Are there alternatives to using QuickBooks for rental properties

softwarebuck April 25, 2021 0 Comments

The Best Reporting and Accounting Tools For Landlords

These are our winners for the best reporting and accounting tools forlandlords. Read below for complete criteria and scores.

Best Overall Accounting and Reporting Software:

The best overall accounting software for landlords in our analysis is Stessa.This software is built by landlords for landlords with the reports and metricsthat matter. Stessa is perfect for landlords and property owners who requireeasy to use reporting and accounting tools to help take their business to thenext level. Sign up for a free account, link your property information andaccounts, and gain access to a current view of how your portfolio isperforming in real-time. Within minutes, you can get the insights you need atyour fingertips to make better decisions.Stessa Asset management and accounting software for real estate investors, includingsmart money management, automated income and expense tracking, personalizedreporting and more. Strength: Accounting and Financial Tracking

Best for Tax Preparation:

Finally, the best accounting software for landlords with the best taxpreparation tools is Rentec Direct. Easy to manage tax reporting features inRentec Direct make finding the information you need at tax time right at yourfingertips. Start your free trial at Rentec Direct.Rentec Direct Designed to address the needs of DIY landlords as well as property managementcompanies, Rentec Direct includes all the tools necessary to manage and rentyour properties. Strength: Complete Solution

QuickBooks for Rental Properties

Many landlords use QuickBooks to track their rental properties’ finances.There are pros and cons with using QuickBooks. As an accounting tool,QuickBooks is great. You can create and send invoices, receive payments, trackincome and expenses, and run reports. Additionally, it integrates with commonsoftware programs like TurboTax.However, QuickBooks is purely an accounting tool. It has its limitations. Forexample, it does not have the ability to collect rent payments, managemaintenance tasks, or provide lease templates and electronic signing. In otherwords, QuickBooks is not specifically accounting software for rental property.

Are there alternatives to using QuickBooks for rental properties?

Yes! There are property management software products designed for landlordsand property managers. Some focus specifically on financial tracking,reporting, and accounting, with ledgers and categories geared towardsaccounting for rental property. Others also handle online rent payments,tenant screening, advertising, and leases so you can keep all of your propertymanagement and accounting tools in one place.We break down how each of the property management software products handlesreporting and bookkeeping. We also examine whether their accounting tools arerobust enough come tax time.* * *

Rental Property Management Software

For many landlords the right property management software can help youefficiently run your small business. We have evaluated some of today’s topsoftware products to uncover their key benefits. Let us help you find landlordsoftware that is best suited for your needs. Whether you are looking for toolsto help collect rent, screen tenants, list your rental, automate your recordkeeping, or other property management tasks, we can find a product for you:* * *

Accounting Tools Criteria and Scores

We graded each of the software providers on 4 key reporting and accouningfeatures on a 10 point scale, plus a bonus feature. Read on for more details.Here’s how they stack up:Software| Avail| Buildium| Landlord Studio| Rentec Direct| Stessa| Tenant Cloud —|—|—|—|—|—|— Expense Tracking| –| 9.5| 10| 9| 10| 9.5 Bank Integration| 7| 9| 9| 10| 10| 7 Reports| 7| 10| 10| 9| 10| 10 Tax Prep| –| 9.5| 8| 10| 9.5| 9 Bonus| –| +1| –| +1| –| – TOTAL (out of 40)| 14| 39| 37| 39| 39.5| 35.5 The criteria we looked at for reporting and accounting tools from a landlordaccounting software product include: * Income and Expense Tracking * Bank Account Integration * Reporting * Tax Preparation * Bonus point: common area maintenance allocationWe graded each product with a score from 0-10 in each category. We also gavebonus points to those that have a built-in method to allocate and bill tenantsfor common area maintenance.

Income and Expense Tracking

Most of these software solutions track all online rent receipts automatically.Additionally, with many of them, landlords can input their expenses, whetherthey were paid online or not.If the software allows it, you can categorize these expenses and assign themto individual properties or units. This is good for reporting at any giventime to see if your business is operating efficiently and profitably. Or ifnot, to see where expenses can be managed.

Tax Preparation

There are no tax forms available.Score: N/AAvail Advertise your property, find and screen tenants, sign leases, collect rent,and e-sign custom local leases, with tools built specifically for DIYlandlords. Strength: Complete Solution* * *Buildium is rental property management software designed to support the largerDIY landlord and property managers. The software includes tools to help withaccounting and bookkeeping, lease and document management, maintenancetracking, rental listings, applications and screening, and more. Buildiumclaims to have over 15,000 customer accounts, 60,000 users, and over 4 milliontenants under management, and was ranked as a leading residential propertymanagement solution out of 125+ companies by Gartner. Plans start at$47/month, and they are currently offering a 15-day free trial.> Buildium is a winner in our Best Online Rent Payment Service For Small> Landlords

Types of Accounting Degrees

Degrees in accounting are available at associate, bachelor’s, master’s, anddoctoral levels via traditional campus-based learning or online options. Eachlevel of degree can lead to specific opportunities for graduates, ranging fromentry-level clerk and assistant roles to academic professorships. Studentsshould identify their goals and understand how the completion of each degreewill aid them in meeting those aspirations. A review of each type is givenbelow.

Master of Accounting

A Master of Accounting (MAcc) is an ideal program for students looking tobecome CPAs or aspiring to high-level accounting positions within competitivefirms. For students with an existing background in accounting, this degree cantypically be completed in one year. Some programs will offer students theoption to complete an intensive internship program, providing hands-onexperience and opportunities to make valuable contacts within the industry.Students without prior educational experience in accounting will likely needto complete a number of prerequisite courses before beginning the program.Examples of these include introductory classes in financial accounting,micro/macroeconomics, and statistical theory alongside other baselineaccounting classes. Once enrolled, students will progress into advanced studyof focused topics, including accounting theory, specialized accounting forspecific business types (e.g. nonprofits, government agencies, multinationalorganizations) and technological theory.Alternatively, students can pursue an MBA in accounting for their master’sstudies. Students in MBA accounting programs take more business management andleadership courses, but curriculum is often similar to that of an MAcc. Theycan begin a college search by looking at some of the best online MBA programsin the nation..Throughout either degree program, students will undertake specialized coursesto help them deepen their knowledge and develop pertinent skills. Below is alist of some of the classes graduate students could expect to take.Advanced Managerial AccountingProvides a concentrated study on how to use cost information in managerialroles to plan and control business activities. Strong emphasis on dataanalysis.Accounting Skills & Knowledge Gained * Designing and managing accounting procedures * Incorporating information technology in accounting practices * Understanding activity-based costing techniquesAdvanced Business LawEnsures students understand the legal framework of businesses and any lawsthat could run parallel to activities conducted within accounting.Accounting Skills & Knowledge Gained * Understanding business law and government regulation topics pertinent to businesses * Creating and analyzing contracts * Completing commercial transactions * Brokering debtor-creditor relations * Navigating securities regulations and accountant liabilityInformation Systems ControlBuilding on existing knowledge of manual and computerized accounting, thecourse delves into the bigger picture to equip students with nuanced dataanalysis techniques and security measures.Accounting Skills & Knowledge Gained * Ability to implement security and cost management control measures * Understand how these vary based on different business modelsTax StrategyGives students practical knowledge for recognizing opportunities arising intax planning and equips them to make calculated and ethical business decisionswhen developing tax strategies.Accounting Skills & Knowledge Gained * Up-to-date knowledge of federal tax system regulations * Mastery of online research software and research techniques for tax preparation * Advanced understanding of investment models * Tax arbitrage and implicit taxes

Online Accounting Schools

Studying accounting via online education is a popular option for many studentsas the flexible nature allows them to build an academic schedule that fitswith other personal and professional responsibilities. Many students studyingonline may already be working in an accounting position and will complete theonline degree while still employed.Search for an online accounting degree.Before enrolling, however, it is important to carefully evaluate each schooland program of interest to ensure that the online education you receive ishigh quality. Below are a few things that prospective distance learners shouldkeep an eye out for:AccreditationAll accounting degree programs–online, campus, or hybrid–should beaccredited by an agency or organization that is recognized by the U.S.Department of Education and the Council for Higher Education Accreditation(CHEA). In the accounting field, the primary accrediting body is theAssociation to Advance Collegiate Schools of Business (AACSB). Some schoolsalso pursue accreditation specifically for their online accounting programsthrough the Distance Education Accrediting Commission (DEAC). If the collegeand degree program you are interested in has earned accreditation from one orboth of these organizations, you can rest assured that curricula, professors,resources, and other program aspects meet or exceed quality standards, andthat the degree you earn will be accepted by employers and other institutions.Faculty With Extensive and Relevant Accounting ExperienceA quality education starts with excellent faculty and professors who haveextensive and current experience, both in the virtual classroom andprofessional world. Most accounting departments post faculty bios. Carefullyreview these to see if professors have worked as CPAs, controllers, auditmanagers, CFOs, and more for a range of companies, from small firms to largecorporations to governmental agencies. This type of real world experience cangive online students more practical knowledge and these professors may alsobecome valuable mentors or network contacts post graduation.Accounting ResourcesWhether online or in person, classroom learning is only half the battle. Inaddition to relevant curricula and highly qualified professors, does theschool also offer advanced accounting resources to help students throughouttheir program and after graduation? For example, does the school provideaccess to the latest accounting software such as QuickBooks Pro, Intacct, andSage 50? Are career counselors well-versed in the field of accounting and dothey have access to a range of accounting firms and corporations to helpstudents land internships or jobs after graduation?

Leave a Reply

Your email address will not be published. Required fields are marked *