of sales above a lease threshold.
  • Late fees and default interestCharges for rent paid outside the lease terms.
  • Parking and signage incomeSeparate charges for reserved parking or exterior signage.

Money out

  • Property management softwareYardi, MRI, or RealPage Commercial subscription costs.
  • Building servicesJanitorial, elevator, and HVAC maintenance contracts.
  • Property tax and insuranceThe building's own tax bill and coverage, before tenant recoveries.
  • Tenant improvement allowancesBuildout dollars committed to new or renewing tenants.
  • Landscaping and parking lot upkeepGrounds contracts, striping, and lighting repairs.
  • Leasing commissionsPaid to brokers for signing new tenants.
  • Legal feesLease negotiations and tenant defaults.

What we watch for you

  • CAM recovery ratio

    What percentage of common area costs are actually being recovered from tenants versus absorbed by the property.

  • Occupancy by square footage

    A more honest read than tenant count when suite sizes vary widely across a property.

  • Escalation compliance

    Whether every tenant is actually paying the current year's scheduled rent increase.

  • The set-aside

    What you will owe on the properties' profit, tracked every month so a year-end CAM true-up never becomes a surprise.

Ask Gus

Things commercial landlords ask Gus.

Text him like you would text anybody. He answers in plain English, and when a question is above his pay grade, an accountant looks and gets back to you.

Our fitness tenant just reported a strong sales quarter. Why did their percentage rent check come in so much higher?

That is the sales-based true-up on top of their fixed base rent. I kept it tracked on its own line all year, so this is the number their lease was always going to produce, not a surprise.

One suite at Oak Plaza has been empty for four months. Is it actually hurting us?

Booking rent tenant by tenant shows it clearly: that suite is costing you its share of taxes and upkeep with nothing coming in against it. I flagged it so it does not hide inside a healthy total.

Do I need to depreciate the buildout we just paid for our new tenant?

Usually, yes, rather than expensing it all at once. I flagged the tenant improvement spending and the accountant will set the right schedule with your full year in view.

The tax side

The tax side of a commercial property management company.

Most of what goes wrong here is timing and labels: CAM not split from base rent, a buildout expensed instead of depreciated, and escalations that slip past unnoticed.

What your return has to get right

Your accountant signs it, so it gets done right the first time.

  • Real property and land improvements depreciate differentlyThe building itself sits on a long depreciation schedule, while parking lot paving, signage, and lighting are often land improvements that can qualify for 100 percent bonus depreciation when placed in service after January 19, 2025.
  • Tenant improvement allowancesMoney spent on a tenant's buildout is typically capitalized and depreciated, not expensed the year it is paid, since the improvement outlasts the year it was built.
  • Contractor 1099sJanitorial companies, landscapers, and other vendors not on payroll get a 1099-NEC by January 31 if paid $2,000 or more in 2026.
  • The pass-through deductionCommercial rental activity that rises to a real trade or business can often qualify for the pass-through deduction of up to 20 percent of qualified income, with limits above $201,750 single or $403,500 joint.

Deductions commercial property management companies miss

Your bookkeeper knows what to look for in your statements. You never have to.

  • Property management software
  • Janitorial and elevator contracts
  • Landscaping and parking lot repairs
  • Leasing commissions
  • Legal fees for lease disputes
  • Property insurance premiums
  • Signage and exterior lighting
  • Security patrol services
  • Accounting and legal fees
  • Mileage to property inspections
  • Bank and processing fees
  • Utilities on vacant suites

General information about 2026 federal rules, not advice for your business. Your accountant looks at your actual numbers before anything gets filed.

All year, not just April

A commercial property year, kept every month.

CAM true-ups and lease renewals run on their own calendar all year. Your taxes come on a schedule. Your team keeps you ahead of both. Every month in between, your bookkeeper closes the books and speaks up the moment something looks off.

  1. January

    Plan the year

    Last year's return gets started, the vendor 1099 list is ready, and you get a monthly set-aside so tax season is already handled.

  2. April

    Filed. Done.

    Your return is filed and signed. No surprise bill, because the set-aside has been running since January.

  3. July

    Halfway check

    Where you stand, what you will owe, and whether a new tenant buildout this year changed the number.

  4. October

    Before CAM season

    Before the year-end CAM reconciliation goes out to tenants, Gus checks that recoveries were tracked accurately all year and flags anything worth doing before December.

What you get

Starts at$197a month

What you pay depends on what your business needs, and it does not move after that, busy season or slow. No hourly bills, no surprise invoices, no setup fee.

Book a call
  • Monthly bookkeeping

    Every transaction sorted into categories set up for commercial property management companies. You never categorize a thing.

  • An accountant checks every transaction

    Real review, every month, before your books close. Not a spot check.

  • Your business tax return, filed

    Prepared, reviewed, and signed by that same accountant every year.

  • The monthly number

    What you made, what you spent, what to set aside for taxes.

  • Your own bookkeeper

    A real person assigned to your business, in the app whenever you need them. No hold music.

  • On your books all year

    Every month, not just in April. Your team speaks up whenever something is worth your attention.

  • Cancel any time

    No contract. No cancellation call. Your books are yours.

Straight answers

Questions commercial landlords ask first.

Can Gus handle the year-end CAM true-up we send tenants?

Gus keeps base rent and CAM recoveries split all year so the numbers behind your true-up are accurate. Preparing and sending the actual tenant reconciliation statement is your property manager's job, not something the subscription produces.

How do you handle percentage rent from our retail tenants?

Percentage rent gets its own line separate from base rent, so when a tenant's sales report triggers a true-up, it shows up as an expected number instead of an unexplained deposit.

We just signed a new tenant with a large improvement allowance. Does that hurt this year's profit?

Not all at once. A buildout is usually capitalized and depreciated over time rather than expensed the year it is paid, so Gus flags it and the accountant sets the right schedule.

One of our three properties runs at a loss most months. Do you track that separately?

Yes. Every deposit and bill gets tagged to the property it belongs to, so you can see which property is carrying the portfolio and which one needs a closer look.

Our books are behind because we changed property management software last year.

Send the bank statements from the switch forward. Gus sorts them and the accountant checks them, and most owners know where they stand inside a week.

Do you file the 1099s for our janitorial and landscaping vendors?

Gus keeps the list of every vendor paid $2,000 or more ready all year. He does not file the 1099s himself.

Is a real accountant checking my books?

Yes. You get your own bookkeeper, Gus does the first pass on every transaction, and an accountant checks every one before your month closes. That same accountant prepares, signs, and files your business return. Goatkeeper is not a CPA firm, and we never pretend a person looked when they did not.

What does it cost, and can I cancel?

It starts at $197 a month, depending on what your business needs. No setup fee, no hourly bills, no contract. Cancel any time from the app, and your books go with you.

More in property operations & real assets

We keep books for the business next door too.

What makes a bookkeeper worth paying for Every business we keep books for

Book a call

Pick a time. That's the whole signup.

Fifteen minutes with a real person on our team. They look at where your books are, tell you straight what it takes to get caught up, and get you set up on the spot if it fits.

  • $197 a month to start
  • An accountant on every transaction
  • Cancel whenever