Vacation rentals are popular among travelers, such as people who want to rent a vacation home or cottage for holiday purposes. Many online platforms have been created to help vacation rental Mangers find guests and vice versa. If you own and run a Vacation Rental, you are probably wondering if there is Software that can help you keep all aspects of the business, the accounts in particular, under control. You don’t need to waste hours searching the Internet. The Accounting Software for vacation rental managers is out there and it is free right now!
Vacation rental accounting software engages the property management team, owners and guests in a single system to increase communication and reduce time spent per transaction. Free demo.
If you have a lot of income and expenses to deal with, you’ll need an accounting software to help you keep your vacation rental business organized. Fortunately, there are several options available on the market at different price points
Vacation rental businesses need to manage their financial and bookkeeping matters. With the growth in popularity of vacation rentals, accounting and bookkeeping software built for rental owners are becoming an essential part of the successful management of your property.
How to use Stessa for vacation rental accounting
It’s easy to use Stessa for short-term and vacation rental property accounting, and best of all Stessa is free. Here are the steps to follow after signing up for a free Stessa account:
- Use the Airbnb file importer to download transaction history into a CSV format file, then upload the file to your Stessa account. After the transactions have been uploaded, Stessa will automatically categorize most (if not all) of the transactions.
- Switch the rent roll to “short-term rental” on the Leases & Tenants page. Enter the anticipated nightly rental rate and occupancy for the current calendar year.
- Enter expected monthly operating expenses on the Property Details page to use as baseline to compare actual expenses incurred.
- Connect bank accounts used for receiving vacation rental income and paying expenses, along with any credit cards used for short-term rentals. Stessa will automatically categorize existing transactions, and going forward vacation rental income and expenses will be automatically synced.
Learn more about how to track short-term rentals with Stessa here.
AppFolio
Our choice for best overall, AppFolio, comes with basic and advanced features, making it accessible to landlords who do their own accounting and to beginner and advanced accountants and bookkeepers alike.Pros
- Pay only for the features you need and use
- Has all the advanced accounting features a landlord needs
- Includes a mobile app
Cons
- Has a minimum monthly fee
- Not fit for a small number of properties
- Limited live help after purchase
AppFolio has developed software with a suite of features a landlord would need to operate and grow their business remotely. It comes with Core and Plus plans to match the budget and complexity needs of varying users, earning our rating as the best overall accounting software for landlords.
If you fill out their online form, an AppFolio salesperson will guide you through a free demo so you can evaluate the features important to you. There is an onboarding fee of at least $400 and then a minimum $250- $1,500 monthly fee (depending on which plan you choose). They also have services you can choose to utilize for a fee. Fees increase based on how many units you have in a Core or Plus plan:
- Residential: $1.40 to $3 per unit monthly
- Commercial: $1.50 to $3 per unit monthly
- HOAs: $0.80 per unit monthly
AppFolio is a better fit for mid to large-sized property landlords with at least 200 units.
The Core tier comes with AppFolio’s customizable reports, online payments and maintenance, marketing tools, lease management, and communication functions. With the Plus tier, you also get a variety of strategic performance insights to scale your portfolio. You’ll also have access to services like website creation, lead generation, tenant screening, insurance, online payments, a maintenance call center, utility management, debt collections, and automated accounts payable. These will all be billed to your account after you have utilized the service. In addition to these native features, AppFolio has partnered with more than 80 internet listing service providers to enhance your reach with powerful marketing integrations.
The Plus tier stands out for accounting because the advanced performance insights and revenue management take the strong bookkeeping tools to the next level of business growth.
The software has very high-reliability ratings with a responsive customer support team. But there are a few customer complaints about wanting more access to a live person to talk through support issues.
Rentec Direct
Not only has Rentec Direct created an easy way to add account users and set different permission levels, but they also allow you to add new user accounts for free, making it our top choice for rental property accounting software if you need multiple users.Pros
- Has mobile apps for integrated communication
- Premium features for property managers and landlords
- Multi-user access to one account with unique usernames and passwords
Cons
- A limited number of integrations
Best for multiple users, Rentec Direct allows the primary account holder to create and control multi-user accounts that others can access with a unique username, password, and permission level at no additional cost.
Another major advantage of Rentec Direct is that there is a free package with the basic features available for up to 10 properties. More advanced packages cost $35 to $40 per month, with the pricing based on the number of units you’re managing. Additional features are available as add-ons, ranging from $7 to $15 per service.
Rentec Direct comes with features that include general ledger accounting and financial reporting with QuickBooks synchronization. This streamlines the whole tenant rent payment process to one step that takes around 30 seconds. Users also get an automated process for tracking work orders, ACH, and credit card payment processing.
In addition to the accounting features, Rentec Direct also includes other property management features like online portals for tenants and owners, a free custom website and hosting to promote your company and properties online, online rental applications, electronic signatures with DocuSign, electronic 1099 filing, syndication of vacancy listings, utility billing integration, and tenant background screening for credit, criminal, and eviction records.
It currently integrates with QuickBooks Online Advanced and DocuSign.
The support staff has excellent reviews from customers on third-party review sites like Software Advice.
Property Matrix
Property Matrix comes packed with all the advanced features professional accountants would need, with the ability to customize everything, making this the best software for experienced accountants.Pros
- Fully customizable features
- Has a mobile app
- Designed for all levels of accounting experience
Cons
- Fit for landlords with over 250 units
- More expensive than other accounting software
Designed for users of all levels of accounting experience, Property Matrix is a website-based software equipped with powerful and advanced features that have automation capabilities for expert users. Furthermore, all features are fully customizable, allowing experienced users to pick the top-of-the-line accounting features they need to improve their reporting efficiency.
There are three pricing plans: Standard, Property Matrix Pro, and Enterprise:
- Standard: $400 per month for up to 250 units: $1.50 for additional units. Key features include enterprise accounting, maintenance, marketing, portals, custom reports, unlimited phone support.
- Property Matrix Pro: $475 per month for up to 250 units: $1.50 for additional units. Includes all Standard features, plus tools for commercial properties, budgets, and CAM (common area maintenance) charges.
- Enterprise: $1,200 per month for up to 800 units: $1.35 for additional units and all Property Matrix Pro features.
Property Matrix surpasses other software programs due to its advanced features and customization muscle. It’s capable of managing complex accounting processes, minimizing workload, and eliminating the need for third-party accounting software.
Property Matrix users can:
- Organize and track transactions
- Manage multiple companies
- Create recurring invoices and bills for vendors and tenants
- Set triggers and automate routine actions
- Track information efficiently through custom fields
- Manage documents from one single system
- Create custom forms
- Collect electronic signatures
- Organize communications through one single Communications Hub
- Get a professionally designed website
Users can customize the features they use, making it suitable for any experience level. However, enterprise-level landlords and their accountants will benefit more than small and medium-sized landlords due to the robust accounting software.
Property Matrix serves accountants, investors, and property managers through its numerous affiliates, such as the National Apartment Association and the American Apartment Owners Association. User reviews are very complimentary on Capterra and Software Advice.
Bookerville
Bookerville has been used by over 1.5 million guests to make nearly 500,000 bookings and generated over $500 million in vacation rental revenue for owners. Software features include a master calendar, channel managers, email templates for guest communication, housekeeping management, and accounting.
Pricing begins at $50.42/mo for 1 unit and up to $371.33/mo for 100 units. Visit the Bookerville website.
Escapia
Escapia vacation rental software is used by more than 900 property management companies around the world and receives a customer rating of 9.2 out of 10. Features include a performance dashboard, an opportunities hub with actionable insights and recommendations to grow a vacation rental business, and what they call “trust accounting” for accurate comprehensive financial reports.
Pricing is not disclosed on the website. After filling out an inquiry form, an Escapia team member will be in touch in 1-2 business days. Visit the Escapia website.
Futurestay
Futurestay is designed for independent vacation rental owners to help make short-term renting more profitable. Features include channel management, a booking engine connected to Google, automated payment processing, financial reporting, and performance analysis.
A pricing commission of 5% is built into the nightly rate charged to guests. Visit the Futurestay website.
Guesty
Guesty provides an all-in-one vacation rental software solution for owners of aparthotels, glamping, serviced apartments, and urban and vacation rentals. Features include accounting and analytics, booking and channel management, payment processing, and revenue management.
Pricing is customized depending on the number of listings, but generally runs between 2%-5% per booking, including reservations that are canceled. Visit the Guesty website.
Hospitable
Formerly known as Smartbnb, Hospitable was voted the most loved vacation rental software in 2021. Features include guest experience messaging, channel management, direct reservations, pricing updates, and financial and operational metrics.
Pricing begins at $25/mo for up to 2 properties, after a 14 day free trial. Visit the Hospitable website.
Hostaway
Hostaway is a full-service vacation rental software solution that includes property management and accounting along with reservations and guest management. The software can be integrated with more than 100 apps, including listing platforms like Airbnb and Expedia, payment apps such as Stripe and Braintree, and Autohost to automatically screen guests.
Pricing models can be customized with a fixed fee or commission, and start at $100 per month. Visit the Hostaway website.
Hostfully
Hostfully claims to help vacation rental property owners make more money by reaching customers on major listing platforms including Airbnb and Booking.com. The Property Management Platform solution includes pipeline management, owner reporting, and a centralized calendar. Digital and offline guidebooks can be created with the Guidebook Platform to help create a unique brand image.
Property Management Platform pricing starts at $79/mo + a $400 implementation fee (waived with the purchase of an annual subscription), while Guidebook Platform pricing ranges from $0-$7.99/mo with annual billing. Visit the Hostfully website.
Hostify
Hostify is designed for professional vacation rental property managers with 5 units or more. Features include payment processing, property management, channel management, and a booking engine.
Pricing begins at $20/mo per unit, with a minimum of 5 units, after a 14 day free trial. Visit the Hostify website.
iGMS
Formerly known as AirGMS, this software promises to put a vacation rental business on autopilot. Features include guest communication, payment processing and invoice management, and cleaning and team management.
Pricing for 1 rental property runs between $14/mo and $27/mo based on monthly billing, or $1 per night with a minimum fee of $1/mo. iGMS offers a 33% discount for an annual billing cycle. Visit the iGMS website.
Lodgify
Lodgify is specifically designed for vacation rental owners and property managers to grow bookings, and is a preferred partner of companies like Airbnb, VRBO, and Expedia. Features include property management with built-in accounting and analytics, channel management to market listings, and a booking engine to receive bookings and payments online.
Pricing is transparent, with a Starter plan of $12/mo + 1.9% booking fee, to the Professional $32/mo plan and the Ultimate $48/mo plan with 0% booking fees. Visit the Lodgify website.
Lodgix
Lodgix combines online booking, comprehensive guest management, and user-friendly interfaces into one flexible vacation rental software package. Features include channel management, online booking, credit card processing, and robust reporting. Property management and QuickBooks Online syncing are available for additional monthly fees.
Pricing begins at $69.99/mo for up to 7 properties. Optional property management module is $24.99 per month, and QuickBooks sync is $20.00/mo. Visit the Lodgix website.
Rental Property Management Software Comparison
Consider the following factors before deciding to purchase a rental property management software:
- Implementation type: are you looking for an entirely cloud-based platform, or an on-premise deployment that provides users with control and access over user data and information? Two advantages of using cloud-based software are the ease of implementation, lower cost of subscription pricing, not needing to upgrade the software system yourself, and the ability to access the platform from anywhere with an internet connection. Conversely, on-premise deployments mean users can store data locally. Users may also have more freedom in terms of configuring the platform to meet their specific business needs.
- Cost: are you looking for a platform that charges a lower per-unit price that doesn’t have advanced features, or a more high-end platform? Per-unit prices can range from $1/unit to $5/unit. Some platforms may charge a monthly or annual fee instead of using a per-unit pricing structure. There may also be additional costs to consider, depending upon the product. For example, along with the subscription cost or one-time fee you may need to pay upgrade fees, bank account set-up fees, document eSignature fees, etc. Establishing a budget is a critical first step, especially if you oversee a large property with hundreds of units.
- Integrations: do the rental property management systems you’re considering integrate with the other business tools you use? For example, if you’re using a separate content management system (CMS), accounting platform, payment gateway, or customer relationship management (CRM) system—check to see if the rental property management solution you’re looking at will integrate with these systems.
Conclusion
If your business has grown to the point where you’d prefer more control, vacation rental accounting software may be the answer. As any competent business owner knows, deciding on the most appropriate accounting software can be a lengthy and expensive process. Yet, even those with a limited budget have multiple options. One of them is specialized accounting software for rent management.
One of the world’s leading full-service vacation rental management companies, offers homeowners and property managers a wide range of services. This can be achieved by using accounting software for your business, property management software for bookings and reservations, etc.