Knoxville, TN · Member since 2014 · 116 posts · 57 votes
So Im looking into using a property management software such as Rentec or Buildium. If I do this will I still have to enter everything into Quickbook? If so what is the benefit of the software over just using Quickbooks? Thanks for any help. I hate accouting and quickbooks but am trying to figure it all out.
Investor · Vincennes, IN · Member since 2013 · 223 posts · 108 votes
12y
Our experience, skip the property management software and just use Quickbooks. Quickbooks by itself is fine for several hundred tenants. We have in the past tried using different property management softwares in conjunction with Quickbooks and found it wasn't worth the time or expense of entering into 2 different programs.
While Quickbooks itself is not a good PM software, we have come to the conclusion that it in itself is fine for most Landlords.
Also, every accountant has Quickbooks. Asking them to look into a separate software program if you need help is not only frustrating, but pricey.
Now if you have over 500 tenants with multiple owners, a separate program would be a neccesity.
Rental Property Investor · Davenport, IA · Member since 2013 · 54 posts · 18 votes
12y
I am using Rentec right now and looking at getting Quickbooks for financial statements. Do I upgrade to rentec pro? Is there overlap between quickbooks and rentec? I'm not sure either, anybody out there using both programs together?
Investor · Vincennes, IN · Member since 2013 · 223 posts · 108 votes
12y
Our experience, skip the property management software and just use Quickbooks. Quickbooks by itself is fine for several hundred tenants. We have in the past tried using different property management softwares in conjunction with Quickbooks and found it wasn't worth the time or expense of entering into 2 different programs.
While Quickbooks itself is not a good PM software, we have come to the conclusion that it in itself is fine for most Landlords.
Also, every accountant has Quickbooks. Asking them to look into a separate software program if you need help is not only frustrating, but pricey.
Now if you have over 500 tenants with multiple owners, a separate program would be a neccesity.
Real Estate Investor · Chicago, IL · Member since 2014 · 229 posts · 171 votes
11y
Same issue here. Coming to the realization that PM software is distinct from Accounting software, although each has some overlap.
Currently leaning towards using PM software for per property financials because I need the integration for late fees, etc. But I can use QB for business expenses like telephone and travel. Also can use QB for aggregated property data such summary expenses and summary income but not individual transactions.
Vendor · Cincinnati, OH · Member since 2016 · 53 posts · 12 votes
10y
I would highly recommend contacting your PM software (or the ones you are interested in) and ask about the accounting side. Most should have the same reporting capabilities as Quickbooks and it cuts down the need (and cost) of having to work out of two systems. You should also be able to ask for a mini demo and have them work through a few accounting tasks so you can see the similarities or differences. Pat, since it sounds like you are still researching software, I would also ask for a free trial so you can play around with the software to see if it covers all of your needs. You can typically get a better feel of how it will work with your business with a trial more so than a demo.
Rental Property Investor · Tyler, TX · Member since 2016 · 198 posts · 89 votes
9y
I just read on Rentec's site that they offer QB integration for when you deliver the financials to your accountant, they're in QB form for what they like.