They suggested I run PW and see it it meets all my accounting and tax prep needs which it does. PW said (and I understand a vendor during the sales process can be biased) they have very few landlords who run Quicken or Quickbooks in parallel. When I was considering making the move, I spoke to other landlords who suggested I implement PW then see if it handles my accounting needs. I am not sure if cost is much of an issue, but I pay about $117 per month for up to 50 units so I am just under the threshold. It is cloud-based so I can access from anyware, as can anyone on my team. I used to handle everything through MS excel and it was a nightmare. We screened Propertyware, Appfolio and one other vendor and chose PW and have never looked back. I personally use Propertyware and it has changed my life since I implemented it. My suggestion would be to seriously consider a property management system. So, I am right now also thinking that The Quicken Rental Property Management Software is the best choice for managing accounting for rental properties. Am I also off here? In fact, when I search the site I only found links to running a Real Estate Agency, but not a property rental business. When I went on Intuit's Qucikbooks site, I saw solutions for accountants, bookkeepers, small business owners, and the self employed, but nothing that said it was rental property specifically. When I went on Quciken, I found their Rental Property Management Software I get that Quicken is supposed to be for personal and Qucikbooks for business, but when it comes to real estate specifically, Quicken has a tailored product whereas Quickbooks does not appear to. I have looked at Freshbooks, Xero, Quicken, and Quickbooks. I have been flipping for the last year and am about to purchase my first rental house. I found this thread because I am also trying to decide which accounting software to use. Quicken is for personal use and QuickBooks is for business. How much time did you spend on Biggerpockets alone to learn?
It is the same concept of purchasing a property and making a profit. You need to make the investment in the software, learning, education, books and consulting. Did you read the Four Hour Work Week?ĭoes not matter which software you choose. 3rd question - Would you like to make $$$ or $$$$$? Work on making a profitable deal then doing admin work. 2nd question - Is why would you go to Dunkin Donut vs Starbucks? ? If you said YES scroll down to see my answer # 2 What do you do after you purchase the property? Do you analyze each property, each expense made. When you purchase a property - do you analyze it to see if it is profitable? If you said NO scroll down to see my answer # 1
1st question - Are you running a business? I am sure you do because you are in this forum. My questions to everyone who everyone on this forum:
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