Accounting Software for Landlords
Financial concerns are among the more urgent ones for landlords, who have a lot on their plates. If you aren’t organized, accounting can be very difficult and time-consuming. However, there are ways to make it simple for you to arrange your finances and tax returns so you can focus on what you enjoy — making guests feel at home!
Do you use accounting software, landlords? Many people still handle their own cash flow and perform manual accounting. However, since this is a laborious and time-consuming operation, many landlords either take too long or, worse, forget to take care of some areas of their accounts.
Accounting Software for Landlords
Software that includes all the capabilities a landlord would require to run and expand their business remotely has been created by AppFolio. Because it offers Core and Plus plans to meet the price and complexity requirements of different users, we recommend it as the best all-around accounting software for landlords.
When you fill out the AppFolio web form, a sales representative will walk you through a free demo so you can see which features are most important to you. Depending on the plan you choose, there is a minimum $400 onboarding fee and a minimum $250-$1,500 monthly fee. As well as offering free services, they also offer paid services.
Using AppFolio would benefit landlords with properties between 200 and 400 units.
In the Core tier, you will find communication features, marketing tools, lease administration, online payments, and customisable reports from AppFolio. With the Plus tier, you have access to a variety of strategic performance insights that can help you grow your portfolio. Additionally, you’ll have access to services such as automated accounts payable, maintenance call center, utilities management, lead generation, tenant screening, insurance, and website construction. You will be charged for all of these after the service is completed. To expand your audience, AppFolio has formed alliances with over 80 online listing services.
The powerful bookkeeping tools in the Plus tier are elevated to the next level of business growth with sophisticated performance insights and revenue management.
There is a good level of customer service and high levels of dependability with the software. The lack of availability of live support staff has, however, caused some customers to voice dissatisfaction.
With Rentec Direct, which is best for many users, the primary account holder can create and manage multi-user accounts for free that other people can use with special permissions and usernames.
A free package with the essential features is also available for up to 10 properties, which is a significant benefit of Rentec Direct. A more sophisticated package costs between $35 and $40 per month, depending on the number of units you manage. The cost of additional features per service varies from $7 to $15.
Rentec Direct’s financial reporting and general ledger accounting capabilities are integrated with QuickBooks. Tenants can now pay rent in approximately 30 seconds, reducing the duration of the entire process. Moreover, users can pay via credit card, ACH, or work order through an automated system.
Aside from accounting features, Rentec Direct also offers other property management tools, including tenant and owner portals, a free custom website that advertises your business online, online rental applications, electronic signatures with DocuSign, electronic 1099 filing, syndication of vacancy listings, utility billing integration, and tenant background checks for criminal records, bad credit, and evictions.
The Buildium Growth and Premium plans support up to 5,000 units, making it the best property management accounting software for large portfolios.
Buildium offers three different plans: Essential, Growth, and Premium. Each plan costs differently depending on how many units you manage. Essential, which costs $50 per month, allows 150 units to use its features. In addition to extra features and support for 5,000 units, Growth costs $160 per month. As well as Business Analytics & Insights, Premium enables you to manage 5,000 units and offers Buildium Rewards. Plans start at $460 per month for premium plans. Buildium also provides 10% savings to annual paying customers.
Users can manage accounts payable through built-in calculators that show how much you owe to businesses and vendors, record and view all fees, payments, deposits, and refunds, reconcile bank accounts automatically, generate a variety of financial reports, and e-file Form 1099s automatically.
Buildium offers a ton of sophisticated features, along with simple tutorials, in addition to accounting features.
Among the external software platforms that Buildium integrates with are TransUnion, RevSpring, MSI, Nelco, Happy Inspector, PayNearMe, and others. As a dependable platform, it has an extensive list of integrations, is recognized by G2 and Capterra, and has ongoing updates to fix problems.
It is evident that Buildium is a trustworthy service based on the positive reviews it has received on numerous review websites.
Property Matrix is a website-based software that offers powerful and sophisticated automation features to experts. Various levels of accounting knowledge are welcome to use it. Additionally, all features may be fully customized, enabling seasoned users to select the best accounting elements they require to increase the effectiveness of financial reporting.
Users with varying levels of experience can have their preferences taken into account. Small and medium-sized landlords won’t benefit as much from this powerful accounting software as enterprise-level landlords.
The National Apartment Association and the American Apartment Owners Association are two of Property Matrix’s affiliates. Capterra and Software Advice have overwhelmingly positive user reviews.
Because Stessa is free software and has a wide range of accounting features, it is the best option for real estate investors.
Thousands of investors use Stessa to track real estate holdings worth more than $45 billion since it was established in 2016. An app for Mac devices is available in addition to the web-based application.
It contains a document management center, the ability to scan receipts, the ability to create a number of reports, as well as a completely automated bookkeeping and financial tracking tool which syncs with the bank and financial accounts connected to a rental property (balance sheets, cash flow, rent rolls, IRS-ready tax statements, etc.).
Landlords and investors seeking to manage their properties and analyze their finances by focusing on key performance indicators should consider Stessa. Since it has few features, it cannot be used by professionals or enterprise-level users.
In the current version of Stessa, revenue and expense transactions are automatically imported monthly through AppFolio. Investors and accountants who are inexperienced find it fairly easy to use.
With its extensive accounting system and external platform connectors, Rent Manager won our award for best extra features.
To find out the price of a specific package of features, you will need to contact Rent Manager directly.
A mobile app, standalone version, and internet version are all available to assist users in managing their businesses from anywhere.
Rent Manager allows users to handle electronic payments and checks with email delivery, develop custom reports, perform electronic bank reconciliations, manage accounts payable and receivable, and more. Additionally, it performs accrual and cash accounting simultaneously, thereby saving time otherwise spent on double-entry bookkeeping.
Rent Manager additionally provides users with the opportunity to customize additional features, including online payment gateways, leasing, marketing, operations, maintenance, and comprehensive reporting. There are close to 100 other products integrated with it, including ZeGo by PayLease, Beanworks, Avidxchange, and Safeguard.
Customers can expect excellent service from Rent Manager. Customer service representatives are also noted for their familiarity with all aspects, including recent revisions.
As part of its efforts to simplify and expedite the entire accounting process, MRI has partnered with more than 200 businesses, all of which were created to meet the specific needs of an individual management firm.
There are no distinct price categories or free trials available from MRI Software. Since over 175 integrations and features are available, the price can vary.
MRI Software offers many features, including online rent collection, maintenance requests, tenant screening, multifamily insurance, resident communication, investor relations, rent monitoring, compliance tools, credit risk management, and more. As your business needs change, this integrated accounting software can evolve together with you. You can add third-party technologies for AP automation, debt collection, electronic payments, and more through this program.
Commercial users would be able to optimize MRI Software as well as their partner connections thanks to the various capabilities and the ability to add more tools.
MRI Software has been providing a wide range of services in a variety of industries since 1971, proving its dependability and expertise.
It’s easy to manage and grow your portfolio with DoorLoop’s complete property management software.
We designed the dashboard to be highly intuitive and easy to use (and easy to get started with). It comes with a variety of features that streamline and centralize the entire property management process.
- Built-in CRM and tenant portal that allows you to collect rent, receive maintenance orders straight from tenants (and even communicate with them from within the platform), offer renters insurance, and more
- Easy maintenance order management, including everything from work order creation to tracking and vendor payments
- Accounting suite designed to replace QuickBooks, including a variety of payment methods, custom reports, a complete chart of accounts,
- Marketing features including automatic listing, scheduling showings, tenant screening, and more
- Owner portal that provides access to reports and allows you to print checks
Not sure if DoorLoop is the right choice for you? You can take advantage of a 50% discount on the first two months of our full-service property management and accounting software.
You will also receive unlimited support and training as part of the package.
You can get your first 20 units for just $49/month if you sign up today.
In addition to managing up to 75 units using TenantCloud, landlords can also track one appliance, such as a refrigerator or dishwasher, use one landlord lease template, receive 10 service reminders, and have 512MB of storage space available with a free TenantCloud account. With TenantCloud’s maintenance management system, landlords are able to take care of maintenance issues on their own through the internet. The landlord can communicate with service providers, send messages, manage invoicing, and receive video and photographs of tenant maintenance requests through the website.
As an additional feature, Rentler, a service provided by TenantCloud, offers a free real estate listing website which is syndicated with a range of well-known websites, such as Apartments.com, Zillow, and Facebook Marketplace, as well as its own website. In order to make your listing more visible and attract people interested in renting it, you may want to consider this technique.
A landlord can use TenantCloud to create documents such as leases and have them digitally signed by the tenant. Furthermore, each state has its own lease law, which must be adhered to when creating lease templates pursuant to the state’s laws. The content of your lease can be pasted into the system or uploaded as a PDF file through the system. With any digital signature service such as DocuSign or PandaDoc, you can also include merging fields that will automatically update with every new lease you create, just like how any digital signature service does.
Short-Term Rental Accounting Software
Since it began its operation in 2012, Cloudbeds has grown to become one of the fastest-growing technology partners in the hospitality sector, with thousands of locations around the world in 157 countries taking part in its services.
Using its award-winning Cloudbeds Hospitality Platform, which seamlessly blends operations, revenue, distribution, and growth marketing capabilities with a marketplace of third-party connections, Cloudbeds Hospitality Platform enables hoteliers and hosts to maximize revenue, streamline operations, and provide exceptional guest experiences.
Besides winning Best PMS and Best Channel Manager at the World Travel Tech Awards in 2021, and having been listed in Deloitte’s Technology Fast 500 in the same year, Cloudbeds was also rated as the No. 1 Hotel Management System and No. 1 PMS by the Hotel Tech Report in 2022.
Depending on your destination, small and medium hotels, hostels, and short-term rental homes are recommended for travelers in Europe, North America, Asia-Pacific, the Middle East and Africa, Central and South America. Suitable for houses of a midscale and an affordable price range.
Wubook is the business you can work with if you want your lodging to be handled efficiently and effectively by a business. Using Zak, the all-in-one software that offers PMS, Channel Manager, Booking engine, and Restaurant Management, you will be able to save time and streamline your hotel management and online sales on a regular basis.
The reception is always in charge of keeping things running smoothly. It is now possible for you to control and monitor your lodging from anywhere in the world at any time by using native cloud technology. It is also possible to manage your business from any mobile device, including your smartphone, by using the App to manage your business.
As a WuBook user, you can communicate with other WuBook users through a dedicated forum, and WuBook Support is available 24 hours a day, 7 days a week. This can be done through e-mail, chat, or by phone. We have already gained the trust of over 12,000 users around the world. We have successfully built an ecosystem of hospitality providers who are committed to supporting and motivating us to drive our ongoing development forward. Currently, we are operating in 95 countries around the world.
In order to assist you in expanding your hospitality business, Zeevou is a global community offering cutting-edge automation, industry-leading training resources, and first-rate support with the goal of helping you succeed.
With Zeevou, you are able to automate every aspect of your short-term rental business that includes the reservation process, spending tracking, profit analysis, cleaning and maintenance, check-out administration, as well as your mobile app. There are more than 200 channels that you can link to your website to increase your chances of making a booking.
With all this state-of-the-art automation, as well as unmatched support and up-to-date training materials, a busy short-term rental manager will have a lot less work to do, which will help them save time and energy. As a result, they will be able to expand their business more easily.
In terms of both short-term and holiday rentals, Hostaway offers a complete solution for both types of rentals. The system is equipped with a booking engine, a channel manager, a property management system, owner reporting tools, marketing tools, a cleaning management system, and a financial reporting system.
Known as the vacation rental software with the fastest growth rate, Hostaway has established itself as the leading provider of vacation rental software around the world today and offers thousands of property managers in all parts of the world with the tools and services they need to grow their businesses and make more money.
The service is recommended for use in Europe, North America, Central America, and South America with smaller short-term rental properties. Suitable for a range of property types from low-cost to mid-range to high-end.
The best-in-class All-in-One solution for small properties of all kinds (yes, even campers) that streamlines processes and automates monotonous operations can probably be considered to be one of the most economical, trustworthy, and adaptable systems.
Beds24 is a tool for makers and experimenters. Due to its modular design, it has a lot of options and features, so the process of setting it up how you want it will take a lot of time. You should be prepared to spend quite a bit of time setting it up. If you are someone who prefers to do things on their own, then Beds24 is the perfect choice for you!
You can display important facts, figures, and statistics on several dashboards that can be completely customized to suit your specific needs. There are currently 37 languages that are supported by this system, as well as flexible pricing and discount options, vouchers or discount codes, group booking functionality, shared inventory, that allows you to sell rooms in various configurations or constellations on your website, Facebook integration, and secure payment processing.
We recommend it for people who are looking for short-term rental homes in Central and South America, Asia-Pacific, Europe, and the Americas, as well as the Middle East. For properties on a tight budget, this package is recommended.
Regardless of whether or not you are a tech savy, Uplisting allows you to import listings, bookings, and rates directly from Airbnb in just a few clicks of a button.
Due to the fact that all of your bookings are immediately imported from all of your channels, the Uplisting calendar is the only one that takes these bookings into account.
The sync with Homeaway/VRBO, Booking.com, and Airbnb is instantaneous and free, and you have the option of synchronizing rates, reservations, and availability too. In addition to automated security deposit collection, the “Smart Rates” option provides an opportunity to address any disparity across channels, a client/owner interface, lead time rate restrictions, a cleaning scheduler, and more features are included in this solution.
The webhooks provided by them can also be used to incorporate your booking data into your own application (or other services), if you choose.
Whether you are a vacation rental owner who is not particularly tech-savvy or a company that manages several hundred holiday rental units, you can find a use for Bookster that is appropriate for your needs. As mentioned above, the program is extremely simple to set up and is both basic and comprehensive at the same time as being tailored to suit the specific requirements of each property.
If you would like to utilize their iCal option for Airbnb, connect directly to Booking.com, HomeAway, or TripAdvisor, or connect via a variety of other outlets via their Rentals United interface, you have a number of options to choose from.
In addition to the automated marketing emails, the payment and damage deposit collection and refunds, the payment and damage deposit notification emails to guests, owners, and third parties, as well as a number of other Bookster tools, you will be able to save a tremendous amount of time.
There is a cost associated with website themes with commission-free booking engines, training, and excellent customer support. Keep an eye on the extra expenses related to the Channel Manager.
Besides the fact that it has a few practical features for short-term rentals, Hostaway is a specialized program that manages vacation rentals in just about any way you could imagine.
In addition to some additional features, such as cross-listing optimization, they also provide good reporting options and are able to automate the payment process. There are a number of integrations available from this site as well as a long list of features.
In terms of price, it comes up short mostly in terms of cost, with a monthly price tag that is about twice as high as that of other alternatives.
Lodgify is a vacation rental software that provides a user interface that is very intuitive and has a great range of features.
There is an excellent website builder with the option to input reservations as well as a scheduling calendar that can be used for a variety of apartments. The tutorials and resources that are provided to help users get started make it even easier to get started.
In spite of that, Lodgify only offers a few connectors, so your options will be largely limited to what Lodgify is able to do due to its limited list of connectors. Also, there are people who complain that their automated messaging system isn’t very effective when it comes to communicating with them.
Guesty is a powerful tool for managing properties that is a great option for people who are looking for a short-term rental solution as it is a powerful property management tool.
Despite this, it stands out from the alternatives so far because of the excellent customer service that it offers, which includes a premium 24/7 support line for higher-level customers. It also provides a good list of integrations that can be used.
There is, however, one drawback to Guesty, which is that it is somewhat expensive and often does not have a straightforward pricing structure, so people who are looking for a cheap solution might want to avoid it.
LiveRez, a vacation rental management software program that is specifically designed to manage vacation rentals, has an extensive feature set that makes it one of the most comprehensive on this list.
The company’s accounting functions in particular have been praised by its users for their robustness and the tools that they provide that make them stand out from the rest.
A trade-off for that poor customer service is that users complain about delays in response times, as well as occasionally rude CS representatives that are a result of this.
As compared to the other products on this list, RMS Cloud is one of the most comprehensive solutions on the market, including everything from work order management to a complete customer relationship management system.
It is worth noting that they do not offer vendor management, a feature that most of their rivals do offer.
There is no doubt that they are a great choice for someone who is more concerned with features and functionality rather than price, as they offer a fantastic combination.
Quickbooks for Landlords
Like any other business, a landlord needs to be able to monitor the financial performance of their rental property portfolio. You should find it as simple as possible to maintain an accurate and current record of all the revenue and outgoings associated with your rental business using your accounting system.
It’s crucial to keep these thorough financial records for a number of reasons. First and foremost, you need correct financial data for tax purposes, secondly, it will help you get more money so you may expand your portfolio, and thirdly, it will help you find areas of strength so you can strengthen your overall cash flow and profitability.
You can use spreadsheets, accounting software like QuickBooks, or property management software to keep track of your revenue and spending as a landlord.
When people hear the phrase accounting, they frequently think of QuickBooks as the first piece of software that comes to mind. Set up your properties as customers in QuickBooks, your renters as subcustomers, and use classes to keep track of different transaction kinds.
Although QuickBooks is the top accounting program for small businesses, it has some restrictions when it comes to managing rentals.
QuickBooks is challenging to set up for tracking rentals and simple to botch up. The case for landlords with larger holdings is particularly strong here. Real estate investors must keep track of their revenue and expenses on a unit-by-unit or even property-by-property basis, and the more properties you own, the more challenging this task may become.
Additionally, it misses a few key time-saving automation and property management features found in solutions tailored to the business, such Landlord Studio. For instance, a good system for collecting rent, screening tenants, generating industry-specific data, storing crucial documents like the rental agreement, and managing and tracking your property leases are all necessary in addition to conventional accounting.
Although QuickBooks is excellent for routine accounting, it lacks the capabilities you’ll need to create a reputable and expandable property management company.
Landlord Property Management Software
As with any other business, landlords need to be able to keep an eye on the financial performance of the rental properties that they own in their portfolio. With the use of your accounting system, you shouldn’t have a problem keeping accurate and current records of all the revenue and outgoings of your rental business in a way that is as simple as possible.
There are a number of reasons why it is important for an organization to keep complete financial records. As a first and foremost, you need accurate financial data for tax purposes, then, you will be able to raise more money in order to expand your portfolio, and thirdly, you will be able to identify areas of strength that you can build on to improve your overall cash flow and profitability.
It is possible to keep track of your income and expenses as a landlord by using spreadsheets, accounting software such as QuickBooks, or property management software.
It is common for people to immediately think of QuickBooks when they hear the phrase accounting as being the first piece of software that comes to mind when they hear the phrase. Set up your properties in QuickBooks as customers, and your tenants as subcustomers, and then use classes to keep track of the different types of transactions you perform on your properties.
In spite of the fact that QuickBooks is the most popular accounting program for small businesses, renting out your property has some limitations with it.
In order to track rentals, QuickBooks can be challenging to set up, and it can be very easy to make mistakes. In this case, landlords with larger holdings have an even stronger case than landlords with smaller holdings. It is incredibly challenging for real estate investors to keep track of their income and expenses on a unit-by-unit basis or even property-by-property basis, and as you own more properties, the more challenging it becomes to do this.
There are also several key time-saving automation and property management features that are missing from this software when compared to solutions that are tailored to the needs of the business, such as Landlord Studio. A good system for collecting rent, screening tenants, generating data specific to the industry, storing crucial documents such as the rental agreement, and managing and tracking your property leases are all essential in addition to conventional accounting systems.
Despite QuickBooks being good at handling routine accounting, it lacks the capabilities that you will need to create a property management company that is reputable and expandable in the future.
A software program for managing the properties of landlords
In addition to online rent payments, vacancy management, maintenance schedules, and accounting, building managers can manage everything from online rent payments to vacancy management and accounting using Buildium, our top pick overall. Through its bookkeeping, business operations, leasing, and community association management tools, Buildium automates the entire process of managing properties, from bookkeeping to business operations to leasing. In order to support the lead-to-rent collection cycle, it offers user-friendly tenant and lease tracking, automatic rent and fee reminders, a full general ledger accounting system, as well as on-demand reports. With Buildium, property managers can securely receive online payments through a specialized tenant portal that is included among its capabilities.
The software does not offer a free version at the moment, but they do provide a 14-day trial version. Depending on the number of units you manage, the price of the essential plan will begin at $50 per month for those who manage less than five units. There is a correlation between the number of units you have and the price per unit that you pay. There will, however, be a higher overall cost for you, which is obvious. If you sign up for Buildium’s annual billing plan, there is also a 10% discount that you will receive.
Due to its simplicity, Buildium is fairly simple to use, although basic users may not be able to make full use of its full features due to the fact that it streamlines the entire process. Users of Buildium can access customer support through a ticket-based system to help them find their way around the software more easily, although some customers reported that the customer support had been slow in responding to their requests.
The Buildium platform integrates with several outside software platforms, including Apartment List, Apartments.com, Forte, HappyCo, HotPads, Lovely, TransUnion, RevSpring, MSI, Nelco, Tenant Turner, PayNearMe, Trulia, Zillow, and Zumper, in order to provide its users with a wide range of features.
Michael Monteiro & Dimitris Georgakopoulos came up with the idea between 2002 and 2003 when they started their own rental property management company and realized they would need software to manage their properties easier. To date, they have received many awards and recognitions for Buildium, which was founded in 2004 and had grown to 10,000 customers by the end of 2014, receiving many awards along the way.
While TurboTenant is free for landlords, tenants must pay $55 for application and screening, 3.49% for using a credit card to pay rent, and a monthly renters insurance premium as little as $8. It is possible for landlords to purchase a variety of optional services for one-time purchase, such as state-specific lease agreements, at a discounted rate.
With the help of TurboTenant’s services, landlords are able to handle applications and assess tenants online in a simple and hassle-free manner. These services include setting up specific listing pages and sending bulk tenant messages from a single inbox per tenant. In addition to Facebook Marketplace, Realtor.com, Rent.com, Apartment List, RentPath, and other rental listing websites, landlords can market a vacant home across multiple platforms with a single click by integrating with Facebook Marketplace, Realtor.com, Rent.com, and other rental listing sites.
As a result, you can use TransUnion as a way to verify potential tenants, send and sign all lease documents, as well as submit maintenance requests and payment requests online using this platform. Payments made by ACH are free of charge, but payments made by credit cards are subject to a fee of 3.49%.
Forbes and Inc.com have both featured and praised this free, cloud-based platform despite the fact that it is a free platform. There are more than 400,000 landlords who use TurboTenant’s online tools, with the dependability and assistance they provide demonstrated in the service they provide to their tenants, since the launch of TurboTenant’s online tools in 2015.
Having built a wide range of capabilities for landlords who need to run and grow their businesses remotely, AppFolio supports all unit types, which has earned it our top pick in terms of the greatest number of advanced features for landlords to utilize.
In addition to the two alternative plans that AppFolio offers to residential landlords, there are also plans for community associations and commercial landlords available. There is a per-unit price for the plans, but there is also a minimum price for the plans. For residential landlords with the core plan, the minimum monthly payment is $280.
There is an onboarding fee that needs to be paid before an AppFolio account can be set up, and after that the cost of each property is as follows:
- There is a residential core fee of $1.40 per unit per month (minimum $280)
- Residential Plus: $3 per unit per month (minimum $1,500 per unit)
- It is also possible to create plans for commercial landlords and community associations.
In addition to residential and commercial real estate, AppFolio is also able to assist student housing and community associations. With AppFolio, landlords have the ability to handle every aspect of the rental process, from utility billing to accounting software, rent collection to maintenance requests. The application also provides marketing tools for a variety of platforms, as well as customizable online leases. There is a specific feature designed for each type of property that you are using, so each one will be unique.
In addition to the advanced features provided by our leasing assistants, we also provide professional websites for your properties, high-quality leads, tenant screening, tracking of proofs of insurance, online payments, maintenance contact centers, utility management, automated accounts payable, and tenant debt collections, just to name a few of the features.
It was established in 2006, and for more than ten years, AppFolio has been providing clients with property management services. In fact, since it was their first product they developed, this property management software is one of their most proudest accomplishments, and they strive to improve it constantly. It is one of the fastest growing businesses in the world and it is listed on the NASDAQ exchange with over six million units managed on its platform.
Landlords use accounting software in order to manage the finances of their properties. A variety of accounting software can be used for this purpose, and it is important to consider its purpose before making a decision, because there are many different types of accounting software that can be used for this purpose. There may be a case in which the software is not a good fit for the practice of accounting in land management if the purpose of the software is not met. The landlord can make an informed decision with regard to which accounting software to use by taking into account the different purposes for which accounting software is used.