Accounting Software Recommendations

7 Replies

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?  

QuickBooks is nice, but I would definitely get some manual. The good news is several people do write QuickBooks specifically for real estate investors. 

I liked the book Landlord Accounting

Be careful if you go with quickbooks online. A lot of users who have switched from the desk top version have been dissatisfied as it's still in the early stages. It links with many other online websites but lacks many of the desk top version functions. Desk top version seems to be the most functional at this point but that could change soon since QB is investing heavily in the online version.

Another great software to check out is xero. I have not personally used it but I know some people who have liked it more than quickbooks because it's user friendly interface.

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.

@Michael Ruh I wanted to use QuickBooks Desktop version, but it doesn't support 4k monitor which I have, and the online version is way too expensive if you want the class tracking feature, which we basically is a must when you have more than one property, so I went with Xero, but I'm looking forward to go back to QuickBooks. 

While Xero does minimum what it needs to do, that's pretty much it. I can pretty much do the same thing with Excel. I have different bank accounts from this same bank, and that doesn't sit well with Xero. Also, it takes a very long time for some simple features/fix to be implemented. It's clean and easy to use but don't have much bells and whistles and limited with the ability to do some customization.

@Nina Casey Lately Xero had added some new features to customize different reports, if not as good as QB. I'm OK with the way I can customize the report.

AcctFusion Is a phenomenal software that automates commissions and handles all back-office accounting needs. It is great for accountants of any level. I really like it because it has 1099 forms and can send CDA's and echecks. I highly recommend AcctFusion!

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