Real estate projects can be complex financial endeavors, so having all your finances managed in one convenient place should make life much simpler. A reliable piece of real estate accounting software can streamline everything from budget management and expense tracking, to creating financial reports on investments’ performance. Plus, this solution reduces manual processes while replacing spreadsheets.
Acumatica Real Estate Development Accounting is an all-in-one tool designed to streamline every step of real estate development accounting from project costing, invoicing and loan draw paperwork to compliance reporting and investor reporting. With single entry data input capabilities that update throughout all areas of the system automatically upon recording any transaction – eliminating errors while saving both time and effort!
FlexConsolidator makes managing finances of multiple entities and locations simple, while its cloud-based architecture facilitates team collaboration and mobility. Furthermore, the solution features customizable dashboards offering visual analytics and actionable insight, in addition to ASC 842 compliance for lease accounting as well as multi-entity property management.
Sage Intacct is another comprehensive cloud accounting solution designed specifically for real estate. Offering a range of tools that streamline as much of the accounting process as possible – such as accounts payable and receivable automation and general ledger management – Sage Intacct automates as much of accounting process as possible including accounts payable/receivable, general ledger management, investment accounting complexities as well as investor reporting from funds, joint ventures or REITs. Furthermore, in addition to offering accounting functions it also features CRM/project management tools – giving real estate professionals peace of mind that their accounting functions will remain efficient at managing accounts payable/receivable/general ledger.
The platform’s centralized database is capable of tracking financial transactions from multiple sources, such as bank accounts, cash flow statements and credit card statements. Integrated contact management and project planning tools help manage client relationships and create and share documents. Bank transactions can also be imported automatically which reduces data entry time by up to 90% while its scalable pricing structure was created specifically for businesses with 20 employees or more – however smaller businesses may benefit as well.
Xero is an all-in-one accounting solution with numerous useful features for real estate professionals, such as tracking income and expenses within one database. Additionally, its integrated email marketing, document storage and more significantly increase productivity. Furthermore, its user-friendly interface is suitable for users without extensive accounting knowledge; however it lacks some of the robustness of other options listed here.
Buildium provides small to mid-sized real estate firms with an intuitive set of accounting tools designed to streamline daily tasks and increase financial decision-making. Their real estate accounting tool makes financial management simpler by consolidating accounts payable and receivable, creating project costs accurately, and producing property-specific financial reports. Their intuitive design and specialized chart of accounts make Buildium an attractive option for developers and investors, while online payment processing allows secure receipt of payments from clients.