Can a bookkeeper manage the finances for two or three businesses I own?
Yes. A bookkeeper can keep separate books for each business you own, reconcile each one's accounts, record money moving between them, and give you reports for each company plus a combined view. SmartGrowth Bookkeeping handles multiple entities in QuickBooks or Xero, so an owner with a construction company, a holding LLC and a rental property can see each one clearly without the numbers bleeding together.
Owners with several businesses often run them out of one bank account or one credit card at first. It feels simpler, but it makes every company's profit unreliable and can weaken the separation that forming separate LLCs was meant to provide. Ask your attorney about that last point.
- A separate set of books for each entity
- Monthly reconciliation for every bank and card account
- Intercompany transfers and loans recorded on both sides
- Shared costs split between companies on an agreed basis
- Reports for each company and a combined summary
Rental properties often sit in their own LLCs; real estate and rental bookkeeping explains how those are tracked.
How do I keep bookkeeping separate for multiple LLCs?
Give each LLC its own bank account, its own credit card where possible, and its own company file in QuickBooks or organization in Xero. Record every transfer between LLCs as an intercompany transaction on both sets of books, never as income or an expense. SmartGrowth Bookkeeping sets up and maintains this structure, so each LLC's records stand on their own when your CPA or a lender asks.
- Open a business bank account for each LLC, in that LLC's name.
- Create a separate QuickBooks company file or Xero organization for each one.
- Pay each company's bills from its own account.
- When one LLC pays for another, record it as an amount due between them.
- Settle intercompany balances on a regular schedule and document it.
Tracking several LLCs as classes or tracking categories inside one file can work for internal reporting, but each LLC usually needs its own books for taxes and lending. Ask your CPA which setup fits your structure.
Creating new company files and connecting the right bank feeds is covered under QuickBooks and Xero setup.
What is included
Books for each entity
A separate, reconciled set of books for every company you own.
Intercompany tracking
Transfers and loans between your companies recorded on both sides.
Shared cost allocation
Rent, payroll or software shared by several companies split on an agreed basis.
Combined view
A summary of how all your companies are doing together.
Bank feed setup
Each company's accounts connected to the right file, never mixed.
CPA-ready per entity
Year-end reports for each company, ready for your CPA.
How it works
Free call
Walk through each company you own, how they relate and where money moves between them.
Structure review
SmartGrowth maps which entities need their own books, accounts and bank feeds.
Setup or untangling
Files are set up, and past transactions shared between companies are sorted to the right one.
Monthly close
Every company is reconciled each month, with intercompany balances and a combined summary.
Common multi-business setups
| Setup | What the books need |
|---|---|
| Operating company plus a real estate LLC that owns the building | Rent recorded as an expense in one and income in the other |
| Two separate operating businesses | Fully separate books, with shared costs allocated |
| Holding company that owns several LLCs | Books for each company plus a combined summary |
| Several rental property LLCs | Income and expenses tracked by property and by entity |
Each structure has tax consequences your CPA should advise on. SmartGrowth keeps the records so they reflect the structure you and your advisors chose.
Intercompany transactions, explained simply
When your construction company pays the insurance bill for your rental LLC, the rental LLC now owes the construction company. That is an intercompany balance. It belongs on the balance sheet of both companies: a receivable on one side and a payable on the other.
If it is recorded as an expense in the company that paid, one company's profit looks too low and the other's looks too high. Over a year, small transfers like this can leave both sets of books wrong.
Money you put in or take out personally is owner equity (a contribution or a draw), not an intercompany transaction. Keeping that line clear also keeps personal spending out of the business. See how to separate personal and business expenses.
What you get each month
- Reconciled books for every company
- A profit and loss and balance sheet for each company
- An intercompany balance summary showing which company owes which
- A combined view of revenue, profit and cash across all your companies
At year end, each company's reports go to your CPA as a separate tax-ready package, so nobody has to pull one entity's numbers out of another's.
Who this is for
- Owners who have added a second or third business over time
- Contractors who keep equipment or real estate in a separate LLC
- Real estate investors with a separate LLC for each property
- Restaurant owners running each location as its own company
- Entrepreneurs with a holding company above several operating businesses
The common thread is that each company needs its own trustworthy numbers, and the owner also needs to see the whole. A restaurant owner with two locations wants to know which one carries the other; an investor with several rentals wants to know which property is worth keeping.
What drives the cost for more than one company
Multi-entity bookkeeping is usually priced on the number of companies, the number of accounts and the volume of transactions in each. A rental LLC with a handful of transactions takes far less work than an operating company with daily sales.
The pricing page explains these factors, and the free call ends with a clear scope and quote before any work starts.
More questions
Can one QuickBooks or Xero subscription cover all my LLCs?
Generally no. Each QuickBooks Online company file and each Xero organization is its own subscription. Check current terms with the software provider. SmartGrowth can help you decide which entities need full books of their own.
What if my LLCs have been sharing one bank account?
It can be untangled. SmartGrowth can sort past transactions to the company they belong to and record the intercompany balances that result, then set up separate accounts going forward. Your CPA should review the result, especially for prior tax years.
Do I need a separate EIN for each LLC?
Many LLCs have their own EIN, especially those with employees or more than one owner, but the rules depend on how each LLC is taxed. Ask your CPA. Either way, separate bank accounts and books are good practice.
How should shared expenses be split between my companies?
Pick a basis that reflects how each company actually uses the cost, such as square footage for rent, hours for shared staff or headcount for software, and apply it consistently. Agree the method with your CPA, and SmartGrowth will record the split the same way every month.
Can SmartGrowth handle LLCs in different states?
Yes. SmartGrowth works remotely with businesses in Dallas-Fort Worth, across Texas and in other states, so companies registered in different states can be handled together.