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One of the activities that are necessary for modern businesses is accounting. This is the systematic method of identifying, collecting, analyzing, verifying, classifying, interpreting and presenting financial information. Also known as bookkeeping, this activity is conducted so as to ascertain the financial and operational condition of a business. There are various types of accounting. One of these is property management accounting. Normally practiced by real estate companies, property management accounting involves the accurate recording and reporting of cash inflow from rent and property sales as well as outflow from land rates and operational costs. Today, accountants rely on software tools to perform this financial record keeping.
Best 5 Property Management Accounting Software
1. FreshBooks
This is the best property management accounting software available today. FreshBooks makes it easy to perform business accounting through a neat, intuitive user interface. The software is versatile and can be used to handle various financial aspects of real estate business. The digital tool is simple to use, quick and safe as well.
Among the outstanding qualities of this rental property accounting software is that it can produce professional invoices and other financial documents. It can also be used to automate accounting tasks such as expense organization, invoicing, tracking the accounting period as well as client follow up. FreshBooks is based on Cloud infrastructure. Therefore, it can be accessed quickly and securely through your desktop, tablet or mobile device. Furthermore, all your property management financial information can be accessed through a dedicated FreshBooks application. This software can be used for free over a 30 day trial period. For further use you need to make payments. It is also a perfect choice as property accounting software UK and property management accounting software Malaysia.
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Pros
- It is easy to use
- This software is versatile and can be applied successfully in property management accounting
- It is capable of producing financial documents that are legitimate and professional
- The software can perform a variety of accounting tasks
- It is based on Cloud infrastructure hence you can access financial data from anywhere
- It is free to try
Cons
- It cannot be integrated with other financial management software
2. Buildium
This is an accounting software tool that is built specifically for property management. Buildium performs accurate bookkeeping for both small and large scale enterprises. The software tool is capable of identifying and recording every single payment, fee, refund or deposit. These details are delivered to you through an intuitive, easy to use dashboard. A special feature of this software is the creation of transaction notes. They can be used to record special, complementary information.
While using this property accounting software, you can utilize the built-in calculators. They come in handy for revealing any debt that you could owe your vendors. In addition to that, Buildium can automatically convert work orders into accurate bills. After that, you can pay for them online. In addition to that, you can create automatic bank reconciliation and seamless payment for all recurring items. This accounting software can be tried out through a free trial. After it elapses, monthly payment is required.
Try Buildium for Free >>>Pros
- It is custom-built for property management accounting
- This software can identify and record a variety of accounting activities
- It comes with built-in calculators
- The software automates accounting activities to make the processes easier
- You can try it through a free trial
Cons
- Many of its features are only accessible after payment
3. AppFolio
Maximizing on remote access of financial information, this application was specially developed for property management. Appfolio allows real-time delivery of accounting information so as to inspire rapid growth of your real estate company. Manipulated through a dedicated application, this software tool allows you to attract reliable renters while automating various accounting activities.
This software enables you to gain access to enterprise metrics, keep an eye on building maintenance costs and provide stakeholders with strategic financial reports. Appfolio has a Graphical User Interface (GUI) that is easy to understand. In addition to that, its features are intuitive and have a short learning curve. Accountants can try out this software through a free demo. After its trial period elapses, they can proceed to the paid product.
Pros
- This software is based on Cloud infrastructure
- It delivers financial information on a real-time basis
- You can manage the software through an application
- It automates a number of accounting activities
- The software provides you with enterprise metrics through a graphical interface
- It has a short learning curve
Cons
- Its demo period is too short
4. Sage
This software provides a wide collection of property management accounting solutions. By implementing sage in your real estate company's bookkeeping department, you can increase efficiency and profitability. This software delivers business information instantly. By referring to its dashboard, you can receive updates on balances by your tenants, amenities required in your units and even any charges that could be outstanding.
A very helpful feature of this Malaysia accounting software for rental property is that it can handle multiple lease contracts at the same time By using sage, you can manage retail, commercial and even mixed use properties concurrently. The software is able to capture, record, analyze and present concessions as well as different types of leases. In addition to that, it can perform comprehensive tenant management.
Pros
- This software can perform a wide variety of accounting tasks
- It can deliver business information as soon as it is generated
- The software has an easy to use dashboard
- It can handle multiple lease agreements concurrently
- The software can handle different types of properties
Cons
- It is not accessible for free
5. Property Matrix
This is a property management accounting software that is both powerful and user friendly. Property Matrix is fully customizable. Therefore, you can create tailor-made dashboards that present accounting information according to your preference. The software is also capable of enterprise accounting because it can manage thousands of property units simultaneously. Furthermore, you do not have to pay any extra processing or transaction fees to the software's providers.
By using this software, you can manage financial documents in a better, more efficient way. Property Matrix also boosts communications within your real estate company by facilitating memo and email blasts. Furthermore, you can use the software to automate accounting activities such as the delivery of financial reports and task scheduling. You can try out this software at no cost at all by signing up for the demo account. After its trial period has elapsed, you are then required to pay for the tool.
Pros
- It is fully customizable
- This software can perform enterprise accounting
- There are no extra, hidden fees involved with this digital accounting tool
- It provides media for inter-department communication within your company
- The software facilitates automation
- It is accessible for free through a trial demo
Cons
- It cannot be integrated with other accounting software
To keep your business growing, it is important to perform accounting. This gives you a clear picture of its performance. The software indicated above are the top options for property management accounting. You can implement them in your company for smoother, more efficient financial reporting.
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