Hope everyone is doing fantastic. I am getting into wholesaling , buy and hold rental properties. I am looking for a tool to track my business and personal expenses. I came across the quickbook tool by reading some online articles. Based upon my business strategies, Can someone please recommend me the quickbook version to use to track my business and personal expenses. Thank you and have a wonderful day:)
Quickbooks, or Quicken? I’ve been using Quicken Rental Property Manager for about 7 years, and it works well for me. It is now just “Home and Business”.
I use Quickbooks Online but I have multiple entities that I need to keep track of. If you're just using it for wholesaling Quickbooks may be too complicated. I have heard of Freshbooks and I know there are a lot of less expensive apps out there. I hope this helps!
My accountant recommended QuickBooks Pro. I have been using a 2013 desktop version. I do not need the software to sync with my bank, as it is easy to switch between screens when recording bills in QuickBooks and then paying them on-line with my bank. There is a learning curve, but QuickBooks is a very powerful program and will grow with you. You only need to upgrade every year if you have employees and are running payroll.
I recommend Quickbooks Online, use it anywhere, cloud based. I used to use Freshbooks, but not nearly as customizable for my rentals.
@Sai Krishna Byra Since you are new at all this and also want to track your personal expenses, I suggest you start with Quicken Premier or Quicken Rental Prop Manager. Once you setup up multiple entities and get serious about RE investing, then you can advance to the more complicated, more costly and more professional Quickbook version. By then, you'll be more familiar with the whole accounting concepts, how to set it up and track it in Quicken, and the usually steep learning curve for Quickbooks will be more accessible.
Thank you all your inputs. Appreciate the info:)
I also use QuickBooks online, but also have other non-real estate entities to track. I like that its cloud based and you can use it from anywhere, even from your phone. Also, that you can set up 'Classes" to separate different businesses and properties. That allows you to run combined reports, or separate your real estate, or even just on one property.