Real Estate Bookkeeping Software: Tools for Simplifying Financial Management in the Property Industry

The best real estate bookkeeping software will help you track your income, expenses, and tax deductions and provide solid financial management reporting. Depending on your needs, some users choose software with reliable payroll, invoicing, or analytics features, while others look for seamless integration with other business software.

What Features Should Real Estate Agents Look For In Accounting Software?

Choosing the right real estate bookkeeping software can help you streamline your business operations and stay organized and compliant. While most vendors offer different features and user experiences, you should make sure your future accounting software has the following features:

Expense Tracking – 

Look for accounting tools with robust expense-tracking capabilities that allow you to categorize and track your business’s various expenses.

financial management Reports — 

The Real estate bookkeeping software should offer a variety of customizable templates for generating income statements, balance sheets, cash flow statements, and other essential reports.

User-Friendly Interface — 

Small businesses should consider software with a modern look that isn’t overly complicated and doesn’t require onboarding assistance or training.

Cloud-Based Accessibility — 

Online real estate bookkeeping software lets you access your financial management and business data from anywhere, supporting collaboration and remote work.

Invoicing —

Accounting services software with customizable invoicing can simplify how you charge for your services, rental payments, and Property industry sales. Look for recurring invoices, itemized billing, and expense inclusion features. 

Reviewed For The Best Accounting Software For Wealth Managers

Now that you’ve seen our list and know what to look for in the best accounting software for real estate businesses, we’ll dive into the details of each tool. Here, you’ll discover what makes each of our products unique, allowing you to choose the right product for your business.

1. FreshBooks – Overall Best Real Estate Accounting Tool of 2023

FreshBooks offers an unprecedented set of features for real estate accounting that save you time and get you paid faster. One of the main benefits of using FreshBooks is that it reduces the time you spend in the office doing calculations. It does this through expense classification and customer management features. In addition to reducing management time, FreshBooks will help you save on bank trips by providing multiple payment options for customers, giving you more time for your real estate business.

Best real estate bookkeeping software

Whether you’re dealing with rental properties, sales, or both, sending customizable estimates to your clients can go a long way toward securing them. Fresh Books helps you set clear expectations with a variety of pre-built, easy-to-understand templates to improve communication with your customers.

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1. Time Entry Details 

Fresh Books helps you track the hours you spent on each client, project, or call, simplifying invoicing and giving you clear insights into your performance Friends Club. 

2. Account Aging 

This feature ensures that you are always aware of tenants who are behind on payments. This allows you to follow up with them as needed at the right time.

3. Invoice Details

It allows you to access invoice reports that show if and when your customers paid, search by customer, and see if they are overdue in one report.

Price

FreshBooks offers four plans for small and micro businesses. While its advanced features may be suitable for larger businesses, Fresh Books can get expensive if you add more team members, but it’s still cheaper than most competitors.

2. Oracle Netsuite — Best For Large Real Estate Companies

Oracle NetSuite provides comprehensive real estate accounting solutions with features to suit every business. One of its key advantages over its competitors is that it offers a comprehensive suite of business add-ons.

For example, it offers one of the best CRM apps that real estate companies can use to manage multiple tenants, run email marketing campaigns, and more.

It also offers great fixed asset management features that make financial management reporting more timely and accurate by automating fixed asset depreciation and lease accounting. 

For real estate companies involved in leasing activities, Oracle NetSuite provides rental and rental management capabilities to streamline processes such as tracking leases, managing rental income, and deposit management.

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1. Asset Tracking 

Oracle NetSuite helps you develop an accurate list of depreciated and non-depreciated fixed assets. It also helps you maintain detailed records throughout the life of the asset.

2. Payment Processing

It offers comprehensive support for credit cards and other checkless payment options through integration with payment gateways that are relevant to your customers.

3. Cash Management

The vendor offers advanced tools for cash flow optimization, liquidity management, and bank account monitoring, also allowing your finance team to be more strategic with access to a full view of the company’s cash flow. 

Price

Oracle NetSuite prices its services based on the unique needs of your business. However, Your annual license includes the main platform, optional modules, and a number of users.

3. Zoho Accounting — Asset-Specific Accounting Features

Zoho Accounting offers the best rental Property industry accounting software for small and medium businesses managing multiple properties. It allows you to create Property industry-specific sub-accounts and keep separate tenant and financial management records for each Property industry. This means you’ll also have access to asset-specific income and expense reports, balance sheets, and other financial management reports to give you insight into your situation. 

Finances Of Each Asset.

This approach to real estate accounting ensures transparency for real estate owners and investors and is especially beneficial during tax season. It streamlines the calculation of Property industry taxes, credits, and deductions, making tax filing accurate and efficient.

Best real estate bookkeeping software 

This is especially valuable because real estate transactions often involve complex tax implications, requiring a different approach for each asset class. Additionally, Zoho Accounting gives you access to company-wide reports. With this, you get your income statement, balance sheet, and cash flow statement automatically generated. 

These reports can help you with strategic planning and decision-making, bringing steady growth and also health to your business. However, Among other solutions, you will find that it offers one of the best project management tools, which can help you with budgeting, planning, and risk management.

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1. Built-In Business Tools 

Zoho offers more than 50 business tools to help you run and manage every aspect of your business.

2. Customer Portal 

this invaluable feature allows customers to update their personal information, sends notifications when they interact with your invoices, and makes it easy for them to pay. 

3. Document Scanning

Match your physical documents to online transactions with just one scan. Additionally, you can use its auto-scan feature to convert documents into invoices, expenses, invoices, purchase orders or purchase orders.

Price

Zoho Accounting offers a variety of plans to suit everyone, from sole traders to small and medium-sized businesses. Although it limits the number of users per plan, it offers some of the cheapest additional user slots at just $2.50/user/month.

4. Xero — Lots Of Integrations

Xero is a unique cloud accounting solution that helps real estate professionals track client interactions and stay on top of their finances.

However, It allows you to add, edit, and store contact details, notes, and documents for any of your business contacts, a major upgrade over traditional Excel spreadsheets. One of the key benefits of using Xero is third-party integration capabilities.

It allows you to connect to more than 1,000 popular business applications to create flexible workflows and tailor your experience with its platform to your needs. This means you won’t have to manually re-enter data into different systems, making the transition to its platform easy.

Best Accounting Software For Real Estate Agents

While most competitors offer dedicated apps for Android and iPhone, few can match Xero’s quality. You’ll find all of its advanced features on the smartphone client, allowing you to manage your real estate business on the go.

From invoicing to tracking income and expenses, Xero provides outstanding service for busy professionals. Another area where Xero excels is reporting and analytics. Xero provides aggregate or attribute-specific reporting and allows you to compare different areas of your business to help you make better decisions. Additionally, these reports are interactive and allow you to drill down into details and measure specific KPIs.

However, it really shines with its analytics features, mainly Xero Analytics Plus, which comes with the most expensive plan. This uses machine learning and AI-based predictions to help you make cash flow and project funding decisions up to 90 days into the future.

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1. Business Overview

Take a snapshot of your business at any time to identify and compare trends over different time periods also quickly track metrics like revenue and expenses.

2. Customer Reports

Xero will show how long each customer has to pay, if they have any unpaid or late invoices, or if they are waiting for an invoice.  

3. File Storage

It offers a cloud document manager that allows you to upload invoices, receipts, purchase orders, or other documents to attach to invoices or contacts. 

5. Bonsai — Total Solution For Real Estate Agents

Bonsai helps you in every aspect of your real estate business, from customer and also project management to accounting. It has great invoice, contract, and quote templates that can help you look professional and save time contacting customers.

You can customize legally verified contract or agreement templates to suit your business and sign them electronically with customers, thereby speeding up and simplifying referral procedures. Additionally, it allows you to send timely reminder emails and receive notifications when your customers view and sign documents. Additionally, you can sync your calendar, giving customers a clear idea of ​​your availability and allowing them to book you when they’re available.

Requires Integration

These features make Bonsai the best accounting software for real estate agents and Property industry managers looking for an all-in-one tool. In fact, you’ll find easy organization solutions that match some of the best task Financial Management tools and help you keep track of every billable hour.

Bonsai also offers flexible wealth accounting features, including tax reminders, income reporting, and expense tracking. While its income and expense tracking features are similar to its competitors, it stands out with its tax estimates. Bonsai will provide ongoing tax estimates and due dates, supplemented by quarterly and annual tax reminders and reports. It automatically accounts for your monthly profits, business expenses, and deductions in one place, ensuring the health of your business and preparing you for tax season.

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1. Booking page — Personalize and share your booking page with guests, allowing them to book or reschedule with just one click. You can also set up upfront consulting payments, improving your cash flow.
2. Form Builder — Create forms from scratch or use predefined templates and customize fields to launch survey or questionnaire campaigns for your customers. 
3. Automatic Budgeting – Bonsai helps you optimize your income by dividing it into different sub-accounts for taxes, bills, and savings.

Price

However, Bonsai focuses on independent professionals and real estate agents, providing a user-friendly platform that helps you manage your clients and workload. Its starting price is $17/month, and the cheapest plan includes most of the features you need as a solo worker.