So, you are in the market for a accounting software that suits real estate.
Ideal, because in this article we have our compilation list for our top picks, and we compare the features and pricing for you.
If you just want the best choice, we’ve added that right at the top of the article as this was what is most requested by our customers. So, that’ll be the “can’t go wrong” option.
Otherwise, feel free to explore all the options we’ve reviewed on the market to find something that might fit you a little better.
Enjoy the list!
The Best Accounting Software For Real Estate Specifically
Real estate businesses have to regularly deal with several transactions, manage properties, send estimates and quotes and maintain tax compliance. Accounting software that offers advanced accounting features and an accountant portal will be the perfect fit for this category. Have a look at the products below to choose the best accounting software for real estate specifically:
QuickBooks helps businesses, freelancers, and self-employed people to properly account for their expenses and income. You can make payments to contractors or employees and maintain profitability by auto-tracking the expenditures. QuickBooks provides salient accounting features, enabling you to analyze your profit margins.
Here are some exclusive features of QuickBooks:
Cloud Accounting: QuickBooks offers mobile access to its database and provides online banking integration, automatically updating your transactions and statements. You can monitor the real-time status of your expenses or invoices from anywhere and remotely handle the accounting.
Business Funding and Income Tracking: QuickBooks syncs the bank transactions and tracks the total cash flow of your business. It helps you properly allocate funds to your business endeavours and maintain profit margins after operating costs. Additionally, you can create Tax-compliant invoices and track unpaid GST bills to remind clients about payment.
Online Banking: QuickBooks brings your banking activities online and offers One-click reconciliations. You can connect different bank accounts with QuickBooks and auto-categorize transactions to match expenses or invoices. QuickBooks enables you; to stay on top of your financial situation and maintain cash flow.
Accounting Reports: QuickBooks offers real-time insight into your business data and generates financial reports showcasing balance sheets, profit margins and cashflow statements. You can track all pending invoices and avoid chasing payments at the last second. QuickBooks offers customized data analysis helping you identify business trends.
Inventory Management: QuickBooks helps you easily handle the business inventory and get a real-time evaluation. Your inventory list is automatically updated whenever you make a sale or add a new product. QuickBooks helps you track your restock orders from the vendors and keep every sale recorded in the database.
QuickBooks offers 4 Pricing options for its accounting software.
The "Simple Start" plan is priced at $25/month and offers general reports, receipt capture, plus mileage tracking. Additionally, you can manage tax deductions, incomes and expenses or invoices and payments.
The "Essentials" plan is priced at $50/month and offers enhanced reports, bill management, plus sales tax estimation. Additionally, you get 3 User accounts and can assign vendor payments to contractors.
The "Plus" plan is priced at $80/month and offers inventory management plus project profitability determiner. Additionally, you get 5 User accounts and can convert estimates to invoices.
The "Advanced" plan is priced at $180/month and offers customized access, on-demand training, data restoration, plus workflow automation. Additionally, you get more than 5 User accounts and can do business analytics with Excel or manage employee expenses.
ZohoBooks is an accounting platform from Zoho that lets you work collectively and manage your finances. Zoho is well-known for its intuitive business tools and offers the ideal connective ecosystem. With ZohoBooks, you can automate business workflows and stay tax compliant. It provides features for all business sizes and powers up your bookkeeping.
Here are some exclusive features of ZohoBooks:
Invoicing: ZohoBooks offers effortless invoicing and receivables management. You can create polished invoices and accept global payments with a multi-currency platform. Additionally, ZohoBooks lets you create recurring invoices and securely store card information for easy transactions. With ZohoBooks, you can secure your invoices with a digital signature to avoid tampering.
Client and Vendor Portal: ZohoBooks provides a client and vendor portal so you can share recent transactions and accelerate the approval process. Moreover, you can gauge customer satisfaction by asking for feedback and add a layer of authenticity to your estimates by getting digital signatures from your clients.
Banking: With ZohoBooks, you can securely gather transactions from your PayPal and bank accounts, plus do swift reconciliation. You can get accurate cash flow predictions and spot the balance mismatches with ZohoBooks' banking dashboard. Additionally, it lets you categorize transactions automatically, expedite the matching and streamline the tax filing.
Automation: ZohoBooks is an intelligent accounting platform that allows you to automate tedious, error-prone tasks. You can eliminate the repetitive issues and auto-charge cards for recurring transactions. ZohoBooks boosts your productivity by automating your bookkeeping.
Reporting: ZohoBooks' Reports cover your finances from all angles and lets you create robust business plans. You can see expenditures and income, generate business reports and make informed decisions. ZohoBooks is ideal for scheduling customizable periodic reports and organizing data with tags.
ZohoBooks offers 6 Pricing options for its accounting platform.
The "Free" plan is priced at $0 and offers payment reminder automation, a client portal, invoice management and a chart of accounts.
The "Standard" plan is priced at $20/month and offers three user accounts. Additionally, it provides custom fields, sales tax tracking, transaction locking and bulk updates.
The "Professional" plan is priced at $50/month and offers five user accounts. Additionally, it provides sales approval, retainer invoices, vendor credits and multi-currency handling.
The "Premium" plan is priced at $70/month and offers ten user accounts. It also provides a custom domain, vendor portal, budgeting, validation, and workflow rules.
The "Elite" plan is priced at $150/month and offers ten user accounts. Additionally, it provides warehouse management, batch tracking, shipment label printing and Shopify integration.
The "Ultimate" plan is priced at $275/month and offers 15 user accounts. Additionally, it provides 25 custom modules, a real-time dashboard, financial metrics tracking and report collaboration.
Xero is an intuitive and beautiful accounting software that helps you run the money side of your business. You can create and send quotes, manage bills, sort bank transactions, chase payments and analyze financial data. Xero provides you with a cloud-based accounting platform, accessible invariably from any remote location.
Here are some exclusive features of Xero:
Bill Payments: Xero helps you make timely bill payments by providing a clear overview of accounts payable and cash flow. You can schedule and make batch payments, plus access all bills inside your Xero interface. With Xero, you can build good relations with suppliers by avoiding late payments and keep the money flowing timely.
Claim Expenses: Xero provides an expense manager to help you capture costs to reimburse expense claims. You can monitor employee spending and approve claims without delay. Additionally, you can use OCR technology to scan vital information and auto-fill your claim.
Bank Connections: Xero connects with your bank accounts and sets up a feed where transactions flow securely. You can set multiple feeds for different accounts. Xero lets you reconcile daily and provides; an accurate depiction of your business finances. All your bank transactions are securely imported between the Xero database and Bank.
Invoicing and Payments: Xero lets you accept payments online through Stripe, GoCardless and other integrations. You can generate invoices and add a "Pay Now" button to redirect clients to the payment gateway. Additionally, Xero offers excellent online protection from fraudulent activities and has an unbreachable database.
Project Tracking: Xero offers a job tracker helping you track costs and project profitability. You can prepare budgets by using cost estimates and send customized quotes. Moreover, Xero allows you to do location-based tracking on Mobile and seamlessly link costs to projects.
Xero offers 3 Pricing options for its Accounting software.
The "Starter" plan is priced at $22/month and allows you to send upto 20 invoices. You can reconcile bank transactions and capture bills or receipts through Hubdoc.
The "Standard" plan is priced at $35/month and offers bulk reconcile transactions. Moreover, you can manage short-term cash flow and get a business snapshot of your current finances.
The "Premium" plan is priced at $47/month and allows you to send unlimited invoices. You can use multiple currencies and access all accounting features of Xero.
Additionally, Xero offers 3 Add-on packs. The "Claim Expenses" is priced at $4/month, and The "Track Projects" and "Analytics" are priced at $7/month.
FreshBooks offers Bookkeeping and Accounting features to help businesses and freelancers organize their finances. It provides an easy-to-use interface built for regular users and accountants. FreshBooks is made for all business sizes and adapts according to your company's accounting needs.
Here are some exclusive features of FreshBooks:
Accounting and Reporting: FreshBooks offers double-entry accounting tools to ensure tax compliance and accuracy. It helps you comprehend the financial status of your business and make intelligent choices to grow your brand further. FreshBooks identifies revenue items and expenses, providing an accurate profit-loss margin. Moreover, your accountant can access intrinsic financial information and reporting whenever needed.
Payments and Estimates: FreshBooks seamlessly links with several online payment channels like Stripe. It lets your clients pay directly through the invoice without additional hidden fees. Additionally, FreshBooks allows you to set realistic expectations by eliminating the guesswork and doing data-driven estimates. You can convert your estimates into an invoice or create new proposals to win projects.
Time-Tracking: FreshBooks provides an inbuilt time-tracker that helps you accurately determine the task duration. FreshBooks automatically logs the time spent on the client project and enables you to prepare detailed invoices or keep track of employees' working hours.
Mileage Tracking: FreshBooks offers a tracking application that automatically logs your business trips and saves your travel history. You can claim business trips as expenses during tax filings. FreshBooks records the total distance travelled by your business vehicle and various professional trips taken by you.
Client Management: FreshBooks enables you to prepare client estimates and build better relations by accurate billing. You can inform clients about the latest expenses and increase trust by improving connectivity. FreshBooks allows you to track loyalty discounts and foster loyalty with clients.
FreshBooks offers 4 Pricing options for its accounting software.
The "Lite" plan is priced at $4.50/month and offers unlimited invoices to 5 clients. Additionally, you can track expenses and sales tax, send total estimates and get paid with credit cards or bank transfers.
The "Plus" plan is priced at $7.50/month and offers unlimited invoices to 50 clients. Additionally, you can automatically capture receipt data, send endless proposals, run business health reports and set up recurring billing or client retainers.
The "Premium" plan is priced at $15/month and removes all limitations on invoice recipients. Additionally, you can track project profitability, customize email signatures, run accounting reports and get paid with checkout links.
The "Custom" pricing option offers an on-demand quote. It removes the FreshBooks branding from the client emails and provides a dedicated account manager.
Wave is a renowned accounting platform that offers free invoicing and accounting features. It offers a user-friendly dashboard, easy to comprehend and work on. Wave helps you stay organized and manage tax billings or invoices like a professional. It provides you with a completely accurate picture of your business's current financial health.
Here are some exclusive features of Wave:
Invoicing: Wave helps you avoid chasing clients for payments and adopt a more professional approach by sending invoices. You can get paid through credit cards and let Wave handle the payment reminders. Wave automatically syncs the data into your account books and identifies recurring billings for repetitive clients.
Banking: Wave offers built-in bookkeeping and a Wave money bank account for single-owner business owners in the United States with a Wave account. You can avoid the monthly and transfer fees without making long-term commitments. Wave provides faster access to funds, and you can use instant payouts upon qualifying the eligibility criteria.
Payments: Wave enables you to accept online payments for your business. It enhances your brand and provides a more professional outlook when you enable payment. Additionally, you can send personalized invoices to the clients with a link to the payment gateway.
Payroll: Wave offers a simplistic payroll software that allows you to manage tax filings and contractor or employee payments. Moreover, your employees can access the payroll database to view their banking information or pay stubs. Wave allows small business owners to safeguard their business profit margins by simplifying annual audits.
Accounting: Wave saves you from doing manual receipt entry by automatically syncing bank statements with the account books. Wave's smart dashboard assembles your financial expenditures and earnings with a comprehensive view. Additionally, Wave offers 256-bit encryption to protect your account information and card details.
Wave offers 6 Tools for various business accounting requirements.
The "Invoicing" tool is free and allows you to create personalized invoices that reflect your brand.
The "Accounting" tool is free and offers unlimited income and expense tracking. You can view overdue invoices and profit-loss margins.
The "Banking" tool is free and offers transaction segmentation to sort personal and business expenses.
The "Payments'' tool offers pay-per-use pricing. You'll be charged 2.9% + $0.60 USD per transaction on credit cards, 3.4% + $0.60 USD per Amex transaction and 1% per transaction on bank payments.
The "Payroll" tool is priced: at $35/month in tax service states and $20/month in self-service states.
The "Advisors" tool is priced at $149/month and provides bookkeeping support. Additionally, you can get accounting and payroll coaching for a one-time fee of $329.
Why use Accounting Software at all?
Businesses and individuals use accounting software to deal with accounts receivables and payables, invoicing, cash flow analysis, general ledgers, income and expense statements and balance sheets. Simply put, it's an electronic record of all your past, present and future financial dealings.
Accounting software offers a fast and straightforward method to input all your financial data and transactions. Moreover, you can automate recurring invoices and reduce manual labour. With accounting software, you can automatically calculate tax returns and generate base slips.
Why should Real Estate Businesses use Accounting Software?
If you're searching for a way to scale your real estate investing, you'll need to leverage technology. Being able to automate processes, track everything and potentially pass off responsibilities as you grow requires tremendous organization.
If you can set up those systems now and build them with your business, you'll be in a much more favourable position.
Accounting software centralizes your data, tracks profitability, manages leases, automates workflows and offers business intelligence. Moreover, it offers a dedicated matrix, providing you with a complete financial picture.
With accounting software, you can manage transactions, calculate agent commissions and provide valuable financial reports for insight into your brokerages. Moreover, it also offers functions for managing trust and escrow accounting.
You can review any transaction swiftly and easily with the custom search and filter options. Additionally, you can view commission details and property information to make informed decisions. Accounting software ensures you don't miss out on any transactions while reconciling bank records with the database.
Accounting software For Real Estate, A Summary
Real estate businesses deal with large transactions and must maintain clientele records. Moreover, they have to calculate accurate property and personal taxes to comply with the regulations. Accounting software helps real estate businesses to manage multiple properties and organize the cash flow by analyzing transactions.
QuickBooks offers an extensive accounting platform with advanced reporting, business intelligence and tax calculation. It is our suggested pick for accounting software that suits real estate. Visit the website to get started.