To all the self-employed moms out there…this one is for you. I am starting my own property rental company and need advise on which program I should buy to keep track of my property expenses, income, etc… I was looking into QuickBooks, and an app for rental property… Any advise is welcome…thanks in advance!
I have not picked one yet, but I really appreciate all the responses! This gives me a few things to research. Thank y’all!!!!!
I am an accountant by trade and I own rental property. I use Quicken Rental Property Manager. I really love this program. It is easy to learn, easy to use, and keeps track of everything. You know where you are financially and and keep track of multiple properties, multiple tenants, and all of your expenses both property specific and exclusive. It was even cost effective when I first purchased it in 2006. It makes everything easy. I love it.
QuickBooks all the way! I was a CPA's assistant for 4 years and now a small business owner. Quickbooks is SO versatile especially for what your needs will be.. hands down the best out there.
We us Quickbooks Pro and I love it.
It is easy to use. I subscribe to the Quickbooks program and run my payroll and all taxes and reports through it as well.
We use Quicken and have for years. I use it for my business and our rental property. I like the program and we use it because we were already familiar with it since we had been using it for our personal finances for years. I know a lot of small business owners that also like QuickBooks.
I agree that QuickBooks is user friendly. However, make sure that the bank you open your business account at is able to support automatic downloads into QuickBooks. We ran into an issue with this AND it was doubly difficult because we also use a Mac, not a PC. Just something to think about! Because we are on Mac, and also we're a construction company (so our accounting is project-by-project and pretty straightforward, with no direct payroll involved), I am using iBank and it's working well for me.
At my last job, I was a commercial property manager and we used Yardi for accounting and tracking the properties. It is made specifically for property management. Our version was pretty sprawling (lease accounting, Landlord accounting, insurance tracking, property maintenance tracking, lease agreement tracking, CAM billing, etc etc). As such, it was not the easiest program to learn to use, but it did absolutely everything we needed it to do, even down to cutting checks. You may want to look into it and see if that's a viable option for you.
Good luck with your new business!
Do you have a CPA/tax preparer that you love and will continue to work for? I would ask them directly, as they can possibly help you find what you need and answer questions when you run into trouble. Makes it easier to prepare for them at tax time as well.
