Recomendation for financial system for small rental portfolio

Rental Property Investor · Portland, OR · Member since 2017 · 29 posts · 7 votes

Hi! Slightly old school here. I want to update my systems for managing my rental financials. Currently using spreadsheets for income and expenses (which is nice as I can integrate other info beyond numbers) and Monarch Money (for expense/income tracking) which are fine but I can't create a PnL from those, which would be nice.

Quickbooks seems to be the go to for just accounting. What do you use? I own 5 properties and possibly about to add 4 more doors, so want to get more organized and maybe move out of spreadsheet land. Not sure!

Thanks much!

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Christopher Tile

Accountant · Long Island, NY · Member since 2021 · 189 posts · 154 votes

6mo

QuickBooks is the standard, but I've also been impressed with Baselane. Our firm has worked with Baselane directly in the early stages and it's absolutely a great platform.

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Brian Crumrine
Member since 2024 · 10 posts · 2 votes
6mo
I only have used QuickBooks. Not designed for real estate but works fine. Feels expensive.
Bigger Pockets Pro gets you a Baselane membership. I have been considering switching to that.
Anyone have a review of that system?

1 Reply
Austin Adams
Member since 2026 · 4 posts · 3 votes
6mo
You’re right at the point where spreadsheets start to break.

Most investors move to QuickBooks Online around 5–10 doors when they are wanting clean P&Ls and property-level visibility.

Quickbooks has its quirks for real estate, but with the right setup, it works great:
• Track each property separately
• Use a rental-specific chart of accounts
• Run monthly P&L + Balance Sheet

You can still keep spreadsheets for extra analysis but using a real accounting system makes a big difference.

Are your properties all long-term rentals?
1 Reply
Robin A Jackson
OP
Rental Property Investor · Portland, OR · Member since 2017 · 29 posts · 7 votes
6mo
HI @Austin Adams thank you for your reply to this, appreciate it. Yes, I feel I'm right at that point of breaking, lol.

Yes all of my properties are long term rentals.

QB is expensive - but so is messing up.

I have heard about Baselane membership as well - I'm curious if anyone has comments on that.

thanks!
0 Reply
Austin Adams
Member since 2026 · 4 posts · 3 votes
6mo
@Robin A Jackson no problem!

I’ve seen a few people try Baselane and it’s solid for rent collection + basic tracking, but most investors outgrow it once they want cleaner P&Ls and more flexibility.

If you do end up going the QuickBooks route, there are usually discounted plans available through ProAdvisors. Happy to point you in the right direction if you need it.

1 Reply
Bill B.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
6mo
Quicken. (Quickbook’s little brother.). Is MUCH cheaper, and much easier to use for the non-accountant/bookeeper. It’s still over kill for 20 properties. It will download all bank/credit card transactions, track debts/loans (incoming or outgoing), give you reports per property, category, date period. Etc etc.
It takes me maybe 30 minutes a month for my remaining dozen properties to keep everything up to date. At year end I spend about an hour printing reports and comparing numbers to last year looking for any data entry (Human error) that occurred during the year. That’s about it.
1 Reply
Christopher Tile
Accountant · Long Island, NY · Member since 2021 · 189 posts · 154 votes
6mo
QuickBooks is the standard, but I've also been impressed with Baselane. Our firm has worked with Baselane directly in the early stages and it's absolutely a great platform.
2 Reply
Allison Park
Member since 2024 · 158 posts · 88 votes
6mo
I use Innago for overall rental management (4 rentals) It is free. They have basic financials/expense tracking. It was good enough for taxes this year.
2 Reply
Jake BakerBusiness Member
Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 696 votes
5mo
@Robin A Jackson
I agree with Austin Adams that you're right at the point where it may be worth upgrading to QuickBooks Online. You would need a Plus subscription. I think you're right that QuickBooks is expensive, but messing up is more expensive. I would consult with your CPA or a bookkeeper who can help you set up your QuickBooks for real estate.
I would be careful with these real estate-specific accounting software tools, which are first and foremost management software and only secondarily accounting software. They tend to be single-entry accounting systems that lack the proper checks and balances to ensure that your balance sheet is reconciled properly, which could affect you if you're filing a partnership return. It matters less if you are a single-member LLC or own the properties in your personal name.
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- Robin A Jackson
  OP
  Rental Property Investor · Portland, OR · Member since 2017 · 29 posts · 7 votes
  1mo
  Hi @Jake Baker finally responding to this so hope you see it! I've been knee deep in a new build and aquisition. Now it's time to get my system on track.
  
  Thanks for your recs. And i appreciate your perspective on Mmgt vs accounting.
  
  What I want is a really great management software (I have been using apartments.com of all things for apps, leases, bills, etc - and it's been fine) but also want better accounting software. I use Monarch for tracking everything currently for my business and personal. Ideally I'd like to keep using that and have been thinking about making the PnL/Business aspect of it work, but not sure.
  
  I am a single owner LLC of all of my properties. I hear you that is more important if you have partners and need to really have things dialed in for reports and stuff. For me, I just want to be able to track and be set up at tax time.
  
  I do love spreahsheets still as well so will keep using those regardless.
  
  What do you use to manage your properties?
  
  thanks for your input!
  0 Reply
Aaron ZimmermanBusiness Member
Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
5mo
Qbo top choice and then Stessa second choice. @Jake Baker gave an explaination as to why you'd choose qbo over another platform.
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Ryan FlanaganPro Member
Accountant · Naperville, IL · Member since 2020 · 41 posts · 27 votes
5mo
Adding my vote to QBO. If you want to talk a little more in depth about how you might set it up for 5 properties to make it nice and clean, DM me!
1 Reply
- Robin A Jackson
  OP
  Rental Property Investor · Portland, OR · Member since 2017 · 29 posts · 7 votes
  1mo
  Hi @Ryan Flanagan thank you for the offer. If I go that route I'll def be in touch, appreaciate it. (I have been knee deep in a project so got way behind on this, so hope you read this!)
  0 Reply
Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
5mo
What does your accountant use? That is another component to consider. For example, when I got started, mine used QuickBooks, so when I gave them access to the accounts, it made getting my taxes and everything done at the end of the year much simpler.
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Allan C.
Rental Property Investor · Member since 2018 · 828 posts · 811 votes
5mo
You're going to have a learning curve for whatever new tool you try, so I'll suggest you spend an extra few hours learning how to be more savvy with Excel. It's free and no less proficient than other tools.

if you know how to use VLOOKUP, your sheets won't break. Gives you ultimately flexibility for designing your P&L however you want. I log income, expenses, capital and P&L on separate tabs and they're interlinked.

FWIW, I run 40 doors through spreadsheets and my CPA likes how it's organized.
1 Reply
- Abir M.
  Member since 2026 · 7 posts · 4 votes
  5mo
  Quote from @Allan C.:
  
  You're going to have a learning curve for whatever new tool you try, so I'll suggest you spend an extra few hours learning how to be more savvy with Excel. It's free and no less proficient than other tools.
  
  if you know how to use VLOOKUP, your sheets won't break. Gives you ultimately flexibility for designing your P&L however you want. I log income, expenses, capital and P&L on separate tabs and they're interlinked.
  
  FWIW, I run 40 doors through spreadsheets and my CPA likes how it's organized.
  40 doors on spreadsheets is impressive ! do you handle the categorization manually every month or have you automated any part of that? Curious how that scales with your time.
  0 Reply
- Allan C.
  Rental Property Investor · Member since 2018 · 828 posts · 811 votes
  5mo
  I do categorize manually, but it only takes 2 hrs to reconcile books at end of each month. Many of the costs are recurring, so those can be automated.
  0 Reply
Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
5mo
REIHUB is what a lot of real estate investors are using nowadays.

Bes tof luck!
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Isabella Orsi
Member since 2025 · 7 posts · 5 votes
5mo
Been using Baselane for over a year and definitely recommend it. You can use it for several different things, which facilitates the whole thing. Background checks, rent collections, lease agreements, bookkeeping... I love it.
1 Reply
- Robin A Jackson
  OP
  Rental Property Investor · Portland, OR · Member since 2017 · 29 posts · 7 votes
  1mo
  great to year - I would love an all-in-one like this and so far 4 people have said yes to it. thanks!
  0 Reply
Tony Christian
Real Estate Consultant · Ft. Lauderdale, FL · Member since 2012 · 44 posts · 40 votes
5mo
I went through something similar. Spreadsheets work for a while. They’re flexible. I found I was spending too much time organizing things instead of understanding the numbers. Ask yourself, what do you actually want the system to do? Do you want basic bookkeeping, taxes, property-level P&Ls, or is it full accounting? For a smaller portfolio, simple is often the answer. A lot of landlords jump straight to accounting software and end up overbuying.
1 Reply
Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
5mo
Quote from @Robin A Jackson:

Hi! Slightly old school here. I want to update my systems for managing my rental financials. Currently using spreadsheets for income and expenses (which is nice as I can integrate other info beyond numbers) and Monarch Money (for expense/income tracking) which are fine but I can't create a PnL from those, which would be nice.

Quickbooks seems to be the go to for just accounting. What do you use? I own 5 properties and possibly about to add 4 more doors, so want to get more organized and maybe move out of spreadsheet land. Not sure!

Thanks much!

Question: which is more important to you at this stage:
1) P&L
2) Organizing data for buildings, leases, maintenance, etc. and accepting online payments?
Hard to find software that does BOTH effectively for DIY landlords:(
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- Robin A Jackson
  OP
  Rental Property Investor · Portland, OR · Member since 2017 · 29 posts · 7 votes
  1mo
  Exactly. I want both! : )
  
  I for sure want better management software - been using apartments.com of all things (not terrible) but it's a little clunky and I'd like to upgrade.
  
  For financials, Ideally something that will generate a PnL at least. I use Monarch money now for my overall life and it does do PnL but not geared to REI.
  0 Reply
Paul Novak
Rental Property Investor · WI · Member since 2023 · 192 posts · 144 votes
5mo
I was there a few years back. When I was at BPCON 2024 many other investors turned me on to Stessa. I gave it a shot because it was a free platform with many positive reviews. It was a pain in the butt to backload all my old transactions but once I caught it up I love the software. It’s been a great repository for all my documents, income, and expenses. It also digitized all of our receipts. I really like the software for our situation and we have 6 properties, 8 doors. If you have any questions about it or would like to see it in use let me know. I would be happy to help.
1 Reply
Andrea Fernandes
Specialist · Goa, India · Member since 2026 · 175 posts · 36 votes
4mo

Before committing to a bookkeeping platform, worth mapping out which of those two is causing more friction right now. The accounting gap is usually the more urgent fix at your portfolio size, but the operations side tends to catch up fast once you add a few more doors.

What's currently creating the most manual work for you day to day — the numbers side or the communication and tracking side?
1 Reply
- Robin A Jackson
  OP
  Rental Property Investor · Portland, OR · Member since 2017 · 29 posts · 7 votes
  1mo
  Thanks for your astute reply. I'd say the management /communications and tracking side is taking more time as I just added 4 more doors and apartments.com is not cutting it : )
  
  I use monarch money for all of my tracking (biz and personal) but it's not super dooper for REI, though it does have a Pnl option which I'm seeing if I can make work better.
  
  so I'd say more I want a new mgmt platform second, new accounting
  0 Reply
Christopher Gilbert
Investor · Pflugerville, TX · Member since 2014 · 152 posts · 95 votes
3mo
I started with spreadsheets, moved into Quicken Business and then ultimately went into Quickbooks Online. Spreadsheets worked just fine up until 5-10 properties then started to get messy and you always have to worry about adding rows/columns and making sure your formulas do not get messed up. Quicken Business was easy from a user point of view but it was a little clunky for reporting and the accountant's software did not integrate with it, causing my tax prep to cost more and losing any savings using Quicken. Quickbooks is the most accepted with accountants but is expensive and is clunky for real estate.

I went through this same question so many times over the years I just decided to go with Quickbooks and became a certified bookkeeper through their program to make sure I understand everything and can combine it with my real estate knowledge to get clean books for my accountant come tax time.

I found the hardest part of the bookkeeping is not really the software but trying to interpret the terrible property management software reports. Not sure why different property managers using the same software give such different versions of the monthly reports.
1 Reply
Dan V.
Real Estate Consultant · Norfolk, VA · Member since 2017 · 345 posts · 202 votes
3mo
As both a CPA and a real estate investor, I use QuickBooks Online for my own businesses and for my clients. There are plenty of accounting software options out there, but in my experience, the software isn't the deciding factor—the setup and the process are.

If you're comfortable handling your own bookkeeping and want to avoid a monthly subscription, QuickBooks Desktop is still a solid option. You can always convert it to QuickBooks Online later if your needs change.

However, if you think you'll eventually hire a bookkeeper or CPA, I'd recommend going straight to QuickBooks Online. It's the platform most accountants are familiar with, so you'll have much more flexibility when outsourcing your bookkeeping or tax work, whether the person is local or remote.

Whichever software you choose, invest the time to set it up correctly. A well-designed chart of accounts, consistent workflows, and proper property tracking will have a much bigger impact on the quality of your financials than the software itself.
1 Reply
Kevin Aumack
Glassboro, NJ · Member since 2025 · 37 posts · 13 votes
2mo
Quote from @Robin A Jackson:

Hi! Slightly old school here. I want to update my systems for managing my rental financials. Currently using spreadsheets for income and expenses (which is nice as I can integrate other info beyond numbers) and Monarch Money (for expense/income tracking) which are fine but I can't create a PnL from those, which would be nice.

Quickbooks seems to be the go to for just accounting. What do you use? I own 5 properties and possibly about to add 4 more doors, so want to get more organized and maybe move out of spreadsheet land. Not sure!

Thanks much!

Hi there! QuickBooks could be a great next step, especially if you're planning to add more properties.
QuickBooks Plus would allow you to track the individual properties using locations/classes, so you can see income and expenses by property while still producing an overall P&L.
Even at roughly $140/month, across five properties that's about $28 per property per month, and that cost per property continues to decrease as you scale. More importantly, you'll have proper financial statements and a system that can grow with your portfolio.
I'd say QuickBooks is a good starting point unless you have specific property-management needs that would make dedicated rental software a better fit.
0 Reply
Matt Selmer
Investor · Charlotte, NC · Member since 2026 · 1 post · 0 votes
1mo
For actual bookkeeping and a real P&L, QuickBooks does work but it's built for general business accounting, not rentals specifically — a lot of investors end up fighting it to get per-property reporting. Worth looking at Stessa, Baselane, or REI Hub instead — all three are built specifically for rental accounting, sync with your bank, and generate a real P&L per property, which spreadsheets and Monarch never will.
At 9 doors you're right at the point where that starts to matter a lot more than it did at 5.
Matt Selmer
www.9-5-exit.com
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Simon W.Business Member
Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 689 votes
1mo
At five doors heading toward nine, I'd leave Monarch/spreadsheet-only behind for anything you call books. For clients at that size, we put them on a real ledger with a rental chart of accounts, property tags, bank reconciliation, and monthly P&L plus balance sheet reports their accountant can use.
QuickBooks Online with locations or classes can work if you set property tracking up front. Baselane or similar can help banking and categorization, but still ask whether you can produce property cash flow and an entity balance sheet without rebuilding Excel. PM software is ops. It's not automatically your accounting system.
The decision test is simple: after month-end, can you say what each property cleared after debt and reserves, and does that tie to the bank? If not, you're still in spreadsheet mode with nicer charts.
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Brandon Hendrick
Portland Oregon · Member since 2021 · 14 posts · 1 vote
3w
Hey I actually just locked something up in Portland that you might be interested in feel free to message me.
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Allison Machazek
Accountant · Bloomfield, NJ · Member since 2026 · 19 posts · 4 votes
2w
Hi Robin, since you’ve recently added more doors, I’d start by deciding which system will hold your complete accounting records and how information from the management platform will get into it. Whichever tools you choose, I’d test whether you can reconcile every bank and credit-card account, produce a P&L by property, and track mortgage balances, security deposits and owner contributions separately. A profit and loss statement alone won’t show whether those balances are correct.
I’m a CPA working with real-estate investors, and I’d also plan the transition date carefully so transactions don’t get duplicated or omitted between systems. You can still keep your spreadsheets for analysis. Are you hoping to continue handling the bookkeeping yourself once the new system is set up, or would you consider ongoing support?
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