The very best rental property accounting software program contains revenue monitoring, automated financial institution reconciliation, tax preparation instruments, on-line cost processing, fund accounting, simple integrations, and robust help. These options enable you handle property funds effectively whereas staying compliant and saving time.
#1: Automated Financial institution Reconciliation
As one property supervisor advised us, “There’s no approach we might do as many accounts as effectively as we’re with out [an] auto-rec function.”
As a substitute of pouring via your chart of accounts line by line to match it up with financial institution statements, use an accounting software program that features auto-reconciliation. The software program will match up greenback quantities for you. On the finish of the month, quarter, or 12 months, you’ll solely have to concentrate to the objects that didn’t match.
#2: Rental Property Chart of Accounts
There are many generic accounting software program options out there—QuickBooks® involves thoughts—they usually work fairly nicely—up to some extent.
Landlords and property managers want purpose-driven rental property accounting software program that features a chart of accounts custom-made for the wants of their enterprise.
Not solely are you dealing with your personal books, however you’re retaining monitor of a number of accounts to your homeowners, accepting and paying out lease, holding deposits, and retaining monitor of your backside line. You want a chart of accounts that features fields and entries that seize all of that data.
#3: 1099 eFiling
It’s the start of a brand new 12 months. You’re simply getting again on monitor after the chaos of the vacations. Do you actually need to cope with filling out, submitting and sending bodily 1099s?
Rental property accounting software program for property managers ought to ought to be capable of:
- Generate 1099s for your whole homeowners and distributors robotically
- Ship digital copies
- Print and postmark onerous copies
#4: On-line Lease Funds
Increasingly more, renters need to deal with communications and transactions on-line—and property managers need a neater method to maintain monitor of all that cash.
On-line funds which might be recorded in your rental property accounting software program robotically save time and trouble for everybody. Tenants could make a safe cost, or arrange recurring funds, from wherever and scale back late or misplaced funds. Property managers can scale back time spent chasing down late funds, and homeowners can get their cash extra shortly.
#5: Accounts Payable
A superb rental property accounting software program resolution also needs to deal with your accounts payable. Cash going to distributors and staff must be simple to trace and pay out on time each month.
#6: Fund Accounting
Should you handle associations, fund accounting capabilities are key. Ensuring there may be sufficient cash within the reserve and working funds and checking that resident charges are on time is a key a part of retaining an affiliation working easily.
Property administration accounting software program must be set as much as deal with fund accounting and to automate a lot of the method for you.
We’ve coated what your rental property accounting software program ought to appear to be. So what’s the finest rental property accounting software program?
Let’s check out a few of our prime picks.
