Last editedJun 20222 min read
As a landlord, handling tenant details, contracts, tax reports and more can be quite the headache. However, accounting software solutions can help ease the load considerably. To help make your life easier, we’ve compiled a list of the best accounting software for landlords in the UK.
What does accounting software for landlords do?
Before we get into the list, let’s run through precisely what accounting software for landlords does so that you can help visualise how much easier it can make managing your properties.
Stores property details
Stores tenant information
Manages rent and tenants
Logs legal documents
Provides online storage for relevant documents
Helps manage accounts
Records and manages expenses
Generates and files tax reports
Provides income tax projections
Best accounting software for landlords
Now we’re clued up on what accounting software for landlords should do, let’s run through some of the best software solutions available.
Best paid account software for landlords
Xero is a great account software option for landlords, offering solutions for landlords with both small and large portfolios. From one dedicated space, you can manage all your properties and tenants, and the bank feed function allows all your transactional data from your bank to live sync with Xero.
Linking GoCardless to Xero can facilitate the collection of rent payments and help ensure they’re paid on time. This is done by creating recurring monthly invoices with your tenants, allowing CG to retrieve the rent automatically via Direct Debit. You can then view and keep track of all rent payments via Xero.
Plans with Xero start at £12/month.
2) Landlord Vision
Landlord Vision allows landlords to keep all relevant property info in one place and set up automatic reminders for tasks and payments. It can also store images of your properties and all important documents.
Plans with Landlord Vision start at £6/month, however subscription costs are based on the number of properties you manage, meaning it becomes more expensive for landlords with larger portfolios.
3) Property Portfolio Software
Property Portfolio Software is a desktop-based software which provides a complete property management system for managing both tenants and rent payments. The software can be purchased and installed on up to five computers, but is not available on other devices. Key features include tax report and legal document generation.
Prices start at £44.97/month.
As a landlord, it may also be worth investigating GoCardless, which helps businesses reduce the time it takes to get paid from recurring payments. That makes it ideal for landlords who are receiving a monthly rental payment from renters. Because GoCardless offers Direct Debit, a pull-based payment method, you can get paid automatically on the date when payment is due, and you’ll be in full control of the payment, meaning that you won’t need to rely on the tenant to make the payment themselves.
Furthermore, GoCardless offers Instant Bank Pay, which enables businesses totake one-off, same-day payments via paylink (great for landlords receiving move-in deposits). Finally, GoCardless offers Success+, which automatically re-takes failed payments, cutting down on the amount of admin that landlords need to deal with.
Best free accounting software for landlords
If you're not looking for a paid option at the moment, then there are several free accounting software for landlords available. Below you’ll find the top 2:
1) Property Hawk
Property Hawk is a completely free online landlord software, ideal for landlords with a small portfolio. Key features include a full package of online property management tools, flexible access to property data, and access to a live digital rent book to record payments.
2) Smart Property Manager
Smart Property Manager is another online accounting software service which offers both a free service and a paid premium version. The free version, however, is perfectly adequate for landlords with up to 10 properties. Perks of the service include access via a web browser and industrial-strength security, meaning data and documents are always backed up and safe.
We can help
GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.