Do you have a property that is being rented out? If so, you will need to keep track of all the finances and transactions for your property. This can be a daunting task without the help of accounting software. In this post, I will overview the best accounting software for landlords available on the market with its pros and cons.
Our Top 5 Accounting Software For Landlords
Best Accounting Software For Landlords Reviews
1. Best Overall: Steesa
Tired of trying to keep up with all your accounting? Stressed by deadlines that never seem to end? Well, I have the solution for you. Say hello to Steesa – awesome new accounting software that will take care of everything in one easy step.
I’m talking about everything: payroll, taxes, invoices, and more. This one is a must if you’re starting a business or running an existing one that needs some additional help with its bookkeeping and finances. It’s effortless to use – perfect for those who aren’t experts in this stuff like me. My only wish is that it was even easier for me to keep an eye on all those financial documents. Steesa will do the rest; all you have to do is create accounting reports.
2. Best for Billing and Invoicing: Buildium
Buildium is a cloud-based software for a small and medium-sized business that helps them stay up-to-date on their finances. It’s simple, intuitive, and easy to use, making it perfect for the banker who would prefer to focus on what they do best.
It has an easy setup process that takes minutes to complete. A handful of appropriate accounting features for any company size are affordable, with pricing tiers based on company size and the number of transactions per month.
It’s scalable, so it can grow as your business does. It’s got the advanced features that most business owners like, such as the ability to send client invoices automatically, generate custom reports, and send reminders to their customers. It’s also got a built-in CRM, which can link to your favorite invoicing software and take care of the rest.
Buildium has automatic reports that summarize your upcoming payments, revenue sources, and profit margins. You can customize these to fit your needs or use them as is. Other reports focus on more specific aspects of your finances, such as tracking payments and cash flow.
It’s simple to add notes or tags to a report so you can quickly drill down into the information you want to examine. These reports can be exported in multiple file formats, including PDF, Excel, Word, HTML, or CSV.
3. Best User-Friendly Customization Options: FreshBooks Cloud Accounting
A cloud accounting software that allows you to manage your payments, invoices and track your costs.
FreshBooks is a cloud accounting software that allows you to manage payments and invoices plus track the cost of specific projects for free or on a subscription basis. It also provides flexible recording options that allow users to enter transactions in writing instead of typing. With FreshBooks, it’s possible to have all the features that entice freelancers without breaking the bank.
The FreshBooks app has a nice, clean design and is easy to navigate. The invoices and receipts are automatically stored in the cloud. You can also export them to file in CSV format, which helps when you need to share them with your accountant or tax office. There is also a setting that allows you to encrypt all your data so that the wrong people can’t read it.
The calendar feature allows you to keep track of clients and projects and specific dates within each project or client. FreshBooks offers several valuable add-ons such as surveys and time tracking options for another small monthly fee.
4. Best Intuitive Design: AppFolio
AppFolio is accounting software that helps small businesses with managing their finances and accounts. It is an excellent option for those who don’t have time on their hands or want an effective way to manage their finances but don’t know where or how to start. AppFolio provides a range of features that will make you more efficient and productive.
The customer portal gives you the chance to get your customers on board with your financial management initiative. It helps keep business owners organized and informed without compromising the security of company data.
AppFolio, like many accounting software, is web-based, which means that you can access it from anywhere. This means that even if you’re not at your workplace or home, you can still use the system to keep on top of your bookkeeping and finances.
5. Best for Streamline Workflows: Yardi Breeze
Yardi Breeze offers streamlined accounting software for landlords. Its clean and simple design makes it easy to use.
The Yardi Breeze accounting software for landowners is said to have a simplified design that’s easy to use, making it possible for users of any experience level to master in a short period. This cloud-based program makes it possible for landowners and their employees, brokers, and other associates to have total control over the entire real estate transaction process from beginning to end.
Because it’s user-friendly, Yardi Breeze makes it possible for landowners to avoid paying unnecessary fees that are often associated with working with third-party providers. Accessing a wide range of reports and documents is also an advantage associated with using Yardi Breeze accounting software for landlords.
One-time registration allows the application to be accessed on any device connected to the internet, such as personal computers, smartphones, or tablets. The software can be used in offline mode if there’s no connection available but won’t provide the user with live updates. It can take a while before the information is synched and updated once a connection is established again.
With the variety of accounting software available, there is a lot to consider when deciding which program to use. The best way to find the right solution for your situation is to take an inside look at each one and see how it compares against your needs as a landlord. To help you with this process, I have configured a checklist of topics that you should be aware of before making a decision.
The best landlord accounting software will have the following features:
- Affordable – The program should be affordable and easy to use so that you can focus on other aspects of your business.
- Efficient – It should be able to handle all aspects of landlord accounting for a property. This includes taking in rent payments, making repairs, and paying out expenses.
- Customer Service – If you have problems with the program or tutorials, you want to know a company you can count on for support. They should also have good customer service reviews online as well.
- Convenient – The software should be easy to use and provide a simple interface. You shouldn’t need to hire an accountant because you want your reports in a format that you can read and understand.
- Easy Setup – You should not need to sign up for online courses or go through multiple PDF tutorials when you buy the program. It should be easy to set up and have all the information provided for you to do this with step-by-step instructions.
- Ease of Use – You shouldn’t need extensive knowledge of accounting software to figure out how to use it. Everything should be automated and straightforward so that you can focus on other aspects of running your property business.
What Is Accounting Software For Landlords?
Almost all landlords need to keep track of their properties, transactions, and profitability to be successful. This includes using accounting software designed specifically for landlords. These programs are easy-to-use and navigate, automatic in nature, and provide a host of features not available on general accounting software.
What Accounting Software Do Landlords Use?
Landlords usually use various accounting software to run their business. These include but are not limited to QuickBooks, Microsoft Excel, Sage 50, and Xero. The choice of which software to use is up to the landlord’s discretion.
Is Quickbooks Good For Landlords?
QuickBooks is popular accounting software for landlords. Using this system will make your life easier. You’ll be able to harvest all the benefits of tax simplification that come with being a commercial entity, as well as perform a more accurate accounting of your company finances.