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Rental property accounting software collects day-to-day income and expenses while also allowing customers to generate analytical reports to help them grow their business.
Landlords will save hours, if not days, searching for receipts to complete their tax returns at the end of the year with the program. It also saves them from having to pay many fee hours to bookkeepers and accountants; while these specialists are still vital to have on your team, accounting software can make their duties easier, resulting in smaller invoices.
We have compiled a list of different rental property accounting software for you to find the one that is best for your needs. Here is the top 7 best rental property accounting software on the market today.
Top 7 Best Rental Property Accounting Software
| Brand | Starting price | Best for |
|---|---|---|
| 1. Patriot | $20 – $30/month | Scalable features |
| 2. AppFolio | $3/month | Overall |
| 3. Buildium | $50/month | Overall |
| 4. Rentec Direct | Request quote | Multiple users |
| 5. Property Matrix | $400 – $1200/month | Accountants of any level |
| 6. Rent Manager | Request quote | Extra features |
| 7. Stessa | Free | Value |
| 8. MRI Software | Request quote | Integration |
1. Patriot – Best for scalable features
PRICING: Patriot Accounting software offers two pricing plans: Basic and Premium. The Patriot Accounting Basic plan costs $20/month while Patriot Accounting Premium plan costs $30/month.
Patriot Accounting is an ideal software for rental property companies that want the flexibility to process invoices and manage payments while maintaining a close watch on the money coming in and going out of the business. This software service includes two pricing plans with various feature sets, a straightforward setup process, and easy operation.
KEY FEATURES:
- Unlimited payments to vendors
- Mobile-friendly platform
- Free Expert Support
- Payroll integration
- Tracking expenses and income
- Automatic import of bank transactions
- Creating/tracking unlimited customers and invoices
REASONS TO BUY:
- Easy setup process
- Affordable pricing plans
- Good customer support
- Scalable features
- Great user-experience
REASONS TO Avoid:
- Not suitable for international companies
2. AppFolio – Best Overall
PRICING: $1.40 to $3 per unit monthly for the residential plan; $1.50 to $3 per unit monthly for the commercial plan
AppFolio has created software that includes all of the capabilities a landlord needs to run and expand their business from afar. It has Plus plans to meet the budget requirements of different customers, earning it our top overall accounting software for landlords.
An AppFolio representative will walk you through a free trial so you can discover the aspects that are crucial to you if you fill out their web form. An onboarding cost of 400 dollars is required, followed by a monthly fee of $250 to $1,500. They also offer services that can be used for a price.
KEY FEATURES:
- Cloud-based
- Open for anyone to market their business
- Accounting management
- Instant access to reports
- Post and market vacancies
- Screen residents
- Apply and lease online
REASONS TO BUY:
- Pay only for the features that you use
- Has advanced accounting features you need
- Has a mobile app
REASONS TO AVOID:
- Minimum monthly fee
- Not best for a small number of properties
- Not much live help from customer service
3. Buildium – Runner-up for Best Overall
PRICING: plans start out at $50 dollars for the basic plans
Buildium’s Growth and Premium plans include accounting tools that support up to 5,000 units.
Buildium has three different plans to choose from: Essential, Growth, and Premium. Each plan’s price is determined by the number of units you manage. Essential costs $50 per month and can support up to 150 units. Growth comes with more capabilities and can service up to 5,000 units for $160 per month.
Premium also includes tools like Business Analytics and Insights, as well as Buildium Rewards, which allow you to have up to 5,000 units. Premium subscriptions start at $460 per month. Anyone who signs up for annual billing receives a 10% discount from Buildium.
Users can keep track of all fees, payments, deposits, and refunds in the cloud, manage accounts payable with built-in calculators that show how much they owe to companies and vendors, automatically reconcile bank accounts, generate a variety of financial reports, and automatically generate and e-file a Form 1099.
KEY FEATURES:
- Property accounting
- Online payments
- Company financials
- 1099 eFiling
- Resident portal
- Cloud document storage
- eLeasing
- Renters insurance
REASONS TO BUY:
- Was created by property managers
- Online ticket support
- Tons of training material is offered
- Automatic rent collection
REASONS TO AVOID:
- Expensive pricing plans
- Customer support is not the greatest
- Not the best for single property managers
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4. Rentec Direct – Best for Multiple Users
PRICING:
Rentec Direct is best for numerous users since it allows the main account holder to create multiple user accounts that others can use for free using a username, password, and permission level that is special to them.
Another significant benefit of Rentec Direct is that it offers a completely free bundle with basic features for ten homes or less. Advanced options range from $30 to $40 a month, depending on the amount of units you’re in charge of. Additional features can be purchased as an add-on for up to $15 per service.
Rentec Direct has financial reporting capabilities, as well as QuickBooks synchronization. The entire tenant payment process is reduced to a single motion that takes about half a minute. Users will also benefit from an automated workflow for tracking work orders and credit card payments.
KEY FEATURES:
- Property accounting
- Online payments
- Company financials
- Resident portal
REASONS TO BUY:
- Mobile app for easier use
- Offers premium features
- Multi-user access
REASONS TO AVOID:
- Not many integrations are offered
5. Property Matrix – Best for Accountants of Any Level
PRICING: $400/mo for the standard package; $1,200/mo for the enterprise package
Property Matrix is a web-based accounting program with sophisticated features, including automation for advanced users. It is designed for users with all levels of accounting experience. In addition, all features are totally customizable, allowing advanced users to select the best accounting tools they require to optimize their reporting.
Due to its rich features and customizable capabilities, Property Matrix outperforms other software packages. It can handle complex accounting operations while reducing workload and removing the requirement for other accounting software.
KEY FEATURES:
- Track transactions
- Manage multiple businesses
- Automate invoices
REASONS TO BUY:
- Customizable features
- Mobile app for on the go use
- Made for accountants of any experience
REASONS TO AVOID:
- Best for landlords of over 250 rental properties
- More expensive than others
6. Rent Manager – Best in Extra Features
PRICING: Contact for pricing
Because Rent Manager’s extensive accounting system contains all of the capabilities a landlord would require, as well as outside platform connectors, we named it the greatest for extra features.
Rent Manager doesn’t have any plans available for purchase right now, so you’ll have to contact them directly to find out how much a package of features would cost. It includes an online version and a mobile application to allow users to manage their businesses from anywhere.
Users can use Rent Manager to handle e-payments, build custom reports, and manage all specs of accounts. It also works in both cash and amassing accounting at the same time, saving time on bookkeeping.
KEY FEATURES:
- Rent renewals
- Payment processing
- EaszPay(™)
- Easy to access any reports
REASONS TO BUY:
- Extra features to manage any property
- Has mobile app and standalone version
- Customizable software
REASONS TO AVOID:
- No pre-made pricing plans
- Each version comes with different features
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7. Stessa – Best Value
PRICING: Free to use
Stessa is the best value for real estate investors to get the fundamentals done correctly because it is free software with plenty of accounting capabilities. Stessa was founded in 2016 and now manages over $45 billion in real estate assets for thousands of investors. It’s a web-based application that’s also available as a Mac app.
It offers a completely automated bookkeeping and financial monitoring tool that syncs with a rental property’s bank and financial accounts, a document management center, the ability to scan receipts, and the ability to create a range of reports (balance sheets, cash flow, IRS-ready tax statements, and more).
KEY FEATURES:
- Organize and track transactions
- Create recurring invoices and bills for vendors and tenants
- Automated bookkeeping
- Financial tracking
REASONS TO BUY:
- Free and simple to use
- Designed by landlords
REASONS TO AVOID:
- No tenant screening
- Not the best for professional users
- Best for real estate investors
8. MRI Software – Best for Integrations
PRICING: Contact for pricing
MRI has worked with over 200 organizations, each of which is meant to give a financial resolution that is tailored to each management firm’s specific needs, making it ideal for integrations. There are no packages or a free trial available for MRI Software. The cost can vary because you can add as many as 175 integrations and different features.
Online rent collecting, resident communication, compliance solutions, credit risk management, and more are just a few of the features offered by MRI Software.
Through its Partner Connect program, this integrated accounting software can adapt to your changing demands. You can add other solutions for automation, debt collection, e-payments, and more through this program.
KEY FEATURES:
- Reporting
- Tracking of finances
- Cloud-based
- Various report types
REASONS TO BUY:
- Pay only for what you use
- Reliable company with many years in the business
- 175+ solution partners
REASONS TO AVOID:
- Better for commercial users
- No template packages
Frequently Asked Questions
What is the difference between bookkeeping software and accounting software?
Bookkeeping software is important for recording income and daily costs, as well as for generating basic reports such as an income statement and balance sheet. Accounting software, on the other hand, may help your company integrate marketing, publish to various listing sites with ease, and run more comprehensive reports to help you plan your strategy.
Who should purchase accounting software?
Landlords with a few rental homes who are disciplined enough to report their revenue and costs in a spreadsheet may be able to get by with Excel. Other people want something that integrates with their bank accounts to reduce redundancy, have multiple people access for different company members, and can run different reports with ease to save time and reduce error when using manual calculations.
What is the average cost of accounting software?
The majority of programs charge up to $2 per unit managed. Even if you don’t have enough properties to warrant such a large price, some may charge you a monthly fee, usually up to $250. A few businesses require a significant setup fee, usually around $400 area, while others do not.
References
- https://www.trustradius.com/products/mri-residential-management/reviews#reviews
- https://www.investopedia.com/best-accounting-software-for-rental-properties-5090031
- https://www.doorloop.com/blog/best-rental-property-accounting-software
- https://www.appfolio.com/
- https://www.buildium.com/
- https://www.rentecdirect.com/
- https://www.propertymatrix.com/
- https://www.rentmanager.com/
- https://www.mrisoftware.com/