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Are you still using Excel spreadsheets or handwritten ledgers to conduct your property management accounting? You can get entire weeks of your year back in saved time by switching over to property management accounting software!
Accounting software is better than books, spreadsheets, and even basic bookkeeping apps and programs. Accounting doesn't merely track your cash flows, payables, and receivables; it can generate useful analytics based on what you give it. Some programs even do your billing, budgeting, and reporting for you!
If this sounds like it'll make your life easier, check out these five accounting software options.
1. Hemlane
Hemlane is the ideal financial management software for landlords who do everything themselves. It gathers all income and spending data related to the units you run with the app and can generate all the ledgers you need with a few financial reports as well. The basic version is free, and the paid plans are super affordable (if you need the extra features, you're probably running a fantastic business).
2. Buildium
Buildium works for full-time managers or landlords of any sized real estate portfolio. As a dedicated property management accounting software, it comes packed with many helpful property management tools (e.g., tenant screening, e-signing, and financial reporting capabilities, to name a few).
3. DoorLoop
DoorLoop serves the same market niche as Buildium and is a similarly rated and well-loved real estate software. It comes with a wealth of real estate-specific features, which gives it a steep learning curve (especially if you've never used software like this before). However, its powerful features will help you reclaim some free time once you've got the hang of it.
4. Property Matrix
What makes Property Matrix special is that it's almost entirely customizable. You can tailor your dashboard and processes to fit your particular needs. This makes it a goodie for managers with intricate tax expenses, payroll needs, or other unorthodox needs.
Property Matrix has two drawbacks:
- It's one of the most expensive accounting solutions available
- It doesn't integrate with other accounting software (but you won't ever need it to)
5. Quickbooks
If your rental business is one of many businesses you run, then Quickbooks is a superb one-stop-shop accounting solution. Quickbooks is an intuitive accounting program for all purposes, not only property management. It will still give you all the critical financial analytics and reporting information, just from a general business perspective.
Even though it doesn't have all the features of its property management brothers, it doesn't mean you lose much. If you're running multiple businesses, using a single app cuts overheads. Outsourcing the finer details of your property management accounting also often works out better for these landlords.
Unlock the Potential of Property Management Accounting Software
Property management accounting software can take your property management efficiency to the next level. It can automate your accounting processes, and most programs handle other real estate tasks.
Hemlan and Quickbooks work for part-time landlords and property managers. Buildium and DoorLoop work well when it's your full-time gig. If you're running a massive, complex real estate portfolio, something like Property Matrix is more your speed.
If you're looking for more accounting tips, Laureate LTD is here for you. We have more than 40 years of experience in all things real estate in Denver, including accounting. Contact us today for unbeatable expertise.
