Real estate agents and property management firms alike require solutions that support their growth goals while tracking expenses effectively. An optimal expense tracking system reduces headaches, opens insights, and sets you up for success. If you don’t already use comprehensive accounting software solutions designed specifically for real estate businesses like yours, now may be the time to switch over. For instance, look for solutions which automate transaction reconciliation via bank feeds, offer flexible account categorization features to generate Schedule E tax forms at year-end, etc.

Real estate accounting software should include integrations for client invoicing, project management and time tracking as well as an easy user-friendly interface to help manage finances efficiently. A solid customer support center and continuous product updates should keep up-to-date on industry changes and regulations; for those managing multiple properties or clients the ideal real estate accounting software should include flexible pricing options and scalability to accommodate growing businesses.

QuickBooks is the industry standard accounting software and an excellent option for agents, managers and brokerage firms with more than one employee. Offering four plan levels with advanced commission tracking features such as 1099 reporting ready and customizable reports; however it may be costly for small firms as it doesn’t support property management services as needed by some larger real estate firms.

Real estate-specific software solutions like Rentec Direct, Buildium and AppFolio Property Manager are tailored specifically to the needs of real estate investors and property managers. These tools simplify tasks such as investment tracking, tenant records and 1099 reporting – tasks not typically supported by generic small business accounting software solutions. They also have features designed specifically to assist with managing rental properties like tenant screening, rent collection and maintenance tracking.

If you’re on a budget, try opting for an economical accounting software solution like Wave. Its user-friendly platform integrates seamlessly with Shoeboxed for receipt management and provides basic expense tracking, invoicing and financial reporting capabilities; but may lack enough functionality for larger real estate firms.

Xero is an ideal option for businesses with few employees and expanding revenues, offering unlimited users and an array of subscription plans that cover accounting, payroll, inventory management, filing and storage, purchase orders, sales tax management and more. Plus it integrates with more than 800 third-party apps for further automation processes. Propertybase is another powerful property management and marketing software solution, capable of handling CRM functions such as leads management, client interactions management and property data storage while offering website building automation features as well as marketing analytics insights for expanding real estate business operations.