Operating a business where your company is involved in property management requires you to keep an accurate track of income and expenses. In addition, you likely have other bookkeeping requirements to monitor related to ordinary area expenses and maintenance. Handling these transactions and keeping all your data in one place should make it more efficient to collect rental payments, pay bills and monitor receipts. Using specialized accounting software for property management is probably your best solution for this task. Here’s a list of five popular platforms you may want to explore if you’re operating this type of business:
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Acting as a property manager or landlord handling commercial or residential properties requires you to keep an accurate account of all the transactions for your business. Using AppFolio, an accounting software for property managers, takes this process, and it also works for properties such as condos or HOAs. Having the ability to provide both tenant charges and utility management should help ensure the transactions associated with these areas get recorded correctly. This software can also automate accounts payable and provide real-time reporting. By inputting the figures about your property, it can inform you of the profit or loss it’s generating.
Recording the transactions related to your property can also be handled by using Buildium. It’s specialized accounting software for property management that has been custom-built for this industry. Whether you’re running a large enterprise or a small number of properties, it can help you identify and record the deposits, refunds, and payments related to your property. Utilizing the built-in calculators can also be beneficial when trying to crunch numbers related to the figures you’re recording. This feature can be advantageous in identifying debts you owe a vendor or converting a work order into a bill.
Another accounting software for property managers that can be used to assist with your accounting requirements when you’re managing property is Sage. Using it allows you to quickly check on balances owed by your tenants, outstanding charges, and several other accounting tasks. Using the dashboard on Sage is intuitive, and you can use it for recording transactions for several different types of properties. Using this software also makes it possible to record and analyze different lease types. Having it handy to register commercial, retail, or mixed-use properties should be highly beneficial.
FreshBooks is another popular accounting software for property management you may want to utilize. Using it should make it easy and efficient to record transactions. Equipped with an intuitive user interface, the software offers the ability to hone in on specific financial aspects related to the real estate industry and the business you’re operating. Automating accounting tasks related to invoicing, expense organization and client follow-up can be handled effectively and efficiently. You can produce comprehensive financial documents when you’re using them.
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5. Property Matrix
One of the advantages of utilizing Property Matrix is the ability it allows to customize. Designed to provide you with quick access to records, it can help record the transactions for the properties you’re managing, whether you have a significantly large or small portfolio. Having the ability to customize searches, themes, and reports makes it even more usable. Property Matrix can also be used for credit card processing, check to scan, and ACH transactions. This property management accounting software has the ability to accept online rent payments, vacant market listings, and screen tenants makes using it even more worthwhile if you’d like to handle these activities more efficiently.
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Recording and analyzing the transactions for the properties you’re managing is essential. It helps keep your books balanced, tracks critical elements like accounts payable, and keeps you on top of utility billing and collections. Here at Fusion CPA, our first-class accountants know how important it is for you to manage the accounting of your properties correctly and efficiently. Keeping track of each transaction helps determine profitability and is extremely useful when preparing your tax forms. Specializing in accounting, taxes, business advisory, and property management accounting software solutions allows us to understand the best options for your property management business. If you’re in search of professional assistance, contact us today.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.