Quickbooks and other software
What is the best software for accounting purposes? Also, do they allow you to receive payments?
Following - I have a really hard time finding good accounting software. I struggled with both Quickbooks and Xero in the past, and would be interested in making a switch.
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
If you click on the magnifying glass you’ll see previous discussions. This is literally asked weekly.
If you have less than 20 or 30 properties, Quickbook’s little $50 brother Quicken is overkill and will provide all the reports and info you need. You can enable online banking and deposits/checks/credit card purchases will be entered automatically.
Give Stessa a try.
We use quickbooks online version, and it works well for us.
Apartments.com has been a useful platform for lease up and payments. They also have a maintenance request feature that is user friendly and easy to track issues.
- Real Estate Broker
- 1658 N. Milwaukee Ave Ste B PMP 18969 Chicago, IL 60647
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@Towanda Glenn if you have a bunch of units, then your accountant will almost 100% use QuickBooks. The big issue all of us in the industry have is that QuickBooks doesn't do a lot of the other things you need from a property management software.
If you have just one or two buildings, just use separate bank accounts to collect everything. Use Zelle to collect rent, and then quarterly just go through and color code your expenses. When I just had two or three buildings this was by far the most efficient way to keep track of things (and it was free).
Some property management apps even have integration with Xero or Quickbooks so you can use the comprehensive accounting features, while also taking advantage of industry-specific features like online rent collection, tenant screening, etc.