accounting software for fix & flip & wholesaler person

9 Replies

I have that, but a few people I know mentioned Buildium or Fipper Force to be more towards what we do. I just was hoping someone with knowledge of those could suggest one or the other or something along those lines. Thank you for responding!

@Stephen Castles

Buildium is a property management software and is an overkill for what you're planning to do.

FlipperForce is not an accounting software but a package designed to help you with the construction side of the business, such as estimating and managing rehab costs. If you buy it for those other reasons, then maybe its accounting component will do the job. I'm not familiar with it, so cannot tell you.

If you're going to start with wholesaling or doing one flip at a time - you will be fine with any expense tracking app. Google "expense tracking apps" for iPhone or Android, whichever you use, and pick one of those that are supported by a major company. Stay away from apps developed by some guy in the Amazon jungle.

Later, once you start doing multiple flips at a time, you will need to onboard an accountant. Ask that accountant what software he/she will want you to use. 

Originally posted by @Stephen Castles :

Michael, thanks for the reply, I'll look into the expanse tracking and continue with QuickBooks for basics. I'm hoping to need the account sooner than later!

Easy on QuickBooks. The only quick thing about it is how quickly you can mess it up. Much more complicated than expense tracking apps.

 

Originally posted by @Stephen Castles :
I have that, but a few people I know mentioned Buildium or Fipper Force to be more towards what we do. I just was hoping someone with knowledge of those could suggest one or the other or something along those lines. Thank you for responding!

Hi Stephen,

FlipperForce is a rehab project management platform that has deal analysis, repair estimation, scheduling & expense tracking specifically for house flips/rehabs.

We do have an expense tracker/job costing tool that is used for tracking your actual project expenses so you can calculate how much profit you made on your flip, but it is not a full blown accounting software, so you would still need to have a separate general business accounting software to manage other aspects of your business.

The biggest problem flippers have with accounting is they just neglect it all together...and then they wait until the end of the project or wait until the end of the year to take the pile of receipts they have in a shoebox to try to calculate how much profit they made that year.

If you use a basic expense tracking tool to log all of your expenses and take the time each week to stay up-to-date then you should have everything organized for tax season.

If you go with QB, make sure you talk to an accountant so they can set it up for you, because it is confusing for non-accountants.