The 7 Best Accounting Apps for Independent Contractors in 2023

The real estate brokers–both the listing broker and buyer’s agent broker–get a percentage of the property’s sale price as commission. The listing broker splits their commission with the listing agent and the buyer’s agent broker splits their commission with the buyer’s agent. The software is cloud-based, enhancing accessibility and collaboration, and it also offers a mobile app for Android and iOS devices, providing convenience for on-the-go access.

Even with real estate accounting software, it’s hard to efficiently analyze data and reports without standardized documentation. PDFelement is easy to use for real estate and offers unique features, such as PDF editing, organizing, converting, and creation. You can effectively standardize documents through desktops and mobile devices. PDFelement allows for the sharing of PDF documents without losing formatting and layout of documents. It also ensures that diverse users are able to work on the same documents across both Mac and Windows.

What Features Should You Look for in Rental Property Accounting Software?

With more accurate accounting practices and guidance on how to compete in the real estate industry, you are set up for business health and growth. RentManager is a highly customizable property management software that works with properties of every size. Buildium is rated as the best accounting software for investors with a large number of rental properties.

• It also integrates with your bank accounts, enabling you to reconcile expenses.
• Xero’s mobile-friendly interface and feature-rich experience make it easy for users to stay on top of their finances.
• Give your back office the tool it needs to close faster, pay faster, and eliminate repetitive data entry.
• Besides adding pay-enabled invoices, QuickBooks also accepts ACH and e-checks as a mode of payment.
• The lower-tier Lite and Plus plans allow up to five and 50 clients respectively.
• Tenants automatically receive reminders if rent is late, and landlords can write a custom message so the reminder is strategically worded.

If you’re a freelancer and want simple accounting with a focus on your needs, FreshBooks is a solid choice. If you have more than five clients, you’ll need the Plus version, but all of the plan tiers are reasonably priced. Third-party customer reviews are mostly positive for Xero, but some customers note that the pricing has consistently increased for the accounting services.

FreshBooks Pricing*

Intuit’s QuickBooks is the best-known accounting app for good reason. While it’s not perfect, it is one of the best accounting programs on the market today and sets a high bar for what business money management apps can do. QuickBooks is great for a wide range of businesses from solo freelancers to brick-and-mortar empires. Project tracking tools in higher-tier plans; lacks industry-specific reports and transaction tracking tags; users with multiple businesses must pay for separate subscriptions. The lease agreement is a contract between a renter and property manager or building owner. The software will also ensure the tenant rights and responsibilities are outlined on the form in accordance with the appropriate state regulations.

It can be easier to make a better impression with the bank when applying to refinance a mortgage, which may increase the odds of getting approved for a loan. FreshBooks may not offer payroll features, but freshbooks it does have a third-party integration with Gusto, a favorite payroll app designed for small business. FreshBooks helps you stay on top your business by helping you create different kinds of reports.

FreshBooks (Small Business Accounting Software)

Large real estate agencies, for example, need different features and capabilities than solopreneur agents. In addition to accounting tools, Buildium offers features to manage the entire tenant journey. Such features include lead generation, tenant screening, lease application processing, property maintenance-issue management and business-performance analytics tools. Users even receive a free do-it-yourself (DIY) marketing website hosted by Buildium for marketing properties.

The software helps you manage deposits, but it also customizes late fee waivers and automatically sends late fees according to your lease. It can even streamline your debt recovery process if rent is consistently not being paid. TenantCloud offers end-to-end accounting solutions for landlords, and much of it is completely automated. Baselane can be used with an unlimited amount of properties, and you can open and use accounts for free. First, we’ll look at rental accounting programs that are either completely free or offer feature-rich free tiers. The offers that appear on the website are from software companies from which CRM.org receives compensation.

What is the best accounting software for real estate agents?

Some landlord banking companies, like Baselane, let you have as many accounts as necessary without any additional charges. Rental leases need to cover all legal bases, which is made more difficult given that they also must be specific to each state. You’ll also want to add your own rules, such as those regarding pets and late fees. So, some landlords gravitate toward services that make it easier to customize your leases. FreshBooks even provides insights, such as suggesting how much to charge for rent or alerting landlords when it’s prudent to upgrade properties. RentRedi has a partnership with REI Hub that allows you to automatically import RentRedi financial information to REI Hub.

Landlords can take the PDF invoices from vendors and AppFolio’s Smart Bill Entry will read the invoices, identify the important information, and process them for payment. Buildium helps landlords quickly create 1099 tax forms, which makes life easier come tax time. When you file with the software, you can send free digital copies to vendors to go with the hard paper copies Buildium sends.