Best of way of book keeping for rental business

[Zach Liu]

I just started my investment in rental properties and am looking for the best way to do book keeping so I can keep track of the performance and make good decisions.

Any suggestions? I am trying quickbooks online but haven't got a clue how to tailor it for rental business.

[Phillip Syrios]

Never used Quick books before, but I would suggest a property management software. There are many different ones, some set up for bigger operations and some set up for smaller ones.

I used Building very briefly before I realized it was too small for what we were trying to do but from what I saw it made sense for a smaller operation (although to be honest I can't remember how good its bookkeeping capabilities are.

We had a poor experiences with Property Ware but I don't know if they have improved it in the last 3 years.

We currently use rent manager and I'm sure it would fulfill your needs, but It might be cost prohibitive if you don't have many rentals.

There are hundreds out there but having a property management software that can double as your bookkeeping software can be a very nice set up.