Tag: rental property accounting software

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General

Property Management Software Benefits

Property Management Software Benefits
Property management software is meant to make landlording easier.

Property management software makes landlording easier. It helps new landlords as well as those who have been managing rentals for years. There are many tools available to help make landlording easier. We will touch upon just a few of the many benefits of software for landlords.

Recordkeeping

One of the major benefits is tracking income and expenses in one central location. Maintaining good accounting records makes tax time easier. Plus, records can tell a story as it is important to understand how well your rental property business is doing. Ultimately, good recordkeeping provides peace of mind. Software with recordkeeping features can range from paid software like Buildium to free software like RentalIncomeExpense.com. Cost, ease-of-use, and features such as reports are items to consider when deciding on which software to pursue.

Tenant Screening/Applications

Renting to a great tenants makes landlording more enjoyable and easier. So finding such tenants makes the tenant screening process all the more important. Some property management software has the application and screening process built in. On the other hand, there are some stand alone services, like SmartMove, that focus specifically on tenant screening.

Landlords have choice when it comes to finding the right landlording software for their needs. They will find the solution that best fits their budget and is easy to use.

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Landlord Tips

Landlord Accounting Software

Accounting Software
Landlords have a choice for tracking rental income and expenses.

Tracking income and expenses for rental property is a task most landlords do not enjoy. Without a doubt, record keeping can be time consuming and often mind-numbingly boring. However, maintaining good records makes tax time easier and provides peace of mind. Therefore, it is important to understand how the rental property business is doing, and good landlord accounting software makes this task easy.

There is a lot of choice among landlord accounting software. The primary differences relate to cost, ease of use, and features (like reports). With the aid of the chart below, we take a look at some common ways, from the simplest to the most complicated, for tracking rental property income and expenses.

Tracking MethodPros & Cons
Spreadsheet* Free
* Create your own with Google Docs or Microsoft Excel
* Download free rental income and expense worksheet
*Cannot easily generate reports
Free Accounting Software* Free
* Simple and intuitive
* Easily generate reports like a Schedule E Helper and Profit & Loss statement
* RentalIncomeExpense.com
Paid Accounting Software* Expensive
* Can be overkill for a small landlord
* Complex and challenging to understand
* QuickBooks, Buildium, RentecDirect
Landlord Services * Provides benefits in addition to record keeping such as online rent payments, tenant screening, credit reporting, and vacancy listings
* Many times income and expense tracking is included as a free feature
* ClearNow, Zillow Rental Manager

Final Thoughts

Landlords have choice, and they range from simple spreadsheets to free landlord accounting software to paid accounting software. Find a solutions, as the important task of tracking income and expenses becomes easier with software for landlords!

Categories
General

Landlord Accounting with RentalIncomeExpense

Landlord Accounting
Landlord accounting with RentalIncomeExpense.com makes tracking rental property income and expenses free and easy.

Landlords can manage their recordkeeping task in a variety of ways which can range from using a simple paper ledger to expensive sophisticated software. We’re going to take a look at RentalIncomeExpense.com as an ideal landlord accounting solution because it’s free, and it generates powerful reports when tracking rental property income and expenses.

FREE & EASY

Yes, you read correctly . . . RentalIncomeExpense.com is free. Landlords do not need to pay anything to use this tool. Most accounting software, like QuickBooks, Buildium, and RentecDirect, are fairly expensive, especially for the small landlord. Tracking rental property income and expenses is not the most exciting task, but it is a very important task. Making landlord accounting easy where you simply just record dates, vendors/customers, and amounts according to simple drop down menus makes the entire process painless.

POWERFUL REPORTING

Every business wants to know how well it is doing, and landlording is no exception. Generating reports from income and expenses that are tracked is powerful. RentalIncomeandExpense.com provides instant reports that matter, like Profit & Loss and a 1040 Schedule E helper. Because RentalIncomeExpense.com follows the income and expense categories used by the IRS’ Form 1040 Schedule E, the helper report makes tax time easier. You wouldn’t be able to generate such powerful reports if you were using a paper ledger or a simple spreadsheet for landlord accounting.

There is a lot of different accounting software to choose from. Because landlord accounting is such an important task, we encourage you to consider RentalIncomeExpense.com. It’s free and provides powerful reports that tell you how your landlording business is doing all the while making tax time a whole lot easier.

Categories
General

Rental Property Accounting Software for Landlords

Tracking income and expenses for rental property is a task most landlords do not enjoy. This record keeping task is time consuming and, to be frank, often mind-numbingly boring. Nevertheless, maintaining good accounting records makes tax time easier, is important to understanding how your landlord business is doing, and provides peace of mind.

Landlords can select from a variety of ways to record income and expenses. Cost, ease-of-use, and features (like reports) are items to consider when deciding on which rental property accounting method to pursue. We’ll take a look at some common ways, from the simplest to the most complicated, for tracking rental property income and expenses.

Tracking MethodPros & Cons
Spreadsheet* Free
* Create your own with Google Docs or Microsoft Excel
* Download free rental income and expense worksheet
*Cannot easily generate reports
Free Accounting Software* Free
* Simple and intuitive
* Easily generate reports like a Schedule E Helper and Profit & Loss statement
* RentalIncomeExpense.com
Paid Accounting Software* Expensive
* Can be overkill for a small landlord
* Complex and challenging to understand
* QuickBooks, Buildium, RentecDirect
Landlord Services * Provides benefits in addition to record keeping such as online rent payments, tenant screening, credit reporting, and vacancy listings
* Many times income and expense tracking is included as a free feature
* ClearNow, Zillow Rental Manager

Final Thoughts

While tracking rental income and expenses is not the most desirable task, finding the solution that best fits the budget, is easy to use, and provides features like reports becomes important to make tax time easier and provide peace of mind. From simple spreadsheets to free accounting software to paid accounting software to general landlord services, fortunately landlords have a choice when it comes to finding the right rental property accounting software for their needs.