Who has moved from QBO to Rentastic (or other RE based software)

[Justin R.]

Ive been using QBO for 8 years and it has been O.K. at best. I have a decent size RE portfolio, and use professional property management. I don't need a property management based software.  I know how to use the basic features of QBO, as I do my own expense tracking, but my Bookkeeper is needed for the more complex entries (Loans, capital balances, reconciliation, data entry from PM monthly statements.)

I spend almost 8k per year in QBO and Bookkeeping costs (Not including my accountant or tax prep.) I would like to go to a more simple software like Rentastic, but here are my concerns.

- Loss of historical data (for both IRS audits and for personal portfolio tracking.)

- Unfamiliarity of software with my Bookkeeping and Accounting team.

-Will it be robust enough to track additional business expenses that are NOT tied to a single property (IE; Business insurance, Home office, ETC?)

If anyone has made the move, please let me know how the transition was, and if you are happy.

Cheers!

[Jake Baker]

@Justin R.

How many properties do you have? Just trying to gauge whether your bookkeeper is overcharging, especially if you are splitting duties.

I would be careful with real estate-specific software. I like @Basit Siddiqi advice about trying both software to make sure that you like it. 

These software are often excellent platforms for tracking income and expenses for investors; being user-friendly. For many, their downfall (and really what makes it so easy) is that it is a single-entry system. This means there are no checks and balances to ensure all transactions are entered correctly. A double-entry system (like QuickBooks) allows you to reconcile your bank statements,