When it comes to visualizing your investments and seeing how everything is performing, Stessa has found a unique niche to address the needs of an underserved but sizable group of investors: property owners who want to track and manage the performance of their investments and ensure that everything is running properly. Stessa has been created to connect quickly and easily to your existing financial accounts, including banks, credit cards, mortgages, and even some utilities providers. When a user links one of their accounts to Stessa through login credentials, those credentials go through Envestnet |Yodlee®, connecting to the bank, and then keeping the credentials secure. Investors using property management software can also link those accounts with Stessa to get a complete view of their income and expenses in one place. Stessa then imports that data into their system and auto-categorizes it, slotting everything into purpose-built real estate-centric dashboards, so each Stessa user can see their up-to-date property performance. Metrics like Portfolio Value, Asset Return, Debt, Occupancy, and Cash Flow are easily accessible and available to help with portfolio-level decision making. Interactive charts also let investors drill down on their property finances. Once the data is up-to-date, investors can also run real-time reports including income statement, net cash flow, and capital expense reports based on the categorized transactions. Tax time is a breeze with tax-ready financial reports.
How Stessa & Envestnet | Yodlee Make Tax Time Easier
Stessa and Envestnet | Yodlee also work together to make tax time easier for real estate investors. With Stessa’s new Tax Package report, it is easier than ever to share all the relevant info needed for rental property taxes with your accountant or tax preparer. The tax package contains all the key reports including your income statement, net cash flow report, details transactions data, and a ZIP file with all receipts and attachments. Rather than spending hours assembling all this data yourself — sorting through a shoebox of receipts, juggling multiple bank accounts, unsure of how much money you're making — you can click a button, and Stessa will take care of the rest. You can even scan receipts and invoices right from the mobile app available on iOS, and Stessa will automatically read and categorize them for you, so no more data entry. If necessary, you can grant your accountant read-only access to your Stessa dashboard, so they can view your financial reports in order to monitor any issues, keep track of your financial health, and file any quarterly taxes. Stessa has also created a comprehensive Rental Property Tax Guide, a 45-page report that will give real estate investors tax strategies they can use to take advantage of various tax incentives. It includes advice on how to maximize deductions, optimize for new tax laws, and understand best practices used by high-performing real estate investors everywhere. (You can download it here.) The guide was developed in partnership with The Real Estate CPA, a company that works with real estate investors, syndicates, and private equity funds to optimize their tax positions and streamline their accounting and business functions. Stessa helps real estate investors visualize their property investments and automate the busy work so they can focus on what matters, like growing their portfolios. To learn more about how to use Stessa to manage your investment property portfolio, you can find them at Stessa.com. To learn how to use Envestnet | Yodlee's technology, you can also visit our developer's site and learn how we're driving innovation in the fintech world for developers and financial institutions.