Bookkeeping is a critical process for the success of your rental property business. It helps you take charge of factors contributing to your ROI. Such factors include cash flow, rental payments, tax issues, property management expenses, among others. As your real estate portfolio grows, you will need to upgrade your bookkeeping processes. 

If you own one rental property, a paper accounting system or traditional Excel spreadsheet will work effectively. However, as you add more rental properties to your portfolio, this will become burdensome.  You have more tenants to deal with and more complex bookkeeping processes to complete. This is where reliable landlord bookkeeping software comes in handy.

Harnessing the Power of Bookkeeping Technology

In any industry, proper bookkeeping can make or break a business. An efficient bookkeeping system will form the backbone of your rental property investment. In property management, using reliable landlord bookkeeping system eases your accounting process and gives you more control over your finances.

Sorting all bookkeeping tasks including preparing and sending invoices, tracking rent payments, taxes, supplier invoices and payments take a lot of your time. 

You hardly have time to handle other crucial property management needs. These include property maintenance, tending to tenant complaints, upgrading your rentals to complying with new laws, among other things. By harnessing the power of technology, it is possible to perform all your bookkeeping tasks on one platform.

Robust bookkeeping software for landlords includes the following features and capabilities:

• Recording and tracking security deposits
• Tenant & owner portals
• Online payments and invoicing
• Monthly, quarterly, and year to date rent income reports
• Electronic leases
• Tenant screening
• Scan receipts with mobile device & link to expense
• Budgeting and reporting
• Property Maintenance management
• Multi-device use
• Tax collection and reporting
• Tracks income and expenses for multiple properties
• Free trial period
• Manages bills and accounts payable
• Tracks inventory
• Rental income forecasting feature 
• Customizable features for property management accounting
• Multiple user access
• Cloud-based infrastructure
• A graphical interface for your rental’s enterprise metrics
• Financial information on a real-time basis
• Automated bookkeeping processes
• A reminder of pending bookkeeping tasks

Using Landlord Bookkeeping Software to Boost Your Investment

Property investment is not for the faint hearted. Despite this being one of the main drivers of the economy, it is an industry that is prone to market shocks. As a real estate investor, you have to handle your portfolio professionally to avoid sinking into losses amidst such volatilities.

Bookkeeping software is a smart strategy to steer your rental property business to success. Some of the advantages of leveraging this technology include:

1. Easier tracking of monthly cash flow, rental income and net income. This gives you an overview of your portfolio’s performance
2. Comprehensive reporting to help in solid decision making, including future projections. This software also gives forecasting reports.
3. Enable you to pay bills on time and meet all your financial obligations
4. Avoid problems with tax authorities by always having the information required.
5. Reduce wastage in property management by tracking all expenses
6. Avoid disputes with tenants through a shared portal for easier billing tracking
7. Save time and enjoy peace of mind by having a hold on your rental business

Wrap Up

Landlord bookkeeping software is a timely investment for your rental property business. It gives you much needed control over the myriad bookkeeping processes. You will also find it easier to track expenses, income and all other accounting processes. This system ensures seamless management of a rental property business and boosts its performance.

• About
• Latest Posts

Ben Shepardson

Ben Shepardson is a Realty Biz News Contributing Writer and has a long track record of success in online marketing and web development. While pursuing a bachelor’s degree in Computer Information Systems, he worked doing enterprise-level SEO and started an online business offering web development services to small business customers.

Latest posts by Ben Shepardson (see all)

• Jooble: The Key that Unlocks Your Dream Real Estate Career - December 22, 2023
• Omnichannel Marketing for Real Estate Professionals: A Comprehensive Guide - December 6, 2023
• Navigating the Evolving Landscape: Latest Trends in Real Estate Marketing - December 5, 2023