10 Best Property Management Accounting Software in 2024

10 Best Property Management Accounting Software
10 Best Property Management Accounting Software
This is an article about the best property management accounting software. I decided to write about this topic because I recently developed a small interest in property management.

I have a small business that owns and sells small condominiums. I would like to keep them as residual income while selling. So my idea was to research property management accounting software and test some of them out to know which one is the best for landlords and property managers.

I would like to see if there are more efficient ways of managing the books for the condos and the rental properties. 

So this article will help others in my same position by listing the features of each software and providing a final summary of my opinion of each software.

What is Property Management?

Property management is the administration of residential, commercial, and/or industrial real estate, including apartments, detached houses, condominium units, and shopping centers.

Normally, a property owner wants to get the best out of his property, so he hires a property manager to perform the oversight of the value of the property that needs to be maintained by doing a cost-benefit analysis.

The correct decision-making means property managers that are dealing with the budget must identify the accounting software that is the best in order to ease their burden in managing the finances and controlling the costs.

10 Best Property Management Accounting Software

What are the best property management accounting solutions? Can it be judged on a set of software that is essentially management accounting criteria, or should it be the most user-friendly software that exists, regardless of what extent the program may cover?

While the latter argument is open to debate, we can at least take a look at the software that is available and give a brief overview of its functionality. In no particular order, here are the 10 best property management accounting software programs.

Keep in mind that some of these are full property management software rather than standalone accounting systems.

1. Rent Manager

As the name suggests, Rent Manager is top-notch software designed for handling all facets of property management. Its friendly user interface and superb customer support services are second to none.

Rent Manager not only provides accurate and up-to-the-minute accounting but also helps you manage tenants and properties with a large variety of customizable reports and letters. You can also send batch emails, set reminders, track violations and work orders, manage vehicle or equipment information, and much more.

Rent Manager has a variety of software editions, so it is suitable for any size property management company in the United States. If you are offering property management services and have multiple clients, you can best serve their needs by using a specialized management program like Rent Manager.

2. AppFolio

AppFolio provides cost-effective, web-based property management software that allows residential property managers to more effectively market, automate, and grow their businesses. 

AppFolio includes complete accounting and property management functionality with the ability to email work orders, owner statements, and resident communications. This software is a great solution for the management of a portfolio of single-family homes. AppFolio also includes both a property owner and resident portal at no additional charge.

3. Buildium

Buildium offers a versatile suite of property management software aimed at a variety of real estate markets, from residential associations to individual investors.

This software is designed to be a multifaceted platform to help property managers and association board members manage every aspect of their properties, including accounting, leasing, and maintenance.

Buildium programs are designed to be user-friendly, highly functional, and priced competitively for the small to mid-size property management sector.

4. QuickBooks Property Management Accounting Software

QuickBooks is the premium choice in accounting software, especially for small to mid-sized businesses. This system will give you all the flexibility and features you need for the finances of your property management organization. 

Unfortunately, due to the high learning curve, many users are left feeling that QuickBooks is too complex to properly implement a system for recording every property transaction. For the more tech-savvy individual, QuickBooks Online may be a better choice and is rated as simpler to use.

5. FreshBooks Property Management Accounting Software

FreshBooks is software that gives you a professional way to bill your clients. Whether you are re-billing expenses, charging by project, or sending invoices, this software will give you the look you desire.

As many property managers bill in a number of different ways, this software is a good way to improve and organize your billing for multiple properties. It also allows you to collect and keep track of payments online, all in one spot.

FreshBooks can also be accessed anywhere, on any device, including mobile, which is a requirement for many property managers in the 21st century. Pricing starts at $15 per month.

6. Yardi Genesis

I was amazed by the reviews about this software. Being integrated, it's like killing two birds with one stone. Yardi Genesis makes my spreadsheet more simplified. Very easy to learn and operate.

With the ability to create custom reports, it helps me find the information that I need and make decisions based on accurate data. This is good software for multifamily property management.

7. Tenant Pro 7

Tenant Pro 7 is a comprehensive property management software that combines all the features of property management, including accounting, tenant management, and the management of rental units.

This is a good program for property owners to effectively manage their rental property and keep good records. Users can keep good records when filing taxes using this program.

Pricing for Tenant Pro 7 is as follows: $395 for a one-time purchase, $60 to download an upgrade of a previous version, $155 for an upgrade on a disk from a previous version, and $30 to rent the software on a monthly basis.

8. Re-Leased

Re-Leased is a cloud-based property management system for landlords and property managers. It provides you with financial reporting and integration with your accounting system, Xero, and offers a package of multiple features such as tracking your cash flow forecast, budget reporting, automating rent payments, tenant management, and monitoring your arrears.

This software has a friendly user interface and a complete tax invoice you can send to your tenant at any time. Re-Leased offers you impact pricing based on your number of units, ranging from $15 to $108 per month.

A free one-month trial is available for you. Using Re-Leased will save your time totally. You just have to set up everything for the first time, and the next step is just monitoring your cash flow from your phone.

9. Propertyware

One interesting feature of Propertyware is their background in creating accounting software. Their platform is based on accrual-basis accounting rules and reflects their deep understanding of accounting methods.

While other platforms are simply adapting their cash-basis software to look like accrual accounting, Propertyware is designed from the ground up to be true accrual accounting. This allows for more natural and accurate bookkeeping and accounting reports.

Users can apply accrued transactions to properties and tenants, and advanced accounting features are built right into the core platform to track partial payments, create custom accounting transactions, and much more.

Another key feature is their extremely detailed and customizable reports. At any point, Propertyware users can run a report on any aspect of their business. The software comes preloaded with dozens of report templates, and users can easily edit them or create their own new report from scratch. Reports are run in real-time, and data is updated instantly, so it is always easy to stay on top of exactly how business is performing.

10. DoorLoop

DoorLoop is a cloud-based property management solution that caters to residential property managers. Key features include a tenant system, owner portal, vendor access, auto pay, and e-signing.

The tenant system allows users to track all tenant information, with details for each property. Users can easily switch between properties to access lease information, rental payment history, security deposit status, and any late fees. Security deposit dispositions can be tracked with details on the amount returned and any deductions.

The owner portal provides access to property performance with insights on revenue and expenses. The auto pay system allows tenants to schedule monthly rent payments with the option of a small convenience fee. The e-signing feature can be used to automate the process of creating and signing leases. All lease data can be easily tracked with the DoorLoop tenant system.

10 Best Property Management Accounting Software
10 Best Property Management Accounting Software

Key Features to Look for in Property Management Accounting Software

Choosing the right property management accounting software can often be a challenging and overwhelming task, particularly if you are not familiar with accounting or have minimal computer skills. 

Here are 5 key features to look for:
  • Customizable reporting: At some point, you will require a report that is not part of the standard reports offered. It is important to be able to manipulate a standard report into something that you need without having to contact support. This can often be done once you understand the software better.
  • User-friendly interface: It is important that the software be user-friendly. Not all property managers have strong accounting backgrounds, and if you are the one primarily responsible for the accounting, you will want to make sure that the software is something that you can understand and use!
  • Accessible vendor support: It is important to know what sort and how much help you will receive from the software company. If you are not an accountant, you may require significant assistance that you may not receive from basic-level support. You should ensure that you will receive the support that you need.
  • Automation of repetitive tasks: Property management software should automate repetitive tasks such as rent collection, tracking maintenance requests, and creating financial reports. This will save you time and, therefore, money.
  • Cost of the software: It is no secret that the cost of property management software can vary widely. It is important to note that you should select software that fits your budget, but you also don't want to sacrifice quality and reliability for price.

Conclusion: Best Property Management Accounting Software

We have reviewed the best property management accounting software providers. When you are running a property management business, managing all the transactions, keeping track of payments, and meeting due dates can be very strenuous. It takes a lot of time and energy to manage all of the finances manually. 

Luckily, property management accounting software can help fully automate and standardize the accounting process.

Therefore, you should invest in accounting software to streamline financial tasks, generate more timely and accurate financial reports, and provide you with the tools to better understand the financial position of your business.
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