Real Estate Investor · Narvon, PA · Member since 2014 · 2 posts · 0 votes
Hi,
I was looking to upgrade my accounting systems at the beginning of the new year. I was wondering what the best software is for real estate accounting? Or what you would advise me to use? All options will be greatly appreciated
Thank you, Omar
Retired Landlord/Author · Commerce Township, MI · Member since 2012 · 1k+ posts · 1k+ votes
11y
Believe it or not most CPA's don't know how to setup QuickBooks the correct way for Landlords.
You see a normal CPA or an Accountant who isn't a landlord, looks at QuickBooks through an accountant eyes. They want you to do a lot of Journal Entries. Yep, I just said the No NO Word...JOURNAL ENTRIES.
QuickBooks does all this for you behind the scenes. Just once in awhile you may need to do a Journal Entry.
Yes, QuickBooks can look and seem intimidating because it is so Robust! But it really isn't hard at all. But if you want to use all it's features, it does take some time to learn. I have taught a quickie course in 4 hours. But to know it fully would take about 8 hours or even 16, if one is doing a seminar and teaching it all.
But all in all QuickBooks is a Landlords best friend.
Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
9y
Not yet, but close to making a decision. I've been waiting to select a CPA (which I will this week) and see which system they wanted to use or preferred for me to use. I tested Xero and have QB desktop and Xero was much more intuitive. I have 3rd party management; so, I do not have the same needs as many investors on BP and my bookkeeping could be pretty easy if I decide not to replicate every transaction from the PM in a bookkeeping package (but there are some benefits to doing this). This process has taken longer than I would like but I want to get it right the first time around and not have to revisit it. My schedule is crazy; so, repeatable processes and systems are important to me. Looking forward to having this one behind me.
System Administrator / Investor · Eugene, OR · Member since 2015 · 144 posts · 29 votes
9y
Ahh OK, I think I'm going to start a trial of Xero today. I'm in the same boat, handful of properties fully managed by 3rd party, so just need to enter transactions from monthly owner statement.
If you need a recommendation on a great CPA please send me a PM.
Investor · Denver, CO · Member since 2016 · 736 posts · 582 votes
9y
I've used Quickbooks, I've us d various iterations of Peachtree, Ives used Excel spreadsheets.
For ease of use, project tracking, and ability to track/depreciate fixed assets, I absolutely recommend Xero. Xero is my choice going forward hands down.
It's going to depend on the business you're running. If it's just for expense management and reporting, you can use a resource like Xero.
If you're flipping and rehabbing and carrying an "inventory" of property, you pretty much need to use Quick Books. I'd recommend using QuickBooks anyway. There's a good recent thread below with some info to help:
@Mike Dymski With Xero it would depend upon what your needs are. Many just need the starter. Let me know. As a partner I have discount codes available if you want to try it.
Could you please send me discount code I would like to give it a try.
Ahmedabad, Gujarat · Member since 2016 · 4 posts · 0 votes
8y
There are many accounting software on the market. Accounting software is more similar than different in terms of features. Standard modules include general ledger management, invoicing, and payment processing.
Atlanta, GA · Member since 2018 · 2 posts · 0 votes
8y
MRI Software's offering is pretty good. Not sure if you are looking for something specific, but they have a suite of offerings, once you visit their general ledger for real estate page, you could get to something specific.