Last editedNov 20222 min read
Any property investor knows the burden of paperwork can be high. Not only do you need to keep on top of rental agreements and tenant payments, but you also need to track expenses, file taxes, and run reports to scale your business. The best accounting software for property investors keeps you well-organised so that no fine detail falls through the cracks. Here’s a closer look at some of the best software on the market. We’ve included general accounting software as well as platforms specifically designed for landlords and investors to help you find the right fit.
We’ll begin the list with QuickBooks Online from Intuit. Although this is general accounting software without specific real estate management tools, its comprehensive features make it a great starting choice for investors. The bill pay feature makes it easy to collect rental payments with easy integration into existing systems. QuickBooks lets you track your income and expenses by location, which is useful for investors with a large portfolio. Additional features include a mobile app for scanning receipts, as well as car mileage tracking. Another benefit to QuickBooks is the fact that it’s accessible to your existing accounting team. Invite external accountants to review all documents to make sure our finances are in order.
This cloud-based software cleverly combines property management and accounting tools in one platform. You can do away with spreadsheets by automatically tracking income and expenditure online, generating all required financial reports. In addition to its bookkeeping features, Landlord Vision also offers tenant and property management tools to track tenants, buyers, agreements, and contracts. Automatic bank reconciliation syncs your accounts, while tax calculators ensure you’re up to date with HMRC regulations.
This property management software comes with a handy app to manage your investments on the go. Accounting features include expense tracking, online inventories, and rent payment management. Track your Direct Debits as they come in, ensuring every payment makes it into your accounts. From the property management end, Lisa Property is useful for investors because it helps you advertise vacant properties on Prime Location and Zoopla. Reduce vacancy rates to boost your income.
Finally, Xero makes our list of the best accounting software for property investors. It’s easy to use, with a central dashboard showing your inventory, invoicing, and accounts. Another key highlight of this accounting software is its lengthy list of integrations. That means you can customise it to best suit your real estate investment needs by integrating property management apps. It’s a good choice for beginners, with 24/7 live chat support.
How to choose the best accounting software for property investors
The best accounting software for property investors depends on several factors. This includes the size of your real estate portfolio, as well as how hands-on you want to be with property management. If you prefer to outsource the day-to-day management of your investments, a general platform like QuickBooks or Xero is probably a better choice. For hands-on management, real estate-specific tools are a better fit. Budget is another factor to consider. Some accounting software requires up-front costs as well as rolling monthly contracts with corresponding fees. Others are free at the most basic level, which might be enough for small portfolios.
You should also think about integrations. How well will the software fit into your existing financial systems? GoCardless works with over 350 systems, including all the partner software mentioned above. This gives you full visibility over payments, whether you’re collecting recurring rent payments or one-time deposits. Easy to use and secure, it’s the ideal companion for the accounting software of your choice.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.