Greetings: As I here businesses may be steering away from Quick books I wanted to get some opinions on Landlord/Accounting Software that you all use.
We use rent manager for property management and it has a very good accounting module. It's not a cheap property management software though, but it is very good.
Depends on what your plans are. My strategy was to manage my own and then evolved into managing for others. I started with QuickBooks and I will maintain and evolve with QuickBooks. But to manage for others I decided to subscribe to Propertyware which has accounting built into it as well so my QuickBooks is redundant however I keep QuickBooks as the backbone of my accounting and Propertyware as the tool that reflects accounting to my tenants and property owners. I'm not saying Propertyware is the best and I do have plans on switching in the future as I grow but I do feel 2 platforms are needed to separate my management business from my total personal business.
@Marcus Robert Can you share with us why you are looking to move away from QuickBooks?
Hi Dick and Gita:
Thank you for your responses. I am am not necessarily moving away from Quick Books. I read somewhere that "people" are moving away from it. From your responses it is evident to me that you validate it as an important tool so it appears that it is most likely what I should be using. I would like to set it up so that I can basically hand reports with receipts to my tax guy and be done with it. I currently manually enter into excel with a spreadsheet I made (formulas etc...). I have only 2 properties but would like to be able to enter the data and then pull several reports.
Still bit unclear which reports your accountant needs that are not under Quick books (or any other general accounting software).
Just need PnL (Profit and Loss) and B/S sheet (Balance Sheet) right?
I assume you put in all your expenses in Quick books?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing