What is a good Accounting Software for rental properties

Question

what is best accounting software for rental properties?

Grant Shipman · Answer

Rentec Direct customer service blows me away, and my tenants love their app to pay rent /  etc.

Kevin Schulz · Answer

Another good aspect not yet mentioned about QB online is the use of the phone app to store receipts in the cloud.   Take a quick pic and hit a few selections and the posting is done... then it matches up with your bank records that are brought in online from your bank or credit cards.

Russ Draper · Answer

Well I ended up going with Quickbooks and I married an accountant :)

Seriously though, there isn't anything great out there right now, I am actually developing something now just for real estate professionals/landlords/flippers but it isn't ready yet.

James Wise · Answer

I prefer Rentec Direct. I've tried Buildium as well. They are similar but liked Rentec's design better.

Daniel Hyman · Answer

@Kisha Lindsay Quickbooks Online (with class tracking) is the software of choice for most investors that I have encountered. There is a learning curve, but once grasped, it can be a very empowering tool. There are tons of helpful You Tube videos out there to learn the basics.

Bettina F. · Answer

I went with Quickbooks Pro upon recommendation of my CPA.    You do not need to update every year unless you have employees and run payroll.  You can buy last year's version very cheaply.  Get the manual and the video tutor, or the Udemy course, and you are on your way.

I have one multifamily.  In QB lingo, my tenants are "customers", my apartments are "Jobs".  QBs is highly adaptable for rental properties.   I use customer notes to record tenant interactions.  Use the calendar as a tickler to remind you when taxes are due, rent increases due, etc.   I modified the standard invoice the read "Rent Due" and email rental invoices to tenant.  I can track different income items -- so I know how much the on-site laundry is making and how much I collected in late fees.  At tax time, I can run a 1099 report to know which vendors I need to file on, and just download my files to a zip drive for my accountant.

I have not set up the on-line payment portion, but that is also available from Intuit.

Stewart Beal · Answer

We use rent manager which is less expensive than some of the newer offerings like appfolio.  Rent manager has extensive tools for managing single family homes, apartments, and office spaces.  We currently manage 1,700 units with rent manager.

Paul W. · Answer

Thanks for the tip Kevin!  That will resolve an ongoing need which my ADD brain considers to be “excruciating administrative tasking”. I came new to this site seeking info to help determine if I could just update my existing QB desktop, which I haven’t needed for a few years, or move to QB online.  Within 3 minutes of landing here (not including the brief on boarding process to become a member), you allowed me to make that decision.  I look forward to using the breadth of resources on the site, and perhaps eventually adding something to, this strong community.

Mike McCarthy · Answer

With a couple properties, I find QuickBooks Online really easy to learn and get up and running.  I figured it would be a good skill learned for future business endeavors.

The one issue with the online version is lack of classes, so tracking properties separately is a bit of a pain.  Once I have more properties to track, I may upgrade to desktop... but for now, the online version works well for me.

Kisha Lindsay · Answer

Thank You! I would also like to speak with you about tax prep.

What is a good Accounting Software for rental properties

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