What software do you use to track rents and expenses? Any Quickbooks online users?

General Landlording & Rental Properties
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What software do you use to track rents and expenses? Any Quickbooks online users?

Marcee Stephenson
Rental Property Investor · Elyria, OH · Member since 2018 · 15 posts · 8 votes

I have used Quickbooks desktop pro for 5+ years and have been happy with it.  They now charge an annual subscription even for desktop versions.  Anyone use Quickbooks online?  Or are there other expense tracking software that you are using?  

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y

@Marcee Stephenson

We use QuickBooks but are looking to switch to Microsoft business central. Can let you know if it’s worth it.

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  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    3y

    Hello @Marcee Stephenson!

    I use Quickbooks currently and just downgraded my account to a $60-70 monthly plan. I was previously paying an additional $250-300/month for bookkeeping.

    I still like the QB platform and assuming all of your income and expenses go through the same accounts for your rentals, I think you'll find the quick P&L and monthly reports to be useful on there.

    All the best!

    Abel

    REbuild Team - eXp Realty5234 Reviews
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  • Ragan Manning
    Accountant · Houston, TX · Member since 2021 · 54 posts · 35 votes
    3y

    I'm a bookkeeper for REI and it really depends on your portfolio if you need QBO. If you are under 5 properties you could get away with a different software or QBO simple start. You can run your properties under customer instead of classes. Anything over 10 properties I would recommend QBO plus to run your properties under classes. Now I have heard of other people use customers with a lot more properties but I personally have never done this.

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Marcee Stephenson

    We use QuickBooks but are looking to switch to Microsoft business central. Can let you know if it’s worth it.

    7e investments53 Reviews
    WebsiteView Page
    1Reply
  • Dustin Lauer
    Lender · Orlando, FL · Member since 2016 · 340 posts · 115 votes
    3y

    @Chris Seveney I’m using the trial now as a lender mostly though

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y
    Quote from @Dustin Lauer:

    @Chris Seveney I’m using the trial now as a lender mostly though


     Have you found a way to have it track and manage your loans, or a plugin/app for that purpose?  We buy debt and sometimes lend and wanted to have more systems integration because our other systems are not so hot. We have one we found that looks promising but it runs on the FnO version which is 10x the price.

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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    A Property manager. Which is how it should be.

    0Reply
  • Dustin Lauer
    Lender · Orlando, FL · Member since 2016 · 340 posts · 115 votes
    3y

    @Marcee Stephenson

    I think Stessa is free so might be worth looking into.

    0Reply
  • Ryan KellyBusiness Member
    Real Estate Broker · Austin, TX · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    @Marcee Stephenson Stessa

    [email protected]512-674-5478
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  • Jim Rivell
    Investor · Philadelphia, PA · Member since 2022 · 106 posts · 56 votes
    3y

    Also using Stessa and yes it is free for now. There are some specific reports that are behind a paywall and I believe the plan is $16/month. We only have 2 properties so this gets the job done. The platform is always evolving and has already changed once since we started using it 8 months ago, just FYI. 

    1Reply
  • Ron Brady
    Rental Property Investor · Burlington County, NJ · Member since 2019 · 540 posts · 771 votes
    3y

    Stessa

    1Reply
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    3y

    Check out Baselane

    0Reply
  • Dustin Lauer
    Lender · Orlando, FL · Member since 2016 · 340 posts · 115 votes
    3y
    Quote from @Chris Seveney:
    Quote from @Dustin Lauer:

    @Chris Seveney I’m using the trial now as a lender mostly though


     Have you found a way to have it track and manage your loans, or a plugin/app for that purpose?  We buy debt and sometimes lend and wanted to have more systems integration because our other systems are not so hot. We have one we found that looks promising but it runs on the FnO version which is 10x the price.


    What's FnO?  

    We use mortgage automator right now, but I recently brought on a skilled CTO and we're building one.  Also we're trying out Land Gorilla's servicing functionality since we use them already for construction escrow management.

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  • Sean O'KeefePro Member
    CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 871 votes
    3y

    I'd suggest Stessa, Digb.com, or Quickbooks Online. These are the main real estate-specific accounting/tax software that is out there right now and is reasonably priced. Also, your CPA will love you for using them ; )

    [email protected]628-241-0888
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  • Markus Shobe
    Accountant · Indianapolis, IN · Member since 2019 · 247 posts · 135 votes
    3y

    My clients use Quickbooks Online. It can work as long as it is setup properly.

    1Reply
  • Sean O'KeefePro Member
    CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 871 votes
    3y

    @Markus Shobe indeed, $85 per month for Quickbooks Online version with classes to track multiple properties. Unfortunately, the chart of accounts isn't tailored to real estate investors out of the box and also more manual to track rent roll. I think this is the big differentiation between Digb.com ($1 a month to start) and Stessa (free to start) and Quickbooks Online ($85 a month to start).

    [email protected]628-241-0888
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  • Marcee Stephenson
    OP
    Rental Property Investor · Elyria, OH · Member since 2018 · 15 posts · 8 votes
    3y

    Thank you for all the replies.  I'll check into Stessa and a couple others mentioned.  

    1Reply
  • George Waters
    Investor · Hicksville, NY · Member since 2014 · 23 posts · 8 votes
    3y

    @Sean O'Keefe my cpa said he would teach me how to use quick books if I got it. I still use pen and paper

    1Reply
  • Michael DiossaPro Member
    Investor · RI · Member since 2023 · 192 posts · 163 votes
    3y

    If you're doing it yourself and not using a PM. Quick books or Rentredi

    0Reply
  • Tim J.
    Investor · Vermont and New York · Member since 2023 · 308 posts · 309 votes
    3y
    Ugh.  Get software that was designed for rental management, not a general purpose accounting software.  Switch as soon as you can

    Stessa
    or
    Buildium
    1Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    3y

    Quicken (Quickbook’s little brother) is $50 a year and it’s overkill for 20 properties. It auto downloads all your banks and credit card transactions and allocates expenses per property and reason. 

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  • Sean O'KeefePro Member
    CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 871 votes
    3y
    Quote from @George Waters:

    @Sean O'Keefe my cpa said he would teach me how to use quick books if I got it. I still use pen and paper

    Quickbooks isn't set up out of the box for real estate. To track multiple properties it will cost min $85 a month (not including your CPAs hourly rate to train you (this is more expensive than all of the other options mentioned on this thread (since your CPA isn't paying the $85 a month I'd review some of these other less expensive options listed in thread)

    [email protected]628-241-0888
    1Reply
  • Sean O'KeefePro Member
    CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 871 votes
    3y
    Quote from @Tim J.:
    Ugh.  Get software that was designed for rental management, not a general purpose accounting software.  Switch as soon as you can

    Stessa
    or
    Buildium

     Yes, definitely Stessa or Digb.com 

    [email protected]628-241-0888
    1Reply
  • Joshua Davidson
    Rental Property Investor · Morgantown, WV · Member since 2018 · 57 posts · 24 votes
    3y

    I use QuickBooks Online religiously and love it. As long as you don’t need to enter a bunch of checks manually, the automated functions and ease of use are great. We use it for our properties/companies and will continue to do so.

    1Reply
  • Laura Newton
    Rental Property Investor · Member since 2023 · 26 posts · 15 votes
    3y

    Left QB recently, now on Excel and evaluating Digb or Stessa 

    0Reply
  • Nathan MillerPro Member
    Property Manager · Grants Pass, OR · Member since 2009 · 429 posts · 202 votes
    3y

    I agree with all the others in that Quickbooks isn't designed for landlords.  If you use a software designed with landlords in mind you not only get an application that is simpler to use, but one that gives you good tools like a tenant portal (so tenants can make online payments & report issues) plus tools and reports to simplify tax time (think schedule-e specific reports, or electronic 1099 filing).

    Many of the good tools are going to have a similar rate to Quickbooks though, although they will provide many more useful tools to you and your tenants than QB.  The more mature platforms that are designed for landlords/property managers include Rentec Direct, Buildium, Appfolio, Propertyware, and Rent Manager. These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.

    If lowering your cost is your primary concern, there are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc). These platforms include RentRedi, Stessa, Avail, Innago, Apartments.com (formerly Cozy), and TenantCloud.

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