The accounting needs of General Motors are not the same as the accounting needs of Joe’s Pizza shop. Similarly, small landlords do not have the same accounting needs as large real estate corporations. What does a small landlord need in their accounting software?
Ease of Use
Large apartment companies generally employ their own accountants. Small landlords must learn a lot of accounting on their own. For many, using accounting software like Quickbooks is time-consuming and not intuitive. Small landlord accounting software that is dead simple to use is a huge timesaver.
Income Expense Tracking
Expensive online software like Appfolio or Buildium often have a myriad of features. However, do small landlords need these features? Generally, small landlords just need basic income (rent) and expense tracking.
Once a landlord enters their income and expense information, they really just need a few helpful reports. The first is a profit and loss report so that a landlord can see how they are doing financially. Next, landlords in the United States need a ‘Schedule E’ Helper report which helps them report property income to the IRS.
Finally, small landlords often have slim budgets. They do not have hundreds of properties to spread the cost of accounting software across. They may just have one property.
Fortunately, there is online software that is perfect for small landlords and free. For many years, small landlords have used RentalIncomeExpense.com. This free service is easy-to-use, allows income expense tracking, and generates a few super important reports. Try it out at www.RentalIncomeExpense.com!