New Accounting Software

[Ariel K.]

Hey everyone - I have been using STESSA for 6 years now and the quality is getting worse and worse. I don't need QuickBooks, so I was curious if anyone knew of another free or low cost accounting software that was any good. I have 7 properties. Thanks!

[Max Emory]

Hey @Ariel K., I know you don't like the idea of QBO. But, our bookkeeping firm uses QuickBooks Online exclusively for all of our REI Clients. I use it for my personal portfolio as well. We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.

The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately. That's the key component that is usually missing when I hear other entrepreneurs/investors say they don't like QBO.

Something else to keep in mind is your entity structure and how your entities file tax returns. As a general rule, each entity that files a separate tax return (partnership, s-corp, c-corp, etc) will need its own QBO subscription. If entities are disregarded, you can keep up with more than 1 in a single QBO account using the location/business feature to keep track of them separately. This will save you on subscription costs.

If you want to discuss any of this further, I'm happy to answer questions and help walk you through it.

Best of luck!