Accounting and Bookkeeping Recommendations
Just bought my first investment property. Anybody have recommendations for a cheap accounting/bookkeeping software? I don't think I need anything too sophisticated since I only have one property.
Quicken has worked well for me for years. The big thing is to add tags for the property and make sure to build out GL (General Ledgers) for everything on the Schedule E on a tax report. That way you have all your expenses consolidated. Quicken can automatically pull in information from your credit card and bank statements.
I'd also recommend getting another credit card and only purchase things that are deductible to the property. That will make doing the work of identifying every tax deductible purchase much easier (especially if you don't reconcile regularly).
Other people use Quickbooks or Xero. I don't think you need anything that sophisticated at this time.
Some people still just generate a big spreadsheet in excel and use that. I'd highly recommend you not do that especially if you plan to buy more.
Quote from @Robert Gorman:
Just bought my first investment property. Anybody have recommendations for a cheap accounting/bookkeeping software? I don't think I need anything too sophisticated since I only have one property.
Stessa is free and I hear lots of good things about it.
Congratulations on your first investment property! When it comes to cheap accounting and bookkeeping software, I would recommend QuickBooks Online (QBO) to you. QBO is a widely used and trusted software that is designed for small businesses like yours. It offers a range of features that cater to real estate professionals and is user-friendly and easy to navigate.
QBO has a very affordable pricing plan that starts at $20 per month, which is perfect for small businesses like yours that only have one property. It offers features such as income and expenses tracking, rental property management, and detailed financial reporting. It also has a mobile app that makes it easy for you to access your financial data on the go.
You can also try out QBO for free for 30 days before deciding to subscribe. Additionally, there are plenty of resources and tutorials available online to help you get started. QBO is a cost-effective solution to your accounting needs and would be a great tool to help you manage your financials for your one property.
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
@Robert Gorman Upgrade to BP Pro membership and use Rent Redi (free) for accounting and management!
Stessa. That's it and that's all. You don't need anything else for a property, and I've found folks running a LOT of properties and using Stessa for the accounting and it's legit.
@Robert Gorman, Stessa will be perfect for your application and it's free.
