As a rental property owner, managing your finances can be a daunting task. With numerous expenses to keep track of and rent payments to monitor, it can be challenging to stay on top of your finances. Thankfully, accounting software can make this process much more manageable. In this article, we’ll explore the best accounting software for rental property and how it can help you streamline your financial management.
QuickBooks
Overview
QuickBooks is one of the most popular accounting software options for rental property owners. It offers a wide range of features, including invoicing, expense tracking, and financial reporting. QuickBooks also integrates with various banks, making it easy to import transactions and reconcile your accounts.
Key Features
- Invoicing and payment processing
- Expense tracking
- Financial reporting
- Bank integration
- Automated rent payments
Pricing
QuickBooks offers a variety of pricing plans, starting at $25 per month. However, rental property owners may want to consider the QuickBooks Online Plus plan, which costs $70 per month and includes all of the features mentioned above, as well as project and inventory tracking.
Buildium
Overview
Buildium is another popular accounting software option for rental property owners. It offers a range of features designed specifically for property management, including tenant screening and lease tracking. Buildium can also help you manage maintenance requests and track expenses.
Key Features
- Tenant screening
- Lease tracking
- Maintenance requests
- Expense tracking
- Financial reporting
Pricing
Buildium offers pricing plans starting at $50 per month. However, rental property owners may want to consider the Core plan, which costs $160 per month and includes all of the features mentioned above, as well as online rent payments and custom branding options.
AppFolio
Overview
AppFolio is a comprehensive property management software that includes accounting features. It offers a range of features designed to help rental property owners manage their properties, including tenant screening and lease tracking. AppFolio can also help you manage maintenance requests and track expenses.
Key Features
- Tenant screening
- Lease tracking
- Maintenance requests
- Expense tracking
- Financial reporting
Pricing
AppFolio offers pricing plans starting at $250 per month. However, rental property owners may want to consider the Premium plan, which costs $400 per month and includes all of the features mentioned above, as well as online rent payments and electronic leasing.
Rent Manager
Overview
Rent Manager is a property management software that includes accounting features. It offers a range of features designed to help rental property owners manage their properties, including tenant screening and lease tracking. Rent Manager can also help you manage maintenance requests and track expenses.
Key Features
- Tenant screening
- Lease tracking
- Maintenance requests
- Expense tracking
- Financial reporting
Pricing
Rent Manager offers pricing plans starting at $150 per month. However, rental property owners may want to consider the Enterprise plan, which includes all of the features mentioned above, as well as online rent payments and custom branding options.
Wave
Overview
Wave is a free accounting software option that is great for small rental property owners. It offers a range of features, including invoicing, expense tracking, and financial reporting. Wave also integrates with various banks, making it easy to import transactions and reconcile your accounts.
Key Features
- Invoicing and payment processing
- Expense tracking
- Financial reporting
- Bank integration
- Free to use
Pricing
Wave is a free accounting software option, making it an excellent choice for rental property owners on a budget.
Zoho Books
Overview
Zoho Books is an accounting software option that offers a range of features designed to help you manage your rental property finances. It offers invoicing, expense tracking, and financial reporting, as well as bank integration and online payment processing.
Key Features
- Invoicing and payment processing
- Expense tracking
- Financial reporting
- Bank integration
- Online payment processing
Pricing
Zoho Books offers pricing plans starting at $9 per month. However, rental property owners may want to consider the Standard plan, which costs $19 per month and includes all of the features mentioned above, as well as project tracking and purchase order management.
Frequently Asked Questions (FAQ)
What is accounting software for rental property?
Accounting software for rental property is a tool that helps rental property owners manage their finances. It offers features like invoicing, expense tracking, and financial reporting, making it easier to keep track of income and expenses.
Why do I need accounting software for rental property?
Accounting software can help you stay organized and save time. It can automate tasks like invoicing and rent collection, and help you keep track of expenses and financial reports.
What are the benefits of using accounting software for rental property?
The benefits of using accounting software for rental property include:
- Increased organization and efficiency
- Automated tasks like invoicing and rent collection
- Easy expense tracking
- Accurate financial reporting
Which accounting software is best for rental property?
The best accounting software for rental property depends on your specific needs. QuickBooks, Buildium, AppFolio, Rent Manager, Wave, and Zoho Books are all excellent options to consider.
How much does accounting software for rental property cost?
The cost of accounting software for rental property varies depending on the software and pricing plan you choose. Some options, like Wave, are free, while others can cost several hundred dollars per month.
Can I use accounting software for rental property if I only own one rental property?
Yes, accounting software can be helpful even if you only own one rental property. It can help you stay organized and save time, making it worth the investment.
Is accounting software for rental property easy to use?
Most accounting software options are designed to be user-friendly and easy to use. However, some software may have a steeper learning curve than others.
Can I try accounting software for rental property before I buy it?
Many accounting software options offer free trials or demos, allowing you to try the software before you commit to a pricing plan.
Pros of Using Accounting Software for Rental Property
- Increased organization and efficiency
- Automated tasks like invoicing and rent collection
- Easy expense tracking
- Accurate financial reporting
- Ability to integrate with other software
Tips for Choosing the Best Accounting Software for Rental Property
- Consider your specific needs and the features you require
- Compare pricing plans and choose the one that fits your budget
- Read reviews and ratings from other rental property owners
- Take advantage of free trials or demos to try the software before you commit
- Choose a software that integrates with other tools you use, like property management software or bank accounts
Summary
Accounting software for rental property can help you stay organized and save time managing your finances. QuickBooks, Buildium, AppFolio, Rent Manager, Wave, and Zoho Books are all excellent options to consider, depending on your specific needs. Be sure to compare pricing plans, read reviews, and take advantage of free trials or demos to find the software that works best for you.