Owning multiple properties can be an incredible investment. It increases your assets and can provide you with some valuable passive income. However, being a successful property owner requires a lot of work and organization. How do you keep it all straight? How do you manage the down payments, repair costs, property taxes, and additional expenses that come with owning multiple properties, whether homes or rentals? Well, software can help you accomplish these tasks. Check out our picks for the top accounting, budgeting, and tax software for property owners.
Related: How to Buy Multiple Rental Properties in a Single Year
Top Accounting Software – Intuit Quickbooks
According to FitBmallbusiness.com, whether you are a house flipper, landlord, or investor, Quickbooks has the best capabilities for making the organization of the finances of multiple properties a lot easier. Quickbooks allows property owners to track rent payments (if you have tenants at your properties), provide detailed property listing reports, connect bank and card accounts, and follow deposits and advances. Quickbooks is known for being user-friendly, so the software makes it even easier to jump into managing the “books” for multiple locations.
Top Tax Software – Intuit TurboTax
NerdWallet listed TurboTax as their top tax software program for those looking to get their federal and state taxes in order. While the listing was not specific to property owners, TurboTax includes some key features to help property owners navigate tax regulations. TurboTax allows users to enter in property taxes they have paid for tax deductions. However, what makes TurboTax shine is the number of resources at your disposal. TurboTax allows you to talk one-on-one with a tax specialist, have your forms reviewed by a human CPA, and even use the TurboTax forums to hear from others about specific tax experiences. If you are a DIY property owner, TurboTax is your best bet.
Related: The Right Way to Do Taxes as a Real Estate Investor
Top Budgeting Software – Buildium
Many times, accounting and budgeting software can overlap, but this piece of software is made for property managers and may provide additional bells and whistles related to accounting. It is definitely made for those who not only own multiple properties but have tenants living in these locations. According to TrustRadius users, Buildium allows property owners to track rent payments, collect payments through an online portal, create a financial ledger, add a budget, set up opening balances, record management income, and even manage money sent to vendors. It is a one-stop shop for owners who want to maintain their real estate finances and take care of potential renters.
Final Thoughts
Again, the world of real estate can be tricky, especially when it comes to finances. This is why it is imperative to invest in a system that can help you manage the accounting, tax, and budgeting complexities of managing multiple properties. Most of those above allow you to take care of the “money side” of things whether you are a landlord or an entrepreneur looking to make a return on investment. So, take a look at your current budget and invest in a system that will help you make the maximum income on your properties. These systems will help you never miss rent from your tenants or the payment of a bill.
This articles has been contributed by our friends at TrustRadius.
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