Looking for Web based accounting for many rentals? Wave?

Question

We don't want to start accounting on a PC based package like quick books.  I know there's QB web.  But there's ALOT of web based choices today.  A few come up when you google

"freshbooks vs"

Someone suggested Freshbooks as a QB alternative.

That "vs" tells google to return comparisons and alot come up.

Has anyone used  https://www.waveapps.com/

They are free, and make their money on offering CC processing and payroll payments etc.

Curt Smith · Answer

Thanks Nathan,  You're an active poster to find your Wave setup post in your posting history is work.  I tried site search:  "Nathan wave accounting" did find one post of yours.  I'll try a few more searches.

Do you use it for accounting on many rentals?

Jeff B. · Answer

Did you consider the security & privacy of having your books on the web?

A browsers lock symbol (indicating a Secure Session) only protects data while moving from the input form to the website.  Once it arrives, it is stored on a disk and this is what the hackers know and go after.

I disdain all such Cloud / Web based products to protect myself and the personal IDs of my tenants.

Nick Valletta · Answer

Hello,

I was wondering if anyone could shed some light on the following scenario. I am currently using Wave and/or Zipbooks. Basically trying to find the best solution for the following:

1. Lead comes in

2. Close Deal (We'll say one month commission on a $5,000 / month unit) = $5000 gross commission

3. Invoice client for $5,000 - Receive check, cash etc

4. Give $5000 to broker, keep $3500 (70% commission rate)

Essentially what I want to do is track gross revenue, aka $5000 for this rental but I also want to know my net which is $3500. It would be the same for a sale too. $1,000,000 apartment, at 5% = $50,000 * 70% = $35,000. Gross revenue $50,000. What would be the best approach to do this in Wave Accounting or is there a better option? Thanks in advance!

Nick

Steven Hamilton II · Answer

Curt,I commented on your other thread. I will be honest. Do NOT waste your time for that activity on Wave. It does not have the capacity to handle that appropriately.

Anya K. · Answer

Hi Curt, I used Wave for about a year and a half and it was great. In 2014, upgraded to Property Solutions and love them! It is more of a complete property management suite. You don't have to sign up for all the features and can select what you want. Good luck!

Curt Smith · Answer

@Shanequa J.

What exactly will I out grow with Wave?  I have 20 rentals.  Add about 5 / yr via rehab and expenses.

Shanequa J. · Answer

I use Wave for my accounting and payroll only. It could work if you had a few properties, but I wouldn't start with it cuz you're gonna have to upgrade as you gain more rentals.

John Santero · Answer

My company utilizes BUIDEM. we manage 250 units. Love it.

Nathan Emmert · Answer

I use Wave... works great for me from a purely accounting point of view.  I made a post a couple months back about how I set it up.