Keeping track of rentals and other property-related expenses can be a pain. Handing it on excel sheets or manually is also not helpful. Moreover, hiring bookkeepers can become another expense for you. Without a doubt, managing multiple properties, advertising for vacancies or sales, processing legal paperwork, and operating within a budget can make it difficult to run and maintain a real estate property business. Property managers used paper, emails, spreadsheets, and pen and paper for many years to keep track of all transactions, tasks, tenant requests, and other daily activities. Thankfully, after the introduction of property management software, all the major tasks are now automated, and operations are smooth compared to previous times. A property management tool can help you become a wise landlord. And allows you to concentrate on other things rather than calculating rent and security.
Purpose of Property Management Accounting Software
A property management tool can help you become a wise landlord. And allows you to concentrate on other things rather than calculating rent and security. Here are some reasons why you should use a property management tool and how they can help you.
Features a Property Management Accounting Software Should have
Automation
One of the most useful benefits of using a PMS is automation. Businesses can achieve much better results by automating routine, repetitive tasks that machines can perform more effectively than humans. Additionally, automated tasks can save workers hours, which they can devote to more important facets of the company, like customer service.
Customer appeal
Proper property management software can offer more than just support. Additionally, it has many other features, such as calendar synchronization, notification features, and personalization of your marketing campaigns. If you expand beyond your local market, you should also consider ways to attract customers from other countries. By improving their experience, you demonstrate greater appreciation to your customers. In the end, add as many client-focused features as you like to your app to improve user experience and increase customer appeal.
Multiple Property Management
It becomes a hassle and a headache to manage multiple properties. Then, you might need everything in a single app to manage all those estates. Choose a Property Management Accounting Software that has this feature as a must-have. Here is a list of the best property management accounting software for landlords that can help them manage their properties.
Freshbooks
FreshBooks accounting software is one of Freshworks’ products, specifically for property management. It helps you manage all the accounts for properties and rentals with ease. Freshworks is a trusted and market-leading provider of cutting-edge SaaS solutions for businesses of all sizes that handle various complex business issues. Key Features
Automatic rent reminders: remind your tenants of their rent automatically. Automatically generated bills are sent to your tenants. Keep tabs on security deposits The accounting software facilitates teamwork. FreshBooks accounting software enables collaboration. You can rapidly produce beautiful, completely customized invoices and estimates. You’ll not only make your tenants happy by automating the renewal process and accepting online payments, but you’ll also notice speedier money transfers into your account. Track monthly rent payments and tenant interactions. You may save time and increase your company’s profitability by offering tenants automated reminders for past-due rent payments and enabling safe online payments.
Moreover, its affordable pricing and wide range of features make it the perfect property accounting software for SMBs. FreshBooks is also convenient; you can use it on your mobile device. It helps you save time and effort and lets you focus more on your properties, tenants, and the real estate business.
Buildium
Buildium is a cloud-based property management tool that gives property managers complete control over every facet of their business operations. It entails managing rent and payments online, filling vacant spaces, planning maintenance, and monitoring finances. Buildium streamlines the rental process with features like tenant and lease tracking, full general ledger accounting, automated rent and fee reminders, and on-demand reports. Key Features
All rental payment monitoring Financial Disclosure Monthly automated bank reconciliation Mobile app with expense tracking Multiple integrations with websites like Apartments.com and Zillow
The tenant interface of Buildium allows property managers to accept online payments for rent and make rent collection for the landlord an automatic process.
Baselane
The completely integrated financial solution, Baselane, is created especially for landlords. It is an accounting software where you can collect rentals and do banking for businesses for free. Key Features
The virtual accounts feature lets you track security deposits, divide income and spending per property and customize how you handle your money. The rent can be deposited into any account with Baselane. Comprehensive property and cash flow valuations include revenue, operational costs, operating profit, net Gross cash flow, etc.
It also offers paid services like loans for landlords and landlord insurance.
TenantCloud
Landlords can manage maintenance requests, screen applications, and collect rent online with TenantCloud. It is a cloud-based property management tool created to serve the requirements of landlords, property managers, and real estate experts. The system includes features for tenant management, accounting administration, and marketing. Key Features
A single dashboard to keep track of and manage all marketing, leasing, maintenance, and accounting workflows. Create specialized websites using a variety of editable templates to increase brand recognition. Accept reservations and application submissions on the website. Manage rent payments, invoices for completed services, late fees, refunds, and more. Streamlined online transactions by integrating with Stripe or Dwolla; you can digitize each transaction and have it immediately recorded in the designated ledgers. Activate teams and manage access levels and permissions based on user roles. Assign tasks to team members, send reminders and monitor changes. Integrated CRM helps you keep track of your leads. Organize correspondence with owners, tenants, and vendors through emails and in-app chat to create a central database.
It offers tenant management, accounting, automatic billing, property analysis reports, and a free listing page. Free, basic, and advanced programs are available.
QuickBooks
The comprehensive accounting and business management suite QuickBooks from Intuit is built for small and medium-sized organizations. Key Features
Automatic Reminders for Payment Provide individual payment receipts to keep track of payments. Advanced Bank Feeds and Customer Group Creation Pricing on barcode labels You can add freight, shipping, insurance, and other costs to the final price
The software is designed to streamline workflow and communication between accountants and clients. QuickBooks functionality also offers financial transaction reports.
Stessa
Stessa is another software program for financing rental properties. Scan receipts, sync your bank accounts, and generate various reports. Key Features
If you are a short-term rental or vacation home owner, you can track performance using Stessa’s Pro Forma column and monthly expenses feature. To enable automated transactions, you can connect AppFolio and Stessa. To track, classify, arrange, and scan real estate-related bills, the Stessa iOS mobile app uses machine learning.
The primary purposes of this system are bookkeeping and financial tracking. In addition, Stessa’s singular focus on financial management makes it the perfect solution for small portfolio landlords looking for an easy way to manage their finances and rentals.
DoorLoop
With DoorLoop, you can connect bank accounts, debit cards, and credit cards, making tracking transactions simple. Additionally, you can use this to automate other tasks like collecting rent and recurring payments. This software comes with all the necessary accounting features to help you handle the finances of residential, commercial, and even workforce and communal housing facilities. Moreover, you can combine your DoorLoop account with QuickBooks, another online accounting tool, and sync all spending and income information in real-time. Key Features
Easily customizable chart of accounts templates Automating the payment process, including the collection of payments For tax filing purposes, you can easily export all your accounting data. With Zapier or DoorLoop’s open API, you can integrate countless applications, such as CRMs, payment processors, and other online software. You can also manage your property finance internationally with door loop.
Furthermore, 60 prebuilt reports are included with DoorLoop, including a business overview, balance sheet, profit and loss statement, and cash flow statement.
Landlord Studio
Landlord Studio promises to save you time and money by automating your property management. It is designed to help small and medium-sized businesses manage their accounting and tenant communications. Its features will surely amaze you if you are a landlord and want to use the tool in your native language. This tool is available on the Apple and Google Play Stores as full native mobile apps and the desktop. Key Features
It calculates tax automatically. You can customize all tax settings and so much more. The app and website are sync correctly, with regular upgrades, no software bugs, and superb customer care. Its dashboard lets you track your rent payments and deposits and promptly check your income and outgoings. You should keep all relevant rental documentation, log expenses, and upload photos of your receipts. Also, it allows you to create precise reports and export them to Excel.
Propertyware
Propertyware is the last tool on the list but not least. It is a powerful Property Management Accounting Software. A high-performance residential real estate firm can use it as a flexible, open platform. Key Features
All of your rentals are kept in one location. Easily build reports, sort, and filter thanks to good reporting functionality. Management of maintenance requests via the owner portal Cloud-based email notifications for tenants and owners
It provides some of the best reporting capabilities, such as custom field options and automatic notification options for owners and tenants.
Conclusion
Managing finance is never easy if you don’t have an accounting background. As a landlord, you should have strong financial management. So, don’t make a lot of spreadsheets to keep track of all your rentals. Try Property Management Accounting Software which we have mentioned above, and become a pro in managing finance.
