Efficiency in accounting and financial management plays a vital role in accurate business analytics, helping you strategize business growth. By tracking your income and expenses, you can identify the areas that need your attention and efforts. If you are a property management firm and looking out for a tool to keep the track of your business transactions, QuickBooks and Buildium are two software programs designed to solve your needs. In this article, we will discuss the property management accounting features of both QuickBooks and Buildium to help you determine which one of them will fit your requirements.
Who Are the Right Candidates for Buildium?
Buildium is property management software with basic accounting features. It provides you tools for tracking every payment, managing accounts payable, reconciling bank accounts, accepting online payments, creating comprehensive reports, and e-filing 1099s. Other major tools of Buildium help you manage the business operations and leasing activities. With features such as resident center, document storage, analytics and insights, and more, Buildium provides you a decent toolset for property management. However, it lacks the strong accounting capabilities required for streamlining and simplifying complex accounting processes.
Which Use Cases Does QuickBooks Solve?
QuickBooks is a complete small and mid-sized business accounting solution that provides users a platform to manage all their financial data, with intuitive dashboards and reports. The desktop software provides various tools for accounting, bookkeeping, invoicing, budgeting, income, and expense tracking, reporting, document management, financial management, inventory planning, and more. With the payroll services, you can also run payroll for your employees. Similarly, QuickBooks also helps you prepare and e-file various federal and state tax forms for tax compliance. Furthermore, QuickBooks Desktop has a robust feature-set for real-estate businesses and property management firms.
How Does QuickBooks Help Property Management Companies?
QuickBooks is a good option for small and mid-sized property management companies that are looking for an affordable accounting solution they can customize to their workflow. QuickBooks Desktop is a highly preferred software application for all types of real-estate businesses including home flippers, property managers, long-term investors, brokerage firms, and independent agents. QuickBooks Desktop Pro and Premier versions allow you to set up company files for performing various property management tasks including running detailed profit and loss reports for the properties you own or manage. QuickBooks also provides features for tracking rent or commissions received, sales by customer or listing, rent advances and deposits, vehicle mileage, and income and expenses for each property.
Which Software Handles Property Management Accounting Better?
Buildium is property management software, and QuickBooks is an accounting and financial management software. If you look at the unique features of both QuickBooks and Buildium, it gets clear that each one can add value to your business differently. However, if you are a growing business and dealing with a large customer base, sooner or later, you will need advanced features to solve your increasingly complex accounting challenges.
QuickBooks provides highly innovative, automation-powered, advanced features to help you track your transactions, accept payments, invoice your customers, and run payroll for your employees. It also helps you create and e-file all the necessary federal and state tax forms. With a wide range of property management accounting features, QuickBooks Desktop can be used ideally by property management businesses. The QuickBooks Desktop Enterprise edition for professional services is another alternative for businesses in the service industry.
Apps4Rent Helps You Manage Property Accounting from Anywhere
If you choose QuickBooks for property management accounting and wish to share files with other users in different locations, access and manage accounts from various devices, and save your valuable time to focus on core property management business, QuickBooks Desktop hosting can be a desirable solution. Hosting helps you keep your accounts up-to-date regardless of whether you are at the office, home, or a street. As an Intuit Authorized QuickBooks Host, Apps4Rent hosts your software on robust and secure SSAE-16 certified data centers. Contact our hosting team, available round-the-clock via phone, chat, and email for hosting plan inquiries.