If you manage rental properties, invest in real estate or act as a broker, software that can manage the complexities of business accounting will be essential to keeping your finances under control and your company profitable. While finding software tailored specifically to meet your unique requirements can be challenging, here are a few solutions available that provide optimal accounting software solutions for small real estate businesses.
Xero provides real estate professionals with an ideal accounting solution, allowing them to create personalized invoices, record expenses and view business performance with easy-to-use reporting features. Plus, its mobile app can be accessed anywhere with internet connectivity!
This platform also offers several add-ons that can assist with various tasks, including email marketing, CRM and property management. Furthermore, it is compatible with several third-party apps and payment plans, though some users have reported finding its interface to be confusing.
QuickBooks, which is a top-rated cloud accounting software with four plan tiers and 24/7 support, is another popular choice among real estate firms and solo agents alike. It can manage commissions for real estate professionals while its payroll feature can also benefit landlords as it integrates seamlessly with third-party tenant management systems. Unfortunately, its more advanced features, like financial planning and tracking are more costly for smaller real estate firms.
One drawback of this solution is its lack of a comprehensive property management system, but it does offer tenants a resident portal for paying rent and submitting maintenance requests easily and a tenant screening feature that conducts credit, employment and criminal background checks on applicants.
Wave Accounting’s free version can be an ideal starting point for self-employed real estate agents and brokers just starting out. It features above average invoicing, customer management and 12 financial reports as well as bank feed integration; its ease of use makes it an attractive solution.
Kashoo is a cost-effective and intuitive cloud accounting software for real estate businesses with limited budgets, designed specifically for small- and mid-sized firms with budget restrictions. It offers features to automate as much of the accounting process as possible, can be used on either desktops or in the cloud, and integrates with many third-party apps and services. Although some other solutions on this list may offer more advanced solutions and integration features for third-party apps and services – it may not be suitable for larger property management firms that require complex features or large property management companies with more complex financial features.