In this article, we take a look at 9 property accounting and management software and how they can help you streamline workflows and stay on top of your finances for tax time. While PropertyMe has basic listing, inspection, and bill management features, the software mainly statement of stockholders equity explained focuses on accounting. Premium starts at $50 per unit per month with a $500 monthly minimum and 2x the fee for implementation.
Benefits of Accounting Software for Rental Properties
ZenLord Pro offers a free plan, with the most popular plan priced at $11.99 per unit per month. Learn how we stay transparent, read our review methodology, and tell us about any tools we oregon tax rates and rankings oregon taxes missed. Rent Manager’s Open API is available as an add-on for all plans for an additional fee. You’ll have to reach out directly to their sales team to receive a custom quote.
- You can access and update clearly organized financial details for each property, unit, client, and vendor.
- ZenLord Pro offers a free plan, with the most popular plan priced at $11.99 per unit per month.
- FreshBooks gives useful financial insights to help you make important business decisions, including how much to charge in rent or when to invest in property upgrades.
- It includes unlimited users, live software support, resident screenings, and access to their mobile app.
Luckily, FreshBooks can help you achieve a better work-life balance by automating time-consuming accounting tasks. Free up your day for more important work by automatically organizing expenses and following up with tenants. However, because QuickBooks is a general accounting software solution, brand alignment definition it doesn’t offer many real estate-specific features that many rental property investors need. When evaluating accounting software for rental properties, understanding the costs and pricing models is essential for making an informed decision.
Best Accounting Software For Rental Properties Reviewed In 2024
It’s always a good idea to test the software before you purchase to ensure it has all the features you require. Note that the onboarding fee jumps up to $1,348 for when you onboard more than 400 properties and $1,800 when you onboard more than 900 properties. Let DoorLoop help streamline your operation by bringing everything together into one easy-to-use platform. Users report lacking the ability to customize key features, but they say Rentmoji’s customer service is great. However, the company doesn’t list its pricing publicly, so you’ll need to contact Rent Manager to get more information.
Costs & Pricing of Accounting Software for Rental Properties
While it has a range of tools, including online rent payment, vacancy posting, and maintenance requests, AppFolio may end up being a lot more muscle than the typical rental property owner needs. As a result, it may not be economical for independent landlords who self-manage their properties. Tenants can sign leases, manage requests and pay rent online, while property managers can access property management tools on the go on any device. As you’ve probably realized, there’s a lot of software options out there to help you handle rental property accounting.
To help you get started in your search, I used my experience in financial management software to test and compare the top solutions on the market. Look at each plan offered by a considered software and select the one that will most likely meet your needs, particularly in terms of the number of users and breadth of features. Compare that plan’s pricing with your budget to determine if the price will be manageable. Also, determine if the software offers any free trials, free versions or discounts. This information can usually be found in the frequently asked questions (FAQs) section of the software’s pricing website page. Landlords who manage one or two properties using a Windows desktop computer should consider Quicken’s Home & Business plan for their real estate accounting needs.
The software is good for beginning real estate investors who don’t have an accounting background, and for professional bookkeepers and accountants. Below is a list of additional accounting software for rental properties that I shortlisted. While they didn’t make the top 10, they’re still valuable and worth further research. This in-depth analysis provides overviews of each accounting software for rental properties. There may also be additional fees for tasks, such as advertising vacancies, rental applications and lease forms, and online payments, which depend on the pricing plan you select. However, landlords who require comprehensive tenant management features beyond accounting capabilities may find REI Hub lacking compared to more all-in-one property management solutions.
You can also use the mobile app to manage transactions on the go, show off photos of your properties to your friends, and so much more. That being said if you’re specifically looking for an accounting-only solution, these powerful tools provide an excellent option. General accounting software like QuickBooks and Xero offer several benefits, the main one being their powerful and customizable accounting. Its modern feel is ideal for tenants that appreciate the well-designed experience that works equally well on a computer and mobile device. Additionally, they have a tenant portal to help with maintenance request tracking, as well as lease and document management. The Plus version adds advanced financial insights, configurable workflows, data exports, and revenue management tools.
