So you have investment real estate that is sitting dormant? Why aren't you renting it out and making it work for you?
Renting out your property is one of the three ways that you can make your real estate work for you. To help you get started on this venture, we recommend that you get property management accounting software.
This will help you track your rental income and management expenditures. This is the only way for you to tell if your new venture is successful or not.
Here are the top 3 accounting software options that are perfect for property managers.
We are going to start with a classic, QuickBooks. This is probably the most widely known of accounting software.
It's a one-stop shop of all of your accounting needs. It can integrate with your banking so that it will track and update as you receive and make payments. It also includes tax calculation abilities.
If you aren't sure it will work for your needs you can try it for free for 30 days. Then if you are happy you can sign up for a plan that is $10 to $40 a month.
This online accounting software is one of the most loved by small business owners. You can use Wave for free or pay for an upgraded service.
Creating, sending, and following up on invoices is a breeze with this program. You can even schedule automatic follow up emails to those who haven't paid yet.
There are extensive reporting options allowing you to track every part of your business. This includes both income and expenses.
It works well for landlords because you can track and receive rent payments through the system. You can also track any expenses associated with property maintenance.
Plus the whole system is cloud-based. You can manage your invoicing through the app on your phone anywhere you want.
While the first two on this list are aimed at small business owners, Landlord Station is designed specifically for landlords. They tailor their software to focus on rental payments.
The process of collection is streamlined through their system and payments get recorded automatically in your accounting books. It's easier to set up and handles you having multiple tenants easily.
Each tenant has their own login. They can even set up automatic payments if they want.
An Alternative to Property Management Accounting Software
Even with the best property management accounting software out there, it is still a lot of work to successfully manage your properties. You are responsible for marketing, tenant screening, inspections, and maintenance.
Then if that wasn't enough you have to collect rent, create performance reports, perform evictions, and pursue legal action when necessary. All of these tasks are time-consuming.
What if you had a team of experts who could handle all of this for you? That's where Clockwork Property Management comes in. We can handle the hard work of property management so that you can focus on growing your business and enjoying the results.
Contact us today to learn how we can help maximize the potential of your real estate investment.