If you’re looking for an accounting system for your real estate investing business, you’ve come to the right place. Here, we’ll discuss some of the top choices, including Freshbooks, Lone Wolf, Stessa, and Xero. Depending on your needs, these programs can help you manage your property finances more efficiently and earn you more money. Let’s look at the top features of each real estate accounting system.
If you want to keep track of all your investments and manage your property’s financials, then you should use Stessa accounting software. Its easy-to-use interface makes it easy for you to track income, expenses, and more. Its dedicated checking account helps you keep track of your income and expenses in one place and prevents you from commingling the two. It also provides users with competitive cash back and annual percentage yield rates and no account maintenance or hidden fees. Moreover, you can set up your own debit cards for your investments and properties.
This program tracks income and expenses in one place, including debt payments, capital expenses, mortgage balances, and more. It also has a tenant portal. It can help you manage your properties more efficiently, since it offers features for managing tenants and processing payments. However, it has a few limitations. Compared to other programs, Stessa offers many other features that make it an exceptional accounting tool for real estate investors.
FreshBooks is a cloud-based accounting and management solution for small businesses, and it can be used to manage your business’s finances. The program offers double-entry accounting and strong automations. Its features include invoicing and payment collection. It also integrates with Stripe, a popular payment processor. You can customize invoices and set them up to be recurring. You can also set up billable hours, add client information, and track time and expenses. Advanced plans also offer features like automated bank reconciliation, email reminders, and multi-currency support.
Among the many options available, FreshBooks is best for small brokerages and agents. It allows users to apply core accounting functions to real estate, and it even allows users to add custom fields to track properties. FreshBooks has been popular among startups for years, but it is now suitable for small to medium-sized entities, too. FreshBooks can be used to manage all of your properties and keep track of your expenses.
Compared to QuickBooks, Xero is cheaper and more powerful than the latter. The cloud-based software combines payroll software with online accounting and syncs with third-party real estate specialist apps. It also has a user-friendly interface and is easy to learn. Here are some advantages of Xero for real estate investors. Read on to learn more about this software. Also, keep in mind that it is best for companies, not solo entrepreneurs.
Xero’s cloud-based platform offers an extensive set of features, making it the ideal choice for real estate investors. Despite its complexity, it is simple to use and includes sophisticated reporting functions. It allows you to connect bank feeds, reconcile income, and automate rent invoices. You can even access all your data through a single system, making it easy to share documents and track multiple properties. Xero offers different plans to suit different business sizes.
The Lone Wolf back office provides advanced contract management features, allowing you to send and review contracts quickly. Lone Wolf’s eSignature tool makes contract completion fast and easy, helping agents and clients complete transactions quickly. Its flexible, cloud-based software also has expert support available to guide brokerages through the implementation process. Its integrated and comprehensive accounting system also allows you to manage listings and tenants with ease.
Lone Wolf Back Office, formerly BrokerWOLF, offers a complete set of digital solutions for real estate brokerages and agents. It offers basic accounting and commission management features, and integrates with other Lone Wolf products, including brokerWOLF. Whether you need a back office solution for a small brokerage or an entire real estate firm, Flipsnack is the right choice. With flexible commission management, the software can calculate commissions and manage commission splits. The software is easy to use and has an intuitive interface.
With its robust accounting features, AppFolio offers an all-in-one solution for real estate investors. The cloud-based business management software was recently reported to have generated $105.3 million in revenue for the first quarter of 2022, up 33% from the first quarter of 2021. In the same period, the company served 6.57 million units through its Property Manager platform. For these reasons, AppFolio is considered one of the best real estate investment tax accounting software systems.
Its integration with Stessa helps investors monitor their real estate assets. This mobile app allows investors to access their data anywhere, whether they are on the go or at their office. The interface is easy to use, making it convenient for landlords to manage rental properties on the go. Investors can also connect their bank accounts to Stessa, which integrates with AppFolio.
Unlike other real estate investing accounting software, Wave does not have a dedicated rental property module. It is capable of handling basic bookkeeping functions like recording expenses and income, and generating limited reports. However, it is not user-friendly enough to manage multiple rental properties. For example, if you own several rental properties, you need to manually input their respective rent roll and bank accounts. You will also have to manually set up rent payments for each tenant.
Wave also comes with extensive integrations with third-party software. It can connect with several tools such as HubSpot, Google Sheets, Shopify, Stripe, PayPal, Etsy, and Harvest. Users can also use Wave Payments to accept online payments, and it has a built-in option for automatic syncing. However, Wave does not provide any live customer support. This is a drawback for many investors.