Real estate companies need to focus on finding properties for clients while also making sure their books are accurate in order to avoid overpaying taxes or making decisions based on inaccurate data. Accounting software enables real estate firms to track expenses, monitor cash flows and generate comprehensive financial reports as well as reduce paperwork by automating processes rather than physically filing paperwork or spreadsheets away.

When selecting the ideal accounting software for your real estate business, search for one that meets all your company’s financial responsibilities and needs. That means making sure the system can effectively manage income from sales, rentals and other sources; track inventory costs associated with goods sold; support multiple currencies and automate tax payments – in addition to being capable of contract management. Real estate is a capital-intensive industry, so it is critical that you closely track spending and cash flow. Make sure the product you select offers robust expense tracking capabilities with customizable categories and receipt types as well as audit trails to monitor any changes made to financial data.

There are various real estate accounting software products on the market, but some products may better meet specific needs than others. Wave is an ideal free accounting tool for an individual real estate agent who’s still getting started without making a significant financial commitment; its double-entry accounting allows new agents to get acquainted with real estate accounting without breaking the bank. Furthermore, its integration capabilities make payroll and contract management seamless without needing separate plugins; unfortunately it lacks features such as property-specific profit and loss statements.

Xero is an ideal cloud-based solution for larger brokerages with multiple agents, featuring flexible inventory and cost management and commission tracking features that meet most requirements of real estate brokerages. Additionally, its mobile app and suite of reports make for convenient usage while invoicing tools and Hubdoc provide automated bill/receipt capture. Plus its top tier plan offers advanced functionality such as multi-currency support and project management; though unlikely most brokerages will require these features.

Xendoo stands out as an exceptional real estate accounting software solution as it caters to enterprises across industries and sizes, catering for bookkeeping, taxation and expert guidance requirements of real estate firms that may be several months or years behind in their accounting operations. Other features such as fixed asset management and lease accounting help streamline financial reporting.