What is your favorite bookkeeping software for apartments

9 Replies

@Gina Worsham I acquire 200+ unit value add deals and my  third party management companies use Realpage. Realpage has many functions and would be overkill for a 10 to 20 unit deal.

How robust of a system are you looking for?

For my needs 15-25 units, the statements we get from separate CC's and bank accounts is plenty. On top of which I do a manual rent roll. This gives my cpa enough info. As I get bigger it will become the pm's problem. 

Why do you not like Quickbooks?  It is the simplest and most know bookkeeping software in the world.  Also, your CPA/bookkeeper should be able to get you a licensing for Quickbooks through them for free to you.  It might cost you a little money to get the set up done on Quickbooks.  

Good Luck and contact me if you need any help!

@Brian Adams it is for a 10 - 20 unit complex, but the current owners are using an Excel spreadsheet.  I've been a bookkeeper forever and know that as "simple" as QuickBooks is, it is not user friendly when the user won't use it.  ;)

I'll look into Realpage.  

@Bjorn Ahlblad how do you do manual rent rolls?  Just an Excel spreadsheet?

@John S. I've used QuickBooks since 1998, but just think there might be something better for this situation. 

@Gina Worsham I am a CPA and still use Quickbooks. You may want to ask the user what reports they need/want as Qbooks can do a lot.

Other programs for smaller deals would be Buildium and Rent Manager.

Good luck!!

@Gina Worsham my property manager uses Appfolio and used to use Yardi. They're pretty robust and handle the operations but also give you about everything you need for accounting and financial reporting.

I've used RentecDirect for the past 5 years, and currently manage 36 units with the software. Quite a few of the local MF landlords managing <200 units use Buildium.

I'm an accountant and I don't care for QuickBooks--it tends to be best for people who don't know accounting.

Yardi--I've worked with Yardi extensively. I recommend it for organizations large enough to support an in-house Yardi specialist.

MRI--Again, I've worked with it extensively. I recommend it about Yardi, but again, paying for specialized functions gets expensive real quick.

AppFolio--I have worked with it extensively up to 200 units.  This was a variety of small apartment complexes and SFD.  It was very easy to use and it handled the variety of configurations we needed.  At the time, the online help was plentiful, not sure how it is now.

If I had my choice I'd pick AppFolio.  It is easy for PMs to learn and performs a broad range of accounting tasks easily.