Brenton Tidow is a pipeline surveyor from Western Australia who grew up on a farm in Esperance and became a bit of a property baron along the way.
But managing the expense receipts from his investment properties began to get on his goat and when he went looking for solution to make life easier, he realised there wasn’t one. Sensing an opportunity, he sold one of his properties to launch a new career as a budding tech entrepreneur, using the money to develop a finance-based smartphone application for residential property investors.
Abakus is his solution. It’s available for iPhone and Android on a $5.99 monthly subscription.
Tidow says the app is a tax management system for anyone with a property portfolio.
“As a property investor, managing my assets was always strenuous and I knew there had to be a better way of handling things, especially in this day and age of advanced technology. The amount of time spent tracking transactions linked to property ownership can take the joy out of investment,” he said.
“The goal is to simplify the tedious administration involved with financial management for property investors and present important and readily available information at your fingertips.”
The cloud-based system offers details such as pre and post-tax position and deductions, rental yield, total running expenses, and cost base tracking of the property. Receipts and documents including a settlement statement can also be easily uploaded safely to the cloud.
Personal expenses and individual income tax-related deductions can also be logged on the app.