My question is simply what accounting software are other BP landlords using for tracking for the sake of taxes, budgeting, expense/income reports, etc?
I realize this is a topic that has come up and has been answered many times over the years, but I feel like it is worth asking again as technology is always changing/improving. I would love to hear what other newer landlords are using?
Most people I have spoken with advise me to go with Quickbooks; if you are using Quickbooks, do you suggest the online version, or the desktop version?
- In June I will be closing on a fourplex that I will be living in and renting the other three units.
- This is my first property.
- I very competent with technology as a whole, and I would love to purchase a program that is able to provide me with in depth reports.
Thank you in advance for your time and advice!
@Isaac Schaefer I recently switched to Rentec, and have been pleased with the simplicity of the product. It offers robust reporting, online payments, and screening. It’s priced right for small portfolios and their customer service has been great!
Check out the free software options like TenantCloud or Cozy. Or use a spreadsheet. Don't make things more complicated than they need to be.
Thank you for the tips - Nathan and Matt.
If you have tenants might as well just use a spreadsheet.
If you're starting fresh, Tennant cloud more tech and flashy where as rentec is more simple.
But not sure what kind of in depth reporting you need... It's fairly simple. Property is either rented or vacant for a period of time. Rents are either on time or late by a period of time. Repairs you're going to pay the invoice so you've already done 90% of the reporting add it to a spreadsheet. Keep adding in the costs and the unit associated and at end year use it for tax.
That'll cover most everything you'd need for taxes.
I use Cozy and QuickBooks Online. QuickBooks is likely a bit more than is needed, as I probably could do it with Excel... but I used it as an excuse to learn QuickBooks.
Eventually I'll upgrade to the full/desktop version of QuickBooks, but with a couple properties, it's really not an issue.