What is the best accounting software for tracking multiple properties? Is it worth investing in something beyond QuickBooks?
I use a software called Beaver and I like it. This is focused on property management accounting and you can track multiple properties. The best part of this software is that you can do tax preparation at the same time.
Quickbooks is more than sufficient of a software to track a rental business with multiple properties.
You can have one file and track each property as a separate class.
Alternatively, you can save each property as a separate file. This ma be recommended if you have the property in an entity and need to generate financials for tax return purposes.
Quickbooks’ little brother quicken is overkill for 15 properties.
Thanks Jake! I’ll check it out.
Thanks Basit! That makes sense. I’ve used classes for other multi-income streams. No sense in buying more software at this point.
@Joanna Lilly there are alot of softwares, such as Tennant cloud, which offer property management / landlord/ and accounting all in one. The best thing for you is to find something that accepts QuickBooks if that's what you use. Many softwares work hand in hand.
It may not make sense to have software now. But if you are planning to scale, I would set up your processes now. If you have one unit, I would set up processes as tho I had 100 units.
If your not planning on scaling, then whatever process works for you now, you can just optimize.
Your thought process helps. I feel like I’ll always use QB for certain accounts, so switching over entirely isn’t really a viable option.
I'm definitely planning to scale up over time, partly for myself as an investor, and partly to offer bookkeeping services specifically for REI clients. I'll see if I can test drive Tennant, Beaver, or others before purchasing.
Appreciate your input!
@Joanna Lilly awesome. Sounds like a plan. Let me know if you have any questions, I have about a decade of experience with QuickBooks, as I am an accountant also.