Baselane Vs Stessa….
Member since 2022 · 11 posts · 7 votes
Baselane Vs Stessa….
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Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
2yI tried Stessa but the features didn't fit my business needs. I've been using Baselane since January to manage short, medium, and long term rentals that I own, arbitrage, and property manage. Baselane, unlike similar softwares is specifically for landlords and property managers. I love the ability to have a bank account that comes with free accounting software and rent collection. The team is also super receptive to feedback and I've seen continous improvements over the last few months.
10 Replies
- 3yCliff BennerBusiness MemberAccountant · Denver, CO · Member since 2020 · 392 posts · 183 votes
@Jason Bobby I have tried Stessa and I didn't Like it, I am an Accountant and went to School for Accounting, so for me I needed a software that allowed me to make Journal Entries and at the time I used Stessa, I was unable to do that, and I did not like the way the reports read when I pulled a P&L & Balance Sheet.
I have found Wave to be a decent software, it is just a free General Ledger Bookkeeping software, not industry specific at all, but allows integrations. It can be cumbersome at some points but it's free and you get what you pay for. I will upgrade to QBO in the future for my Businesses, due to my knowledge of it, then one day I may have more industry specific Bookkeeping Software for Real Estate but we will see.
Benner Stride52 Reviews - Member since 2022 · 11 posts · 7 votes3y
Quote from @Cliff Benner:
@Jason Bobby I have tried Stessa and I didn't Like it, I am an Accountant and went to School for Accounting, so for me I needed a software that allowed me to make Journal Entries and at the time I used Stessa, I was unable to do that, and I did not like the way the reports read when I pulled a P&L & Balance Sheet.
I have found Wave to be a decent software, it is just a free General Ledger Bookkeeping software, not industry specific at all, but allows integrations. It can be cumbersome at some points but it's free and you get what you pay for. I will upgrade to QBO in the future for my Businesses, due to my knowledge of it, then one day I may have more industry specific Bookkeeping Software for Real Estate but we will see.
Thanks for the feedback. Have you tried baselane? Also have you tried quickbooks?
Most free software I’ve tried I have not liked the User interfaces are terrible and I always find issues I don’t like. So currently I use Stessa and baselane for different things I prefer in each separately.
- Member since 2022 · 11 posts · 7 votes3y
Quote from @Cliff Benner:
@Jason Bobby I have tried Stessa and I didn't Like it, I am an Accountant and went to School for Accounting, so for me I needed a software that allowed me to make Journal Entries and at the time I used Stessa, I was unable to do that, and I did not like the way the reports read when I pulled a P&L & Balance Sheet.
I have found Wave to be a decent software, it is just a free General Ledger Bookkeeping software, not industry specific at all, but allows integrations. It can be cumbersome at some points but it's free and you get what you pay for. I will upgrade to QBO in the future for my Businesses, due to my knowledge of it, then one day I may have more industry specific Bookkeeping Software for Real Estate but we will see.
Actually I thought with Stessa you could add kind items in? Also baselane seems to be good as well with multiple virtual accounts etc.
- 3yCliff BennerBusiness MemberAccountant · Denver, CO · Member since 2020 · 392 posts · 183 votes
Quote from @Jason Bobby:
Quote from @Cliff Benner:
@Jason Bobby I have tried Stessa and I didn't Like it, I am an Accountant and went to School for Accounting, so for me I needed a software that allowed me to make Journal Entries and at the time I used Stessa, I was unable to do that, and I did not like the way the reports read when I pulled a P&L & Balance Sheet.
I have found Wave to be a decent software, it is just a free General Ledger Bookkeeping software, not industry specific at all, but allows integrations. It can be cumbersome at some points but it's free and you get what you pay for. I will upgrade to QBO in the future for my Businesses, due to my knowledge of it, then one day I may have more industry specific Bookkeeping Software for Real Estate but we will see.
Thanks for the feedback. Have you tried baselane? Also have you tried quickbooks?
Most free software I’ve tried I have not liked the User interfaces are terrible and I always find issues I don’t like. So currently I use Stessa and baselane for different things I prefer in each separately.
I use QuickBooks Online for my wife's business, our clients, and will use it for my real estate when I get to needing a better software. I have used Desktop and if you don't need payroll you can just buy any version of Desktop and use it for a very long time. the Updates for it are for new features and new Payroll Updates.
Careful with having the same books on two separate softwares, the more manual work you have to do the more likely you are to have an error.
Not sure about your Stessa comment. Maybe they disguised Journal Entries as "Kind Items" but it wasn't for me for that reason. Wave allows bank account integrations but is cumbersome. QuickBooks Online is just a better version of Wave, in my eyes, and I have 6 years Experience with it.
Benner Stride52 Reviews - Rental Property Investor · PA · Member since 2018 · 39 posts · 5 votes3y
@Jason Bobby and the rest of the BP community...
I am currently trying to decide between a big name bank, Stessa, or Baselane myself. I'd be interested in hearing more about what's working, what's not working, whether you're self-managing, and what your CPA thinks about your reports from both of these banks (Fintech companies).
My situation is as follows:
I contract my property management to two different companies because I own in two different locations. I'm locked into the reports they use. One uses Appfolio and the other uses Propertyware. Neither interfaces or reports seem great from the landlord side and since I would like to start creating more separation between the personal/rental/individual property finances I figured I could benefit from Baselane or Stessa through their competitive interest rates, low/no fees, and property management software.
Thanks in advance!
- Rental Property Investor · NJ · Member since 2019 · 5 posts · 1 vote3y
Also curious here. I'm leaning towards Baselane because of the UI is way cleaner but they don't have a mobile app which doesn't help me with receipt uploading on the go...
- Member since 2020 · 7 posts · 1 vote3y
I'm curious about this also, I've been testing Stessa but it's not intuitive and I keep finding weird glitches that make it almost more work than just entering transactions manually.
At some point I found it had automatically added a full security deposit return after a move-out, despite me not having manually entered it nor there being a bank transaction - so I contacted Customer Service and then forgot about it because I was testing other software. I opened it back up today and saw their answer to my question, they just said I could add a credit.
1. that does not solve the problem of it automatically adding inaccurate information, it should instead prompt me to do a security deposit return - so I can add any charges, this seems like basic functionality for a program that is specifically designed for rentals.
2. now I can't find the transaction again and can't remember where I found it in the first place (though I do remember it was in a weird place).
- Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes2y
I tried Stessa but the features didn't fit my business needs. I've been using Baselane since January to manage short, medium, and long term rentals that I own, arbitrage, and property manage. Baselane, unlike similar softwares is specifically for landlords and property managers. I love the ability to have a bank account that comes with free accounting software and rent collection. The team is also super receptive to feedback and I've seen continous improvements over the last few months.
- 10moTroy BaileyPro Memberclayton, NC · Member since 2017 · 99 posts · 38 votes
I currently use Apartments.com and Stessa, but I’m trying to consolidate everything into one platform. I’m torn between Stessa and Baselane, but the lack of a built-in maintenance request system on Baselane feels like a pretty big gap.
How are you all managing maintenance tickets, photos, and tenant communication if you’re using Baselane as your main platform?
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