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Landlord Taxes

Landlord Accounting Software vs Accountant

Landlord Accounting Software vs Accountant
Landlords should still track rental property income and expenses even if they use an accountant.

If I use an accountant for tax preparation, should I still use landlord accounting software? We think so. The two primary benefits are information and speed.

Information from Accounting Software

If you own property and rent it to receive income, then you are running a business. Anyone running a business should track income and expenses to understand how well or poorly the business is doing. Landlording is no exception. There are a variety of ways landlords can track rental property income and expenses. We recommend using landlord accounting software because of the powerful information it can provide for you through reports that tell you how your business is doing. For example, a profit and loss statement is a great financial review of the business’ revenues and expenses over a period of time. You may be deterred to pay for landlord accounting software when you are already paying an accountant. Do not fret because there are some excellent and free landlord income and expense tracking software such as RentalIncomeExpense.com and Avail.

Speed from Accounting Software

Maintaining good accounting records makes tax time easier. The reports you can generate from your rental property software will make your accountant’s work that much easier. You don’t have to give your accountant a shoebox full of random pieces of paper to sift through and figure out (which takes time!!). Instead, hand over a few reports that provide the details your accountant needs. For example, with RentalIncomeExpense.com, you can generate a Schedule E Helper report that mimics the Schedule E you will have to file with your taxes. And if your accountant charges by the hour, then by simply using free landlord accounting software to generate reports will save you more money because of the time savings!

The information and speed you will achieve when using landlord accounting software will complement the work your accountant does. You will make your accountant’s life easier, and they will likely thank you!

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General

Free Landlord Software For Tracking Income and Expenses

We’re starting a blog for RentalIncomeExpense.com – a free and easy rental income and expense tracking tool for landlords that our company, ClearNow, introduced back in 2016.

Expensive property management software (like Renttec Direct, Tenant Cloud, or Buildium) is overkill for the small landlord – costing more in time and money than it is worth. On the other hand, an Excel spreadsheet isn’t nearly powerful enough.  For example, it cannot easily generate the different reports that a landlord needs.

RentalIncomeExpense.com is the best of all worlds:

  • Simple to setup
  • FREE
  • Designed for landlords
  • Instant reports that matter (such as profit & loss and the 1040 Schedule E helper)
  • Accessible from your smartphone
  • Backed up by ClearNow’s proven online infrastructure (since 2000)

To setup a free account, get started at www.RentalIncomeExpense.com today!