Accounting Software Recommendations

[Kurt Pourbaix]

I have been using Quicken 2013 Rental Property Manager, but before I just upgrade to the current version, I wanted to learn what others are using and see if you would recommend it.  I have about 15 rental properties in 5 different companies, and I have a Property Management Company, so I don't need to track unit detail.  I just want to input the income and expense from my Management Reports, plus expenses I pay on my own like the mortgage, then print a Balance Sheet and Income Statement.  QuickBooks seems overly cumbersome, but could be a possibility.  I would prefer an online service, but many, like QuickBooks Online charge by the company every year, so it gets pretty expensive when you have multiple companies.  I think I am beyond using a spreadsheet.  Suggestions?  

[Nina Casey]

Originally posted by @Kurt Pourbaix:

Thanks for your comments.  Any other thoughts out there?

I've recently been digging into a variety of online accounting softwares and testing functionality with property management in mind.  Although a few years ago I found QB Online really lacking, I'm very impressed with the improvements they've been making and I think it is the better option when compared to Xero. 

The QB Online screen load times are faster, reporting is more robust, and there is much more freedom to customize reports (this is my biggest frustration with Xero).  Additionally, QB Online offers the ability to add sub-accounts within a bank account, which is extremely helpful for my clients who are working within tight margins and/or want to keep a tight reign on budget management.  The big downside I see with QB Online is that the learning curve is a bit longer than Xero, but part of that is because it does offer such a rich feature set.