The Very Best Property Management Accounting Software in 2024

QuickBooks - Perfect For Property Management Companies

QuickBooks delivers sophisticated accounting solutions tailored explicitly to small businesses, covering areas such as bookkeeping, invoicing, expense monitoring, and payroll management. Its scalable plans are developed to streamline business finance management, along with offerings like live expert assistance to facilitate setup and ongoing tasks.

Key features include automated bookkeeping, income and expense tracking, invoice management, and more. Users can generate several types of reports to monitor sales, track taxes, or analyze financial plans and project profitability. The functionality of QuickBooks extends with its capability to collaborate and integrate with popular apps, ensure on-the-go access through mobile apps, and customizable user access controls. It also offers full-service payroll functions and provides continuous support to its users.

QuickBooks offers a variety of pricing plans starting from $35 per month, however, discounted rates are available for the initial months of usage. Each plan offers different access to features, catering to varying needs of businesses of all sizes. Additional benefits are granted with premium plans, which can include access to advanced features like workflow automation.

With a dynamic range of features and dedicated support for business’s financial management, QuickBooks is a trusted choice for small businesses and teams worldwide, offering a repertoire of services aimed at streamlining operations and promoting growth.

Key Features

• Bookkeeping & Accounting: Provides automated bookkeeping, income and expense tracking, invoice and payment management, bank reconciliation, tax deductions, mileage tracking, receipt capture, and cash flow management.
• Reports & Analytics: Offers general, enhanced, and comprehensive reports, sales and sales tax tracking, and financial planning and project profitability analysis for higher tier plans.
• Collaboration & Integration: Integrates with popular apps such as QuickBooks Payments and Mailchimp, provides free mobile apps for access on-the-go, multiple user access (based on plan), and advanced plans with custom access controls and workflow automation.
• Payroll & HR: Includes full-service payroll in bundled plans, automated payroll tax payments and filings, next-day direct deposit, and employee portals.
• Expert Assistance: Offers 30 days of free setup and bookkeeping help, a virtual session for setting up QuickBooks Online, and 24/7 support based on plan.
• Affordable Pricing Plans: Offers multiple plans such as Simple Start, Essentials, Plus, Advanced, and QuickBooks Plus & Payroll Core at discounted rates for the initial 3 months.
• Promotions & Support: 50% off for the first 3 months across all plans, 30-Day free trial for new users, free 30 days live expert assistance for QuickBooks Online subscriptions, 24/7 premium support in higher plans, and a convenient cancellation policy with no contract required.

Pricing Details

• Free 30-day trial is available for new users across all QuickBooks plans.
• QuickBooks offers four primary pricing plans: Simple Start, Essentials, Plus, and Advanced. These can be availed at 50% off for the first 3 months: $17.50/month for Simple Start, $32.50/month for Essentials, $49.50/month for Plus, and $117.50/month for Advanced.
• The Simple Start plan includes basic bookkeeping with 1 user access, Essentials adds bill management and supports 3 users, Plus includes inventory tracking with 5 user access, and Advanced offers custom access controls for up to 25 users.
• QuickBooks Plus & Payroll Core is available at $74.50/month for the first 3 months, combining payroll management with QuickBooks features.
• All plans include a free setup assisted by a live expert for 30 days, with higher-tier plans also receiving 24/7 premium support.
• Users can cancel their subscription anytime without penalty charges.

Xero - The Ultimate Accounting Solution for Businesses in 2024

Xero accounting software offers an array of features designed to streamline business accounting processes, making it an indispensable tool for modern enterprises. This comprehensive platform provides automated functions that save time and effort, allowing businesses to focus on what they do best.

Xero is built to cater to a wide range of industries, from construction and real estate to retail. The tool facilitates seamless setup, making it easy for new users to get started, and offers professional advisory services to ensure business processes run smoothly. One standout feature is its automatic data capture utility, Hubdoc, which simplifies record maintenance for small businesses.

Benefits:

• All-in-One Accounting Software:** Consolidate all your accounting needs on a single platform, reducing paperwork.
• Automated Features:** Spend less time on data entry with Xero’s automated bookkeeping tools.
• Smart Data and Insights:** Leverage trend analysis and customizable reports for informed decision-making.
• Quick Setup and Expert Support:** Easy to set up with access to expert advisors and onboarding specialists.
• App Integration:** Connect with various apps such as Gusto payroll for streamlined business operations.
• Affordable Pricing Plans:** Select from several affordable plans tailored to different business stages.
• Support for Various Business Types:** Suitable for industries such as construction, real estate, and retail.

Simplified Pricing Info:

Start with a 30-day free trial of Xero to explore all its features. Following the trial, choose from three plans based on your business needs, with a limited-time offer of 75% off the first three months:

- Early Plan: Typically $15/month, now $3.75/month for the first three months.
- Growing Plan: Typically $42/month, now $10.50/month for the first three months.
- Established Plan: Typically $78/month, now $19.50/month for the first three months.

Xero also integrates with other business tools such as Gusto payroll, facilitating a cohesive and efficient financial management system. By offering a range of customizable features and expert support, Xero helps businesses at various stages—from startups to well-established enterprises—manage their finances more effectively.

Buildium - Comprehensive Property Management Solution

Buildium property management software is a comprehensive, cloud-based property management solution designed to streamline the operations of residential and association property managers.

Trusted by numerous property managers, Buildium offers an array of features to manage your properties efficiently and effectively. Key functionalities include rent cycle management with automated rent and late fee reminders, vacancy cycle management with online tenant screening, and comprehensive maintenance and work order systems. The platform also excels in communication with tenant and owner portals, detailed financial reporting, accounting features, and rental listing syndication to popular websites.

Benefits:

• Streamlines property management operations.
• Enhances financial accuracy and transparency.
• Increases tenant satisfaction.
• Simplifies vacancy management.
• Improves communication with tenants and owners.

Simplified Pricing Information

Essential Plan: Starts at $55 per month, includes core features such as accounting, maintenance tracking, task management, and online portals for tenants and owners.
Growth Plan: Starts at $174 per month, includes everything in the Essential Plan plus unlimited eSignatures, property inspections, and access to Analytics Hub.
Premium Plan: Starts at $375 per month, includes all features from the Growth Plan plus access to Buildium’s Open API, Priority Support, and a dedicated growth consultant.

LandlordStudio - Tool for managing rental properties effectively

LandlordStudio is a robust property management software designed to streamline the various tasks involved in managing small to medium-sized rental portfolios. The platform offers a myriad of features, including income and expense tracking, detailed reporting, lease and tenant management, maintenance tracking, document storage, and online rent collection. Specifically geared towards landlords and property managers, it supports integration with bank feeds in select regions and is accessible via both desktop and mobile apps, ensuring seamless property management from any location.

LandlordStudio’s interface is intuitive and user-friendly, featuring a dashboard that provides an overview of cash flow and property metrics. The software offers a range of pricing plans, including a free plan for up to three units, and a PRO plan starting at $12 per month for more advanced features. A solution designed for those managing anywhere between 4 to 50 units, its global availability and straightforward setup process make it an appealing choice for property managers around the world.

With its extensive range of features designed to simplify property management, LandlordStudio is an essential tool for landlords aiming to enhance their efficiency and monitor their rental properties effortlessly.

Benefits:

• Income and Expense Tracking: Manually track all income and expenses using pre-defined or custom categories.
• Basic and Advanced Reporting: Generate income and expense statements, rent ledgers, and detailed reports like Profit/Loss Summary and Schedule E Report.
• Lease and Tenant Management: Add leases, track rent payments, and run credit checks on tenants.
• Maintenance Management: Facilitate tenant repair reports and update their status.
• Document Storage: Centralized storage for important documents and images.
• Online Rent Collection: Enable tenants to transfer rent directly to your account with automatic reconciliation.
• Bank Feed Integration: Automatic transaction tracking from your bank account (available in the US, Canada, and the UK).
• Mobile and Desktop Access: Manage properties from any device via apps.
• Free and PRO Plans: Free plan for up to three units, with advanced features in the PRO plan starting at $12 per month.
• User-Friendly Interface: Dashboard providing cash flow insights and comprehensive property-level filters.
• Global Availability: Accessible globally, with regional restrictions on some features.
• Comprehensive Setup Guides and Support: Quick setup with detailed guides and customer support.

Simplified pricing info:

• Free Plan: Covers up to three units with basic features.
• PRO Plan: Starts at $12 per month, with additional units costing $1 more per unit annually.
• GO Plan: Advanced features priced individually; refer to Landlord Studio’s website or contact their support for detailed quotes.

Yardi Breeze - Property Management Accounting Software

Yardi Breeze property management software Yardi Breeze is a robust, cloud-based property management software designed to streamline and simplify various aspects of property management. Yardi Breeze supports a diverse array of property types, including residential, commercial, self-storage, manufactured housing, and affordable housing, offering a versatile solution for different management needs.

One of Yardi Breeze's standout features is its cloud-based accessibility, allowing users to manage properties from anywhere on any device with internet access, including smartphones. The software enhances marketing and leasing efforts through automated vacancy listings, online application submissions, and ILS syndication.

Financial management is made easier with built-in accounting functions, instant financial packet generation, and online payment portals for tenants. Tenant management is simplified through online payment portals, electronic maintenance requests, and effective communication via SMS text and email. Additionally, the software allows for real-time tracking of maintenance tasks, assignment of work orders, and attachment of relevant documentation such as invoices and photos for comprehensive task management.

Yardi Breeze offers comprehensive onboarding tools, including help videos, tutorials, and live chat support, to ensure a smooth setup experience. It also boasts features like task assignment, media capture for maintenance documentation, and robust security backed by Yardi’s 30+ years of industry experience.

Yardi Breeze uses a straightforward pricing model with different tiers based on property type and feature level. For residential properties, pricing starts at $1 per unit per month, with a minimum monthly charge of $100 for Yardi Breeze and $400 for Yardi Breeze Premier. There are no setup or training fees, and live support is available during business hours, with additional features offered as optional add-ons.

With its extensive array of features, focus on operational efficiency, and user-friendly design, Yardi Breeze is an affordable and reliable solution trusted by property managers and owners to improve their property management operations.

Benefits

• Cloud-Based Accessibility: Yardi Breeze is cloud-based, allowing users to access and manage their properties from anywhere, using any device with an internet connection, including smartphones.
• Property Types: The software supports a wide range of property types, including residential, commercial, self-storage, manufactured housing, and affordable housing.
• Marketing and Leasing: Automate listings on various property listing sites to fill vacant units faster; Potential tenants can complete and submit applications online; Automate ILS (Internet Listing Service) listings to streamline marketing efforts.
• Rent Collection and Accounting: Manage operations and accounting in the same system, eliminating the need for separate systems; Generate financial packets instantly and share them via email or through a management portal; Tenants can make payments online through convenient tenant portals.
• Tenant Management: Provide renters with online access to view and manage their accounts, including making payments and submitting maintenance requests; Easily communicate with tenants via SMS text and email.
• Maintenance Management: Receive electronic maintenance requests from residents; Capture photos and videos using your smartphone to document issues; Assign tasks to staff and track their progress in real-time; Attach invoices, POs, and other supporting documents to maintenance requests.
• Setup and Support: Create units manually or quickly import them from an Excel spreadsheet; Learn at your own pace with on-screen tours, help videos, and tutorials; Use the live chat feature to get answers quickly from support experts.
• Operational Efficiency: Built-in portals for reservations and payments simplify the leasing process; Track maintenance tasks and other operations in real-time.
• Security and Reliability: Yardi has over 30 years of experience in property management accounting and system security, ensuring robust and reliable operations.
• Scalability: Suitable for medium-sized commercial operators and various types of properties, making it a versatile solution.
• Ease of Use: Known for its simplicity and ease of learning, making it accessible to a wide range of users.
• Mobile Accessibility: Manage properties from any device, including smartphones, enhancing mobility and flexibility.
• Affordable Pricing: For residential properties, Yardi Breeze costs $1 per unit per month with a minimum monthly charge of $100. Yardi Breeze Premier costs $1 per unit per month with a minimum monthly charge of $400. Pricing for other property types and additional services may vary.

Simplified Pricing Information

For those managing residential properties, Yardi Breeze is priced at $1 per unit per month with a minimum monthly charge of $100, whereas the advanced Yardi Breeze Premier is also priced at $1 per unit per month but comes with a minimum monthly charge of $400.

For affordable housing management, Yardi Breeze Premier is available at $3 per unit per month with a minimum monthly charge of $400.

Commercial property managers are offered Yardi Breeze Premier at $1 per unit per month with a minimum monthly charge of $400.

For self-storage property management, Yardi Breeze Premier is priced at $1 per unit per month with a minimum monthly charge of $400.

Associations such as HOA/Condo can utilize Yardi Breeze Premier at $1 per unit per month with a minimum charge of $400 per month.

For manufactured housing (MH), Yardi Breeze Premier is priced similarly at $1 per unit per month with a minimum monthly charge of $400.

Yardi Breeze does not charge for setup or training, and live chat support is included at no additional cost during business hours. There's also optional phone support available at a billable rate.

Optional add-ons such as resident screening and full-service check scanning may incur per-transaction costs.

AppFolio - Elevate Your Property Management

AppFolio is a sophisticated property management software designed to streamline and automate numerous aspects of real estate management. Tailored to suit various real estate portfolios, AppFolio offers different plans—Core, Plus, and additional premium features—each equipped with a comprehensive set of tools aimed at enhancing property management efficiency. With integrated functionalities such as property accounting, end-to-end marketing, work order management, and mobile access, the Core plan provides a solid foundation for handling day-to-day property management tasks. The Plus plan builds upon the Core plan by incorporating advanced features like affordable housing capabilities, detailed leasing metrics, and AppFolio Stack™ Premium Integrations.

Additionally, it offers enhanced support to ensure seamless operation and scalability. Premium features such as Leasing CRM, custom fields, and a dedicated database API provide further customization and control, making AppFolio an adaptable choice for varied property management needs. AppFolio excels in several key functional areas including maintenance and work orders, marketing and leasing, accounting and reporting, communication and portals, inspections and unit turns, and mobility and convenience.

Tools for online maintenance requests, virtual showings, mobile inspections, and real-time GPS tracking enhance productivity and service quality. The software’s customization options, including custom fields and configurable workflows, enable property managers to tailor the platform to their specific needs. Transparent pricing plans starting at around $250 per month for smaller portfolios, with scalable costs for larger portfolios, ensure that users only pay for the features they need.

By providing a centralized system that supports the entire property portfolio, AppFolio allows property managers to focus on high-value tasks and efficiently grow their business. Recognized for its automation capabilities and exceptional customer service, AppFolio remains a trusted choice for property management professionals.

Benefits:

• Property Accounting & Reports: Integrated accounting and reporting tools to manage your property finances efficiently.
• End-to-End Marketing & Leasing: Comprehensive tools for marketing properties and managing the entire leasing process from start to finish.
• Work Order Management: Manage and track maintenance requests and work orders seamlessly with an online system.
• Inspections & Unit Turns: Conduct property inspections and manage unit turns with dedicated tools to streamline processes.
• Resident, Owner, and Vendor Portals: Facilitate communication and collaboration through dedicated portals for residents, owners, and vendors.
• Purchase Orders & Inventory Tracking: Efficiently manage purchases and track inventory with specialized tools.
• Advanced Leasing Metrics: Gain insights into your leasing performance with detailed metrics.
• AppFolio Stack™ Premium Integrations: Take advantage of advanced integrations with other tools and services to enhance functionality.
• Mobile Accessibility: Access essential functions via mobile devices for on-the-go management.
• Smart Maintenance: Automated management of maintenance requests to improve efficiency.
• Leasing CRM: Customer relationship management tools specifically designed for the leasing process.
• Dedicated Customer Success Management: Personalized customer success management to help you get the most out of the software.
• Custom Fields & Database API: Customize data tracking with custom fields and integrate with other systems through a database API.
• Standard and Enhanced Support: Access basic or higher-level customer support based on your plan.
• Affordable and Scalable Pricing Plans: Flexible pricing plans starting at around $250 per month for smaller portfolios and scaling up for larger needs, with transparent and customizable options.

Pricing

• Variable pricing tailored to your portfolio size and requirements.
• Base cost starting at approximately $250 per month for smaller portfolios.
• Scalable pricing for larger portfolios, potentially reaching up to $1,500 per month or more.
• Tiered plans available: Core, Plus, and higher tiers for additional features and support.
• Customizable pricing based on specific services and features chosen, ensuring you pay only for what you need.
• Contact AppFolio directly for a personalized quote that fits your property management needs.

Benefits of Property Management Accounting Software

• Increased Operational Efficiency:
  • Automate routine tasks such as rent collection, late fee calculations, and invoice generation.
  • Integrated workflows reduce the need for manual data entry and minimize errors.
• Real-time Financial Insights:
  • Access up-to-date financial reports and dashboards for a clear overview of your property financials.
  • Track income, expenses, and profit margins in real-time to make informed decisions.
• Enhanced Cash Flow Management:
  • Automated rent reminders and online payment options improve timely rent collection.
  • Tools for budgeting and expense tracking help optimize cash flow.
• Improved Tenant and Owner Relations:
  • Provide tenants and owners with online portals for easy access to statements, payment histories, and maintenance requests.
  • Enhance communication through automated emails and notifications.
• Accurate Record Keeping and Compliance:
  • Maintain thorough records of all transactions to ensure you comply with legal and tax obligations.
  • Built-in compliance features help adhere to local and federal property management regulations.
• Scalability:
  • Easily manage multiple properties and units without a corresponding increase in administrative workload.
  • Suitable for both small-scale and large-scale property management businesses.
• Cost-Effective:
  • Reduce overhead costs associated with property management by automating labor-intensive tasks.
  • Eliminate the need for multiple software solutions by integrating property management, accounting, and CRM functionalities into one platform.
• Enhanced Security:
  • Protect sensitive financial and tenant information with advanced security features and data encryption.
  • Regular backups ensure that your data is safe and recoverable.
• User-Friendly Interface:
  • Intuitive design and easy-to-navigate interface reduce the learning curve for new users.
  • Customizable dashboards and reports tailored to your specific needs.
• Comprehensive Support and Training:
  • Access to professional customer support for troubleshooting and assistance.
  • Training resources and tutorials ensure your team is well-equipped to utilize the software effectively.

Frequently Asked Questions (FAQ)

What makes property management accounting software essential for property managers in 2024?

Property management accounting software is essential in 2024 because it automates and streamlines financial operations, making it easier to manage multiple properties. This software integrates accounting, tenant management, lease tracking, and maintenance management, enabling property managers to efficiently handle financial transactions, ensure timely rent payments, track expenses, generate financial reports, and comply with tax regulations.

How does property management accounting software improve financial tracking and reporting?

Property management accounting software improves financial tracking and reporting by centralizing all financial data in one system. It provides real-time access to financial information, generates detailed and customizable reports, and offers tools for budgeting and forecasting. This ensures accurate tracking of income, expenses, and profitability across different properties, making it easier to make informed business decisions.

What features should I look for in the best property management accounting software in 2024?

When looking for the best property management accounting software in 2024, consider features like: - Integration with banking and payment systems - Automated rent collection and lease management - Expense tracking and vendor management - Comprehensive reporting and analytics tools - Mobile accessibility and user-friendly interface - Robust security measures to protect financial data - Scalability to accommodate portfolio growth - Customer support and training resources

Can property management accounting software integrate with other business tools?

Yes, property management accounting software in 2024 is designed to integrate seamlessly with other business tools and applications. This includes customer relationship management (CRM) systems, maintenance management software, tax preparation tools, e-signature services, and various payment processing platforms. Integration ensures a smoother workflow and eliminates the need for manual data entry, reducing the risk of errors.

How secure is property management accounting software?

Leading property management accounting software in 2024 prioritizes security to protect sensitive financial and tenant data. These platforms typically offer features such as data encryption, two-factor authentication, regular security updates, and role-based access controls. Additionally, they comply with industry-standard security protocols to safeguard against data breaches and cyber threats.

Is property management accounting software suitable for small property managers?

Absolutely. Many property management accounting software solutions are designed to be scalable and cater to both small and large property managers. Small property managers can benefit from the software's ability to streamline accounting tasks, manage tenants, and generate reports, all of which reduce the administrative burden and free up time to focus on growth and client relations.

How much does property management accounting software typically cost?

The cost of property management accounting software varies widely based on the features, number of users, and scalability. Some solutions offer tiered pricing models based on the number of units managed, with plans starting as low as $30 per month and can go up to several hundred dollars per month for more comprehensive packages. Many providers also offer custom pricing for large enterprises or specific needs.

Can I transition my existing data into new property management accounting software?

Yes, most property management accounting software solutions provide tools and support to import and transition your existing data seamlessly. This often includes integration with your current software, data migration services, and setup assistance to ensure a smooth transition without data loss or disruption to your operations.

What kind of support and training is available for property management accounting software?

Leading property management accounting software providers offer various support and training options, including: - Comprehensive online help centers and knowledge bases - Live chat and email support - Phone support for critical issues - Webinar and video tutorials - On-site training sessions - Forum and community-based support These resources help users to fully leverage the software’s features and ensure a smooth operational experience.

Can the software handle multi-currency and international properties?

Many advanced property management accounting software solutions in 2024 are equipped to handle multi-currency transactions and international properties. They offer features to manage different currencies, tax laws, and reporting requirements, making them suitable for property managers with a diverse portfolio spread across different regions.

What improvements can we expect in property management accounting software in the future?

As technology advances, we can expect further innovations in property management accounting software, such as: - Enhanced AI and machine learning for predictive analytics and automated decision-making - Greater integration with IoT for real-time property monitoring - More advanced data visualization tools for better insights - Increased focus on sustainability reporting and compliance - Continued improvements in user interface and user experience design - Enhanced mobile app functionalities for on-the-go management These improvements will drive even greater efficiency and convenience for property managers.