We ranked Freshbooks as the best Best Accounting Software for Real Estate Investors in 2020 in our roundup. Click here to get 50% off for 3 Months Get 30-Days free trial
Sage is an entry level accounting and bookkeeping software that is ideal for SMBs and businesses want to manage their cash flow.
Deployed on: Cloud
Starting From: $10 /month
NetSuite by Oracle
One of the best cloud-based financial management solutions for medium to large organizations. It integrates with all other NetSuite order management, inventory, CRM and eCommerce functions to streamline critical business processes.
Deployed on: Cloud
Starting From: $999
A lot of startups and established investing companies in the real estate business often make the mistake of underestimating the power of numbers, despite a large number of accounting programs available for real estate companies that are on the market. For any serious real estate investor, accounting is a critical component of successful real estate business. Instead of spending a lot of capital on accounting firms and tax consultants, as a real estate investor, you may want to opt for accounting software that are deployed on the cloud..
In our buying guide for best accounting software for real estate investors, we will briefly introduce some of the best accounting programs for the industry.
Realtyzam is a cloud-based accounting software for the real estate industry, which is often used to manage invoices and keep track of your business' expenses. The software, which you can access on any device, helps you keep an eye on your business' financial health and status. It allows real estate agents to track income and keep track of advertising and promotion costs and brokerage fees.
It is also very useful for reconciliations and tax reports if you wish to file your tax returns at the end of the fiscal year without paying extra fees to a consultant or any other tool.
in order to file the tax return at the end of the fiscal year. Real estate agents also use it to track exchange rates on a monthly or annual basis and also to gain insight into top converting sales leads within specific time periods.
Realtyzam is available as a monthly flat-rate subscription for both desktop and mobile platforms, including Android and iOS devices.
QuickBooks: Back Office
Back Office is an add on specifically designed for and built on top of Quickbooks infrastructure. This solution helps real estate professionals in particular. All it simply does is, takes Quickbooks and extends its array of features to cover the needs of real estate investors. It enables users to keep track of sales, recommendations, and commissions, which helps real estate investing companies manage their cash flow. Users can also manage sellers, buyers and escrow accounts, which is helpful in implementing "lean management".
Back Office also boasts being one of the programs that integrate best with QuickBooks, the industry's leading accounting software and one of the best accounting programs for real estate investors. That feature alone makes it very easy for its users to generate easy to understand and actionable insights in QuickBooks quickly and effortlessly.
You've probably heard of that one. It is another of many cloud based accounting software on the market that enables you to manage your bookkeeping and expense tracking.
This application allows users to keep track of invoices, expenses and tax payments and refunds seamlessly from their PC or mobile app. It also integrates with your bank accounts, enabling you to reconcile expenses. Xero also comes with a easy to use payroll processing feature that helps you automate your monthly payrolls.
Cloud-based accounting applications such as Xero enable their users to synchronize data with accountants and bookkeepers so that their business runs smoothly and help avoid nasty surprises, such as an audit from the IRS. Xero is especially useful for portfolio management, where most functions are automated and easy to manage remotely.
In addition, like Back Office, Xero comes with QuickBooks integration that lets you synchronize data between Xero and QuickBooks. Just in case your business needs both, or you're switching your accounting work from one software to another.
Sage 300 is another accounting software and bookkeeping management solution for the construction and real estate sector that brings together different aspects of real estate management on a single platform. Sage 300 Construction and Real Estate combine Sage's experience in accounting software with unmatched accounting functionality.
Real estate agents, especially investors can use Sage 300 to manage payables, receivables, G/L accounts and payroll. Be warned though, while Sage 300 can store large amounts of data and does a lot for its price, it is certainly not the easiest to use compared to other SaaS we have on our list. There's certainly a steep learning curve. Users often have to turn many buttons to perform the simplest functions. Sage 300 is also rarely updated, which makes the whole user experience a bit archaic. So if you're looking for the latest tech, look elsewhere.
What is the best accounting software for real estate investors?
As you can probably tell by now, there's really not a one fits all solution. But cloud-based solutions such as Freshbooks, Quickbooks, and RealtyZam are among the best out there.
Tips for choosing the right tool for real estate accounting
Please bear in mind that an accounting software for your real estate business should never be a substitute for the real accounting work of a tax consultant or accountant. You should always make sure to support the work of your tax advisor or accountant by using such software to ensure that your real estate business runs smoothly.
If we agree on that, choosing the best real estate accounting software pretty much depends on how many employees will be using the application since most software out there charge per seat and you could save a lot on subscription costs by limiting the number of users that will have access to your finances.
You should also consider the level of knowledge of potential users. Complex software such as Sage has a steeper learning curve compared to an easy to use solution such as Freshbooks.
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