Seeking Managing/Accounting Software advice. KEEP GRINDING!
Hello all!
I am in search of the best program/software to fit my needs. I have a small portfolio of 3 units currently, but looking to grow to around 10 next year. With 3 units, I haven't had too much accounting to do, but I am looking for a program to help me manage my units as I grow. By reading reviews, I feel Quickbooks is too accounting oriented and not enough of the management side of things. I want a program I can keep track of rents due, tenant information, leases and contracts, as well as expenses and rents coming in. The most important part would be keeping track of my expenses and money coming in (repairs, utilities, rents, ect.) and being able to let my accountant log in and help me keep things organized.
It would be nice to also have a program to help me with rehabs (estimating repairs, analyzing the deal, ect.) I know I can't expect to find a program that will do everything but I want to get a better feel for whats out there.
If you could just comment what you use and whether or not you like it that would be GREAT!
KEEP GRINDING!
Kyle you have just listed what QuickBooks does. You say QuickBooks is too accounting oriented, yet this is what you are asking for.
QuickBooks Pro has a Fixed Asset Items List, which allows you to enter in everything you want to know about your rental property.
QuickBooks has been around a long time, is in the stores just about everywhere, and is sold at reasonable price, plus it grows with you.
Nancy Neville
Thanks for the info Nancy! I am trying buildium's 15 day free trial. Once that is over I will probably compare that to QuickBooks.
I would say quick books is definitely not the best choice if you're trying to integrate in accounting with property management.
My property management company uses Propertyware for our 300 units that we manage. It has some very powerful accounting features that are specific to real estate, such as asset depreciation, cost segregation, etc. Id definitely give it a look. It's my understanding that Propertyware is a little bit more expensive than some of the other software providers, but from what I've heard, it has better accounting features than most.
If you use QuickBooks Accountant and Enterprise versions, you will be able to use Fixed Asset Management - with asset depreciation. (not included in Pro, Premier and Online versions)
Cost segregation - can be accomplished in QuickBooks Pro, Premier, Accountant, Enterprise, Enterprise Accountant and QuickBooks Online Simple Start, Essential and Plus version.
Our RECOMMENDATION: Use the QuickBooks Enterprise version, you can eliminate couple steps which makes the data entry easier. Now they sell one license to 30 so it has become very affordable for end users.
Gita Faust
