Investor · New Haven, CT · Member since 2012 · 285 posts · 175 votes
Does anyone out there have any experience using Xero accounting software for Property Management? I use Quickbooks for managing my properties now and use the 'class tracking' feature to set up each individual property I also use Customers & Jobs to track tenants.
My main reason for wanting to switch is because importing data into QB is a pain. It looks like xero has better bank integration. Can anyone give me a review? Appreciate any help!
Gainesboro, TN · Member since 2014 · 3 posts · 3 votes
9y
Hi Shawn,
Hopefully, this reply doesn't come to late to be useful to you.
I'm a CPA who runs my own small rental property business using Xero. I've also got a couple clients using it for their property management businesses.
Xero uses Tracking categories in a similar way as QuickBooks. I find generating reporting using Xero's Tracking categories to be much easier than in QuickBooks. You would also use Customers in a similar way. Xero does not have job tracking built in. Largely, I just track the properties using the Tracking categories exclusively. You can create P&Ls and Balance Sheets for each property very easily.
The ease of converting a set of QuickBooks to Xero is one of the great features of Xero. Xero has automated the conversion and it's pretty quick. Bank integrations are pretty good with Xero. Some very small community banks might not have integration, but that's a downside of using a bank with only one or two branches. All in all, can't say enough good things about Xero.
I'm happy to answer any other questions about Xero, so other community members can benefit as well.
I started a discussion similar to this about Buildium, Buildium: Stand Alone Property Management Software?, you might want check that out because a good amount of people have been discussing all kinds or programs and features now as the conversation has evolve. I am sure you could just repost this question in there, I don't think anyone has specifically mentioned Xero yet, but it sounds like some of these people have tried a few.
Gainesboro, TN · Member since 2014 · 3 posts · 3 votes
9y
Hi Shawn,
Hopefully, this reply doesn't come to late to be useful to you.
I'm a CPA who runs my own small rental property business using Xero. I've also got a couple clients using it for their property management businesses.
Xero uses Tracking categories in a similar way as QuickBooks. I find generating reporting using Xero's Tracking categories to be much easier than in QuickBooks. You would also use Customers in a similar way. Xero does not have job tracking built in. Largely, I just track the properties using the Tracking categories exclusively. You can create P&Ls and Balance Sheets for each property very easily.
The ease of converting a set of QuickBooks to Xero is one of the great features of Xero. Xero has automated the conversion and it's pretty quick. Bank integrations are pretty good with Xero. Some very small community banks might not have integration, but that's a downside of using a bank with only one or two branches. All in all, can't say enough good things about Xero.
I'm happy to answer any other questions about Xero, so other community members can benefit as well.
Property Manager · Brookings, SD · Member since 2018 · 2 posts · 0 votes
8y
Mark,
I am looking to start a property management company in the next 6-9 months. I do not own my own properties but would manage about 75 houses (I am buying the portfolio that I already manage as an employee of an existing PM company). I have experience with QB but want to use Xero...and currently am in a Free Trial.
My thoughts are that I would have two tracking categories: 1. Properties and 2. Management. My understanding is that each house I would manage would be an 'option' under the 'Property' tracking category. In other words, I would have 75 options under the Property tracking category.