Property Accounting software...for a mac?

Question

Hey everyone!

I am still rather small(4 units) but I am in the process of setting up systems to be able to scale in the near future. Does anyone use any accounting software on a mac? For example, Quicken, or Quickbooks? I have read how difficult Quickbooks is?! I currently use some custom Excel spreadsheets, but would love some automation and something that connects directly to my bank!

I have seen buildium, I just dont believe i can justify the cost, YET. Any feedback would be much appreciated.

Robert Diamond · Answer

I was at a convention a few years back and had everything hacked!

What is the best freestanding accounting software for under 10 properties?

Thanks,

Robert

Gita Faust · Answer

Here is my question:

Do you want to use QuickBooks as a Property Management software or an Accounting Software?

If Accounting - use QuickBooks Online otherwise QuickBooks Desktop.

Are you using a software because your Bookkeeper or Accountant said so? Then let me ask another question: Are you running your business because of them? Are they managing your business? If not pick that works for your business and gives you analytics reports. There is much more than Profit & Loss by Class and Balance Sheet by Class.

Caleb Smith · Answer

Hey @Peter Bardou, I am a virtual bookkeeper and I currently manage the books for real estate investors such as yourself. I recommend using QuickBooks Online's Plus account version, the Plus account allows you to enable Class Tracking, this would allow you to see metrics for each of your individual properties. I work to automate the bookkeeping processes for my clients, I strongly recommend that you check out HubDoc's integration capabilities with QuickBooks. QuickBooks does already have the capacity to sync your bank feeds but HubDoc has a ton of useful features. As an example, HubDoc can pull full bank statements and read/enter the details of uploaded receipts taken from a smartphone's camera through their app or sent to HubDoc using an email hook. QuickBooks can also be setup to classify incoming transactions based on rules that you define. All and all, if you set up these accounts correctly from the beginning you can reduce your bookkeeping workload to just a few minutes a week. Getting to know how QuickBooks works should take no time at all for you; there are a ton of resources available, such as myself, and I think that if you are able to create custom forms in Excel you already have the technical expertise to master the QuickBooks products. Cheers!

Adrienne Henley · Answer

Hi @Peter Bardou,

I would love to discuss another option that's an all-in-one property management and accounting cloud-based. If you're interested, please send me a message and I'll provide you with more details.

Wishing you all the best.

-Adrienne

Peter Bardou · Answer

@Natasha Keck Thanks for the tip! I am not an accountant, but i do have common sense on my side and am also numbers friendly. I am going to look into it, as a majority of investors on BP tend to side with using Quickbooks.

Natasha Keck · Answer

@Peter Bardou I took a class from John Hyre, that taught his "The Real Estate Investor's KISS Guide to Bookkeeping" and then was able to setup my own Quickbooks.  I'm not an accountant, but I am numbers friendly.

Peter Bardou · Answer

@Natasha Keck I have read alot of posts about Quickbooks on BP. I am somewhat intimidated by all of the adjustments. Any helpful tips?

Natasha Keck · Answer

@Peter Bardou What about using the web based version of Quickbooks?  Doesn't really matter if you're on a Mac then.  You have to do some big adjustments to the Quickbooks class list and chart of accounts to make it real estate friendly, but then you've got something every CPA knows how to work with.