Bookkeeping Software Recommendations

[Cody Z.]

Hi All,

I am curious what you all are using to automate your bookkeeping?

I am currently doing my own spreadsheets but would like to have automated as I plan to scale to more properties and use a dedicated checking account for my HELOC. All input is welcomed. Thanks!

[Adam Hamilton]

@Cody Z..- Exactly- you create properties first, then link your bank accounts to get a transaction feed, and then you 'book' those transactions by applying the right property and expense account (or whatever type of transaction). For overhead transactions that apply to your whole rental business, you leave the property field blank to book it to the Portfolio level (can be prorated among your properties from there).

@Allen Meringolo- REI Hub differs from Stessa in a few ways. The biggest/most visible differences are that 1) REI Hub is double-entry accounting software (like QuickBooks, Xero, etc.), and Stessa is single-entry (similar to a spreadsheet). Double-entry accounting is needed to create a true Balance Sheet that tracks items like your basis and accumulated depreciation. 2) REI Hub is very customer service oriented- we offer onboarding calls to everyone who signs up for a free trial and provide ongoing phone and email support. 3) REI Hub is a paid subscription (30 day free trial), while Stessa is free.