Accounting software or property software

20 Replies

Looking for recommendations for either accounting software rental management software to tract my expenses and use for taxes. I looked at quicken rental manager might work since I’m the manager for my own apartment buildings.
Originally posted by @Gary Sowell :
Looking for recommendations for either accounting software rental management software to tract my expenses and use for taxes. I looked at quicken rental manager might work since I’m the manager for my own apartment buildings.

 Hi Gary,  I would go with QuickBooks online.  Anything cloud based at that so you can track your income and expenses anywhere.  I've been using QBO for a while now, and I love that I can see my P&L updated at any moment.

- Michael

@Michael David Pagan , Thanks for your feedback on Wave. I am thinking I will go with QuickBooks but was wondering if just getting the desktop version will be okay for my first year of owning a rental property? Do you know if I will still be able to share files easily with a CPA and/or accountant?

Originally posted by @Lani Archer :

@Michael David Pagan, Thanks for your feedback on Wave. I am thinking I will go with QuickBooks but was wondering if just getting the desktop version will be okay for my first year of owning a rental property? Do you know if I will still be able to share files easily with a CPA and/or accountant?

 Hi Lani!  If you go with QuickBooks Desktop you can share an Accountant's Copy so that they can work on your books at the same time as you.  You can also let them remote onto your computer if needed like GoTo My PC, Team Viewer Etc.  I prefer to work in QB Online because you can share your account with any person by giving them a login or access to your company account.

You should be fine with either choice.

- Michael

Thanks Michael. I have heard there is a service that some bookkeepers and maybe some accounts offer to setup your Quickbooks for rentals at the very start so you know it is done correctly and then hand it off to you to maintain. Do you know about this? And is it something you do or know of someone who does well? Also, would you know what something like this would cost.

To add another point of view, I've been asked to use Microsoft Dynamics 365 Business Central. My business has grown from four to ten units this year. They are all townhomes and SFH around the $200K range. I keep the units nice and my tenants are all good people so I don't have many requests for service or repairs. I'm leveraged up, but I suppose you pick your problems. Personally, I'd rather be a little leveraged and have less headache and next to zero T&T. My cash flow after mortgage, rent, and taxes is good, and I'm starting to hunker down for the coming (??) correction.

In any case, where I was previously using an Excel spreadsheet, my accountant asked if we could move to something that would be easier for her team to upload and work with.  My accountant is part of a national accounting firm and is able to bring specialists (e.g., real estate accounting specialists and software specialists) to help work-out issues.  We had a conference call about a month ago and I explained my situation:  10 units, would like something easy to use, yet scalable for future growth, not too expensive, cloud-based, mainly for tracking money and not for things like service requests, and able to integrate with a payment processing system once I pull the trigger on that.   

They did a demo for me yesterday and it looked fine to me.  Simple and effective.  

Would be glad to hear from anyone that's used Dynamics 365 and I can post my experience once we get this thing up and running.

Cheers,

AK

Originally posted by @Lani Archer :

Thanks Michael. I have heard there is a service that some bookkeepers and maybe some accounts offer to setup your Quickbooks for rentals at the very start so you know it is done correctly and then hand it off to you to maintain. Do you know about this? And is it something you do or know of someone who does well? Also, would you know what something like this would cost.

One of the people who can do that is @Daniel Hyman . There're others, too. 

@Atul Kaushal , I would love to hear about your experience with Dynamics 365. I am especially interested in systems that owners are able to manage themselves and scale at the same time.  Would you mind sharing your accountant? Sounds like you have a great team member with them.

@Lani Archer I'll be happy to share my experience with the new software, although I can't really compare it to anything since I haven't used other platforms.  I do agree that it should be affordable, easy to use, not have a million features I don't need, and be scalable.  

As for my accountant, I have been working with this form for many years.  They are big enough that they have accountants specialized for each type of industry as well as the software people to provide advice and service for different platforms.  Their rates are about average for the industry and I don't go cut-rate on things like lawyers or accountants, as I have found you get what you pay for.  Not sure If I can post detailed info on a public forum, but PM me and I'll be more than happy to share.

Cheers,

AK

We love QuickBooks. Both are good software - but for one reason I like Desktop Enterprise, Premier, Pro vs Online version. 

It is not about the Profit & Loss by property only. 

It is about your Equity by each Property. 

It is about Cash Flow Forecasting. 

And my list goes on.

One of the main reason is on QuickBooks Online: Bank and credit card balance by the property is not accurate.

You can use it, but just make sure that you make the adjustments every month to reflect your financials by property to the T.

Does anyone know if the Quicken Online version (or another platform) allows you to take a picture of a receipt with a mobile device and file the receipt in the proper account and category?  I've spent a ridiculous amount of time on receipt tracking in 2018 and really haven't done a good job of it.  My ultimate goal in 2019 is to reduce paper and to be able to take pictures of my receipts at time of purchase and file them immediately. 

Does anyone know if the Quicken Online version (or another platform) allows you to take a picture of a receipt with a mobile device and file the receipt in the proper account and category?  I've spent a ridiculous amount of time on receipt tracking in 2018 and really haven't done a good job of it.  My ultimate goal in 2019 is to reduce paper and to be able to take pictures of my receipts at time of purchase and file them immediately. 

@Brian Pinckard Quicken for Windows allows you to attach a picture to a transaction. I don't know if the online version allows you to add pictures (but see if it offers storage, as that is mostly a question of space).

We been using successfully QW for personal (10+ years) and rental expenses (5+ years) tracking, as it allows you to set categories and subcategories and you can track your items per rental and entity. I have not used much of the "attach a picture" functionality - I think it embeds the picture in the quicken file and I worry the database will grow huge in no time and impede on the rest of functionality.

@Brian Pinckard Quicken for Windows allows you to attach a picture to a transaction. I don't know if the online version allows you to add pictures (but see if it offers storage, as that is mostly a .

We been using successfully QW for personal (10+ years) and rental expenses (5+ years) tracking, as it allows you to set categories and subcategories and you can track your items per rental and entity. I have not used much of the "attach a picture" functionality - I think it embeds the picture in the quicken file and I worry the database will grow huge in no time and impede on the rest of functionality.