Whether you are trying to flip a house, take it off your asset list, or just maintain good books, using accounting software for flipping houses is essential. The most important aspect of the software is that it will help you accurately and easily keep track of what goes on during the buying process and make sure that everything is done in order.
If you’re considering flipping houses and investing in real estate, now’s the time to get started and find the best accounting software for flipping houses for yourself.
Our Top 5 Best Accounting Software For Flipping Houses
Best Accounting Software For Flipping Houses Reviews
1. Best Overall: FlipperForce
FlipperForce is a unique software that can help real estate investors manage their finances and accounting in general. In addition to keeping on top of important financial documents, it also comes with an easy-to-navigate interface, so you’ll always know where everything is—even if you have large amounts of data in your system.
Plus, dozens of different features are packed into its intelligent and sleek design, including integrated accounting templates and invoicing solutions that will make this app a life-saver for your business.
The first thing you need to understand is that Flipperforce is not just an accounting software for flipping houses. The things it helps you with include but are not limited to:
- analyzing the house flips and BRRRR deals
- estimating rehab costs
- creating investment reports
- manage rehab projects for house flips using calendar, schedules, to do lists — all in one place
- manage your project budget, track expenses and forecast profitablity
It’s web-based software so it works on all devices and can be accessed from anywhere.
FlipperForce Features
Flipperforce offers a number of useful features that will help you analyze the deals, estimate the costs for rehabs using the built-in budgeter, create detailed professional accounting reports, and manage your projects — all in one piece of software.
What we really liked is that the software provider have all these handy and useful tutorial videos and case studies on how to use the software and how it can make your work easier and more efficient.
Make sure to check them out!
Deal Analysis
Flipperforce offers several tools for analyzing project profitability.
The first is actually called the Flip Analyzer. It is a step-by-step calculator for analyzing all of the project’s costs to determine the maximum purchase price that you should offer for the property.
Flip analyzer is a tool to quickly analyze the viability of the deal and see if you should spend more time getting a detailed scope of work to establish an accurate renovation estimate for the project using the second tool called Repair Estimator.
The estimatinng tool comes with several built-in templates that you can use a starting point to help you put together an accurate budget estimate for your renovations. They contain alsmost everything that you’d need for the estimation process.
You just need to put in your quantities of all of the different repairs that will happen on the property into the estimator. And then maybe adjust the prices to fit your specific project market.
After you finish with the estimates, you can generate a deal analysis report that presents all the information you’ve put in the tool and download the reports if you need to show it to your business partners or the lender.
Project Management
in FlipperForce
Project management toolkit consist of several tools.
The Project Scheduler allows you to plan and build your rehab timelines, schedule your contractors start and completion dates for all the major construction and renovation tasks that need to happen on your project.
It includes multiple quick start templates for rehabs and new construction projects that you can quickly load into your Project Scheduler.
The Task Manager helps you manage all the necessary projects in details using custom or/and pre-built checklists for purchasing the property, for preparing the property for the rehab, and to get listed and sold.
The Project Calendar allows you to see all your scheduled tasks in one location so that you could see and manage the processes easier and more efficient.
FlipperForce Accounting tools
Finally, FlipperForce has a couple of accounting tools that helps you with budgeting and managing your expenses. You can track all your spendings and compare them to your initial budget in a simple to use tool.
All of the data that you’ve put in during the analysis process is used to establish a budget for your project.
You can then use the expense tracker right there in the tool and compare it to the initial budget to forecast your budget overages.
You can track your expenses by financial accounts (like your credit card or bank account), by vendors, and see how much you’ve spent on Homedepot or how much you’ve paid to a particular contractor. And then you can categorize your expenses to track to see how much you’ve spent on roofing, windows, or cabinetry.
You can even upload your receipt images to every singular expense record.
All of the budget information and all of the expenses that you’ve input to the expense tracker feed to various accounting reports, service reports, and the final profit statement which are automatically generated and can be downloaded at any time.
FlipperForce Pricing
FlipperForce is available in three different plans for solopreneurs as well as bigger teams depending on your needs.
We recommend paying for the whole year in advance after you go and try the FlipperForce’s free trial here.
If you go with the Small Business plan and pay the annual price, it’ll save you $120 and will give you peace of mind in case you forget to renew the subscription.
FlipperForce Honest Pros and Cons
It wouldn’t be fair if we only gave all the praise and didn’t say about the downsides of this software compared to other providers. So here’s a quick Pros and Cons review for those of you who’re in a hurry.
Pros:
- Templates. They save you a ton of time and let you focus on the things that matter rather than wasting time on something that doesn’t add up to the bottom line.
- Helpful tutorials will guide you through every tool in case you get overwhelmed by the new interface or want to explore advanced features. Although we would say it’s pretty intuitive and you won’t have any problems with the basic tools.
- What we said earlier: the interface is very beginner friendly. The basic tools are pretty much intuitive and straightforward. The learning curve is almost non-existent.
- The continuity of the tools. You only do the work once and the software does all the heavy lifting. Every tool has its place but can be used separatly as well if needed.
- Software is web-based which means you can access it from any device.
- Customer service is great! Support is responsive and helped us with every question.
Cons:
- Some of the features aren’t available if you haven’t finish the previous step. Like I can’t use the expense tracker to its full potential without finishing the beginning stage of the project. Not like it’s hard or takes long but a bit annoying.
- There’s no app for my iPhone or iPad.
Verdict
If you’re an experienced property investor or just trying yourself in the flipping houses business been looking for a way to keep on top of your entire accounting workflow, FlipperForce is the solution you need. Go check them out!
2. Best Easy-to-Use: House Flipping Spreadsheet
It’s no secret that house flipping is a risky business. From contractors to appraisers to inspectors, there are dozens of people involved in the process of buying and repairing a home before it can be flipped. With so many moving parts, it’s hard for a prospective investor not to feel overwhelmed with the complexity and difficulty of the project.
That is where House Flipping Spreadsheet comes in handy. This neat little software can help take some of the guesswork out of determining your profit margins when house flipping your next property. The House Flipping Spreadsheet considers all possible costs associated with buying property and estimating repair costs if needed, and estimating sale prices at each stage.
3. Best Free: TurboCASH
TurboCASH is one of the most popular accounting software for real estate investors. It was launched in 2007 and has been used by many real estate investors to take their business to the next level.
TurboCASH offers a wide range of features, including:
- Single Number Balance Sheet and Income Statement.
- Expense Tracking.
- Profit Margin Analysis.
- Automated Tax Preparation.
- And much more.
4. Best Affordable: QuickBooks Desktop Enterprise
Let’s face it, QuickBooks is the standard. It has been used by small businesses and large corporations for years, and with good reason: It saves time and money. In addition, it has a wide variety of features that offer plenty of flexibility for almost any business type.
The software will calculate taxes, generate reports, manage inventory and payroll – so you don’t have to worry about being bogged down in the details or spending your time on busy work. Instead, QuickBooks Desktop Enterprise will save you time so you can focus on what matters most to your business: growing revenue!
QuickBooks software is designed to help businesses succeed – helping them streamline their workflow and make better financial decisions while saving more time than ever before. Designed to fit your business, its built-in accounting software does what you need it to do – when you need it to do it – as fast as possible. And if you’re thinking about expanding your business at some point in the future, QuickBooks is flexible enough to adapt to any type of growth.
With the software, you’ll get a simple and seamless user experience that will make accounting easy, saving hours and hours every month. In addition, you won’t have to worry about repetitive tasks because QuickBooks Desktop Enterprise will automatically handle them for you. The software will also walk you through your transactions step-by-step so that you learn how each transaction affects your bottom line.
5. Best Multiple Functionalities: Jonas Premier
If you’re into flips, then you’ve probably heard of Jonas Premier. It’s software that lets you streamline your accounting. This is an invoicing and accounting module for small businesses – specifically those involved in renovating or flipping houses. It simplifies the process of handling your receipts/bills, completing project reports (which can be submitted to lenders), and staying on top of all the business finances that come with flipping houses at scale.
So, what does Jonas Premier do?
- Streamlines your accounting for house flips by automatically importing data from your OpenERP database (accounting software) into a simple spreadsheet.
- Reduces errors by monitoring multiple bank accounts – you can even link up to other accounts so that it all rolls over together in one place.
Buyer’s Guide
Buying an accounting software program is an important decision and one you should consider for many different reasons. To help you make that choice, I’ve created a buyer’s guide for accounting programs. It will give you a list of the best programs to help you identify the perfect app for your needs.
How To Choose Accounting Software For Flipping Houses and Real Estate Investors
When choosing the right accounting software for flipping houses, there are a few things that you are going to want to keep in mind. The first thing that you want to do is find out how much the accounting software for real estate investors is going to cost.
That way, you can be sure that it’s a worthwhile investment for you. But, you also want to make sure that you choose something that makes sense for your business. You don’t want to choose something that doesn’t fit your needs, or it’s going to make things even more difficult for you.
FAQ
What Is House Flipping?
House flipping is the process of buying a house, renovating it, and then flipping it for more than you purchased the property to make a profit. House flipping is typically used as an investment strategy.
Flipping houses can be risky because there is no guarantee that the market won’t turn while you are renovating your property or that potential buyers won’t offer less for your renovated property than what you paid for it. Nonetheless, some real estate investors use this method as an alternative to stocks or bonds because real estate prices rise over time.
What Software Do House Flippers Use?
Accounting software is one of the necessities that you’ll need to have a successful house flipping business. The most popular systems for this business are QuickBooks and Freshbooks.
Can You Use Quickbooks For Real Estate Investing?
Yes, you can use Quickbooks for real estate investing. It is a great accounting tool that allows you to track your income and expenditures and all of the other tasks associated with running a successful business.
Just make sure you don’t get overwhelmed with all the new features and options it has, and remember that learning how to use Quickbooks for real estate investors will require a bit of time and training from an accountant or one of your fellow realtors.
