Successful real estate firms need solid bookkeeping and just enough technology to streamline procedures. Companies are ditching Excel and handwritten bookkeeping. Why should real estate firms and professionals hesitate?
This blog will inspire you to establish a real estate business or find a personalized accounting solution. We’ll highlight some of the top real estate accounting software so you may get good ideas for your own.
While other industries adopt automation and AI, real estate is only starting. We receive many inquiries about real estate accounting and administration software. If so, read on!
14 Top Real Estate Accounting Software You Should Know
Companies trust some of the top real estate accounting software. Your custom real estate accounting solution must incorporate certain features and functions, even though many are based on generic accounting demands. Let’s examine some.
QuickBooks is a strong accounting solution used by realtors. With approximately 26.56 million US users, it has an 80% market share. With its many features, this real estate accounting application excels.
Users may easily track property valuations and depreciation, manage rental revenue and expenses, and generate useful investment reports. These activities are automated by QuickBooks, saving time and accuracy.
Feature highlights
Track rental revenue and expenses: It can easily track rent, maintenance, and taxable expenses.
Lease agreements: Users can write and maintain lease agreements in the cloud, track key dates and clauses, and automate rent renewal reminders.
Zoho Books
Zoho Books is another reliable real estate accounting software. This cloud-based application provides real estate professionals with essential financial management features.
It streamlines tracking income and expenses, reconciling bank accounts, generating invoices and reports, automating tax computations, etc. AI-based real-time financial health insights and cash flow alarms are provided. This streamlines financial processes and saves agents, property managers, and investors time.
Highlights of Features
Automate bill payments for regular spending, manage rent collections and create personalized invoices for renters and merchants.
Classify rental property bills, track maintenance costs, and ease tax preparation with thorough data.
Multiple bank accounts and currencies: Control property accounts, receive rent in different currencies, and track foreign transactions easily.
Xero
Xero is a major cloud-based real-estate accounting software that helps organizations manage their finances. It provides a complete and easy-to-use company contact management platform beyond Excel spreadsheets. It makes it easy to add, edit, and store contact details, notes, and documents.
But Xero’s worth goes beyond data storage. Its extensive third-party connectivity lets users seamlessly integrate their contact information with other critical business applications, easing workflows and maximizing productivity.
Highlights of Features
Snap images of receipts and bills, upload bank statements, and Xero automatically categorizes them, saving hours of data entry.
Track income and expenses for several properties, generate tenant statements and manage deposits and rent arrears in one place.
FreshBooks
Real estate accounting benefits from FreshBooks’ robust features, which streamline tasks and speed up payments. With effective expenditure and client management, users save time. FreshBooks’ flexible payment choices let you focus on expanding your real estate business. More than 30 million customers use it.
Besides accounting, it lets you wow prospects and close business faster with professional, customizable estimates. FreshBooks helps you define expectations and build client connections for rental properties and sales. Its vast collection of pre-designed templates for numerous industries and scenarios promotes communication and openness throughout the engagement process.
Highlights of Features
Auto-invoicing and rent collection: Create professional invoices, set regular payments, and securely accept online payments to save hours of manual effort.
Track and categorize all property-related expenses, from repairs and upkeep to marketing and insurance, to understand finances.
Property-specific reports: Track profitability, and trends, and make educated decisions with comprehensive data for individual properties or your portfolio.
AppFolio
AppFolio is a premier cloud-based property management software with real estate accounting. AppFolio centralizes rent collecting, accounts payable & receivable, general ledger, and financial reporting, eliminating manual processes and spreadsheets.
It serves property managers, HOAs, and investors. AppFolio offers accounting, leasing, maintenance, and communication capabilities. Its user-friendly design and automation capabilities make it a popular choice for real estate professionals seeking an integrated property management system.
Highlights of Features
Online payments, rent reminders, and real-time financial reporting streamline accounting and cash flow management.
Resident portals and mobile app: Residents can pay rent, request maintenance, and view lease data online or via the mobile app, improving satisfaction.
NetSuite
NetSuite is a cloud-based ERP solution with real estate accounting features. Its entire business add-ons enable financial transparency and decision-making with superior fixed asset management.
Depreciation and lease accounting are automated by NetSuite, assuring precise reporting and efficiency. Users may make data-driven decisions by seeing your asset lifespan from acquisition to retirement.
Highlights of Features
Integrated accounts: View your real estate portfolio’s financial data across property types, projects, and entities in one place.
Automated workflows save time and reduce errors in accounting procedures including rent collecting, lease administration, and vendor payments.
DoorLoop
DoorLoop is cloud-based real estate accounting software that simplifies property manager finances. This property management platform includes all accounting functions. They are designed for residential, commercial, worker, and community housing purposes.
Highlights of Features
Generate bills, collect rent online, manage expenses, and reconcile bank accounts automatically to save time and reduce errors.
Comprehensive accounting: Track your finances with your chart of accounts, financial statements, and custom reports.
Sage Insight
Sage is a solid choice and a strong contender for the finest real estate accounting software. You may add industry-specific fields, input data effortlessly, and automate typical processes to customize the platform to your workflow. Powerful insights are at your fingertips. You can filter data by clients, properties, income, or any important factor to create detailed reports for decision-making.
Highlights of Features
Accounting Automation: Automate invoicing, expense tracking, and financial reporting to save time.
Property Management: Centralize contracts, rent payments, maintenance requests, and tenant interactions.
Built-in compliance tools and features help you comply with evolving tax laws.
With detailed reporting and analytics, you can understand your financial performance.
Share data and collaborate with your accountant or bookkeeper in real-time.
Quicken
While Quicken focuses on personal finance management, its “Home & Business” editions offer real estate accounting features. This edition lets owners track rental income and expenses, generate property performance reports, manage tenant data, and automate rent collection.
Highlights of Features
Portfolio Tracking: Track single-family homes, multi-units, and commercial assets. Each property’s income, occupancy, market value, and cash flow are broken down.
Ultimate Tax Toolbox: Easy Schedule E and other tax report generation simplifies year-end preparation. Upload data to TurboTax for easy filing.
Property Matrix
Property Matrix’s intuitive UI and extensive features simplify property administration and real estate accounting. This property manager and owner tool also benefits tenants with simple features.
Highlights of Features
Centralized Financial Management: View all property income, expenses, and tenant ledgers from a single dashboard in real time.
Automation: Reduce errors and save time by automating rent collection, late fee computations, and payment reconciliations.
Hemlane
Though it has financial management functions, Hemlane isn’t usually used for real estate accounting. Marketing tools for easy advertising and applicant screening with credit, criminal, and eviction checks reflect its concentration on self-managing landlords.
Highlights of Features
Hemlane processes online rent payments automates late fees, and creates income and spending reports.
Lease tracking: It promptly notifies both parties of lease terms, renewal dates, and rent increases.
Xendoo
Xendoo isn’t real estate accounting software, but its capabilities and integrations can benefit the industry. It specializes in virtual bookkeeping and accounting for small enterprises, including real estate.
Highlights of Features
Dedicated accounting team: Xendoo assigns a bookkeeper, CPA, and accountant to manage your accounts.
Seamless integration: Xero and QuickBooks are supported, making setup easy.
Custom dashboards and monthly reports provide real-time financial visibility.
TenantCloud
TenantCloud, a top real estate accounting software, streamlines rental enterprises with cloud-based capabilities. Automatic recurring schedules simplify rent payments for tenants with TenantCloud. Stripe enables secure credit and debit card transactions for a modest cost, whereas Dwolla offers free ACH transfers.
Highlights of Features
Online rent collection and lease agreements: Reduce late fees and streamline cash flow by securely accepting rent payments online. Create and save digital lease agreements to reduce paper and simplify modifications.
Automate accounting: Reduce human data entry and bookkeeping errors by automatically journaling income, spending, and tenant deposits.
RealPage
RealPage streamlines residential and commercial accounting for property managers with its feature-rich web platform. This integrated rent payment service accepts credit/debit cards, cash/money orders, and mailed checks with real-time scanning.
Highlights of Features
Automating rent collecting, payable processing, and bank reconciliation saves time and reduces errors.
360-degree visibility: Customizable reports and dashboards provide detailed portfolio performance information from individual units to asset classes.
Integration: RealPage combines with its other property management and investment management tools to provide a single platform.
Create a Custom Real Estate Accounting Solution With Us
Effective accounting software improves operations, boosts efficiency, and gives growth insights. Building a comprehensive solution like this requires research and reliable software development support. Start your investigation with our list of 14 top real estate accounting software, each with its capabilities.
With the proper financial partner, you can negotiate real estate and develop a successful business. Real estate software development and guidance from Narola Infotech yield real-time outcomes. Our 350+ progressive specialists have the unique experience, creativity, and skills to implement your software ideas. We work with businesses of all sizes and complexities. Feel free to contact us about your project.
