Can anybody recommend accounting software besides QuickBooks? QB stopped being able to import credit card transactions from my bank so that was the last straw for me.
Zoho looks promising. I have 6 property locations so need something that can tag each transaction or assign a class to it.
This answer is not directed directly to MIke but his question is what most people seem to want these days, and I understand the reason, but in our Industry, all these fancy smancy technology (and I love fancy smancy techology-I'm a nerd actually) I don't find it productive in our Industry.
Being a Landlord keeps us busy. It is a 24/7 job. We get calls on every Holiday known to man. For some reason every furnace goes out on Christmas and New Years. And of course the air conditioners always poop out in the summers
Because we invest tens of thousands of dollars into our business, and because we are responsible for other people lives, and neighbors,and neighborhoods (Market Value) what happens to them if our properties are not up to code or we are neglectful in some way? We end up paying a hefty price and we are held responsible for many things by the City and the Courts and the public eye. so we truly need to be up-to-date on our State and City Landlord/Tenant Laws and more. Which means we are pretty busy people.
We not only have the above to deal with, but we normally will do repairs ourselves, or hire a handyman, we also need to do the accounting, keep tenants in line, paying their rent on time, keeping them happy so they will stay, and having to do the dastardly evictions, which if done wrong could end up in us losing our properties, and sometimes even our lives.
So now I come to Mikes question about Credit Card Transactions being imported from his bank to QuickBooks. And because we are busy people, it sure would be nice to have some fancy smancy technology that would do all this for us, to help take off the load. Easier it may be, but do we really want that in our Industry?
I may be old fashion and I'm sure I am, but, as much as I like fancy technology like paying my bills on line, or buying all my stuff through Amazon, there is no way I want anyone touching my business transactions and bank account but ME !! I am a CONTRACT PERSON! I am a person who lives by EVIDENCE, PAPER WORK, and in this Industry, not trusting anyone touching my accounting (unless I hire someone).
Third party entities are closed on Holidays, they have glicks in their programs and sometimes the technology isn't compatible with our software program and so that can hinder us in our business, especially when doing an eviction as time is of the essence.
It may be easy at first for you to download your expenses from an online account into Quickbooks or some other software program, but you are going to have to balance the Credit Card Statement or Bank Account one way or the other at the end of the month or when you receive it. And if your QuickBooks data doesn't balance with their Data, then you are spending way too much time trying to find out who made the error. Why isn't the bank showing the credit you received when you returned the item you purchased? Etc., Etc., etc., Well, because they are behind, they say, Or, well we don't post until the next day, blah blah blah. Etc.
This is strictly my opinion, but I, personally, want to be aware of every single thing that happens in my company. I want those receipts, I want those invoices, I want to enter them in myself , one by one into Quickbooks because I have too much money invested in this Industry to count on someone else (Other than an employee) to keep my accounts accurate and up-to-date.
So to Mike. QuickBooks will do so much more for you and save you so much more time, and money, in the long run, then by counting on somebody else to create something for you that is supposed to make your life easier, but in the end only makes your life harder. QuickBooks is great! But I don't like the supposedly "add on"s, either from them or from a compatible program that works with QuickBooks. Do it yourself and you will save yourself a lot of headaches.
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I too am losing interest in QB after a few years. I've been using QB Online, paying monthly, and at tax time, I find myself doing too much work to get the numbers my accountant needs.
I started playing with Tenant Cloud today, it seems promising. I'll take a look at Kitt.io too @Aleks Dahlberg
We are using Rentec Direct so far for tenant management and loving it. We have 25 units. We are just now setting up the accounting portion and it looks like it will work very well for what our accountant needs. We are actually 'going backwards' so to speak from Sage Accounting that we use for our 'day job' business, but it NOT set up for tenant management and is hard for 3 of us to access, whereas Rentec is not. It also simplifies the 6 different entities we use and makes it almost seamless.
They have a webinar coming up I think this Wed around noon on the accounting portion of thier software if you are interested.
Quickbooks Online has better bank/credit card connections than the desktop version. Which are you using?
You can also upload Csv files if there is no connection
If you are using an software to track for your Accountant and tax return. Why even bother?
Just go the old fashion way paper and pencil you track your money in and out.
My question to you is:
- Why do you want to track money in and out?
- Why do you want to use a software:
- What reports do you want to see at the end of the day?
- How much time do you want to spend getting it together?
Process > Procedures > Workflow > Accountability to yourself places a big part in your investments.
QB is not necessary for account tracking. Mostly banks provide year end statements.. So why bother?
@Isaac Agbolosoo Sure you can use paper and pencil, Excel, or any other means to track your money in and out. With bank statements, it only shows money in and money out. But when it comes to our industry it is not possible to say whether that payment is for escrow, principal, or interest; subcontractor payment may include appliances (which is depreciated for rentals) plumbing (differentiate between improvements and repairs) and the list goes on.
You know the saying, it if works, then why fix it. The same concept, as long as it works for you then you do not have to change.
@ Gita: Thanks so much. So what accounting software do you recommend besides QB? :)
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