Do Property Managers Do Accounting?

Do Property Managers Do Accounting?

Property management and the best accounting software go hand-in-hand. As a property manager, you can likely manage an owner’s assets, expenses, and income. Because all these responsibilities involve accounting, it is inevitable to avoid them. Whether receiving and managing rent, doing lease accounting, or dealing with vendor invoices, you constantly keep in touch with money. So, a property manager needs to know the basic accounting details and ways to use that information in their business.

The accounting techniques used in property management somewhat differ from the classic average business accounting or real estate accounting. The reason is that in property management, you are dealing with responsibilities like payroll and utilities in addition to keeping track of the accounts of the properties and your possible tenants. You must be able to manage charts and track the flow of money. All these tasks can be performed well if you know accounting.

Property managers have to do accounting to achieve promising results in their management. Besides informing yourself about accounting, the best way to partake in that job is to get access to the best property management accounting software. Once you find the right property management accounting software, the rest will fall into its place.

What is Property Management Accounting Software?

Property management accounting software is software that offers features that are unavailable in other accounting software.

Because it is specially designed to accommodate property managers, property management accounting software combines information that is industry specific with real estate software. This enables the manager to remain vigilant about various vacancies, units, and tenants. Hence, ensuring a smooth property dealing process. Property management accounting software can also help manage accounts payable and accounts receivable for the property management company to ensure streamlined and accurate financial tracking and reporting.

In addition to keeping track of the expenses and the tenants, good property management accounting software enables you to visualize the maintenance cost. This way, property management accounting software is often better than regular accounting software. Even if you are using average accounting software, you will eventually succumb to property management accounting software while dealing with the property's funds in reserve or profit statements for any building.

Property management accounting software is versatile and mainly easy to use. All you need is to get the hang of it in the beginning. It gives you a more detailed and comprehensive view of your management process. Using property management accounting software can be self-explanatory if you have some background information about accounting.

What are the Best Features of Property Management Accounting Software?

As discussed earlier, property management accounting software is adaptable. While being resourceful, it is multifaceted as well. The best features of property management software are:

Remote Access & Mobile App

In the 21st century, any software is almost useless if it can’t be operated via mobiles. When it comes to property management accounting software, you don’t have to worry about that. Whether arranging meetings with clients, managing property inspections or accessing the property, all can be done from your mobile phone.

Reporting and Analytics

Generating reports is one of the most significant features of property management accounting software. It saves time and work, manages tracking operations, and points out any possible risks. The reports generated through property management accounting software may be financial, production, or daily activity.

Managing Compliance

The target here is to enable legislation and management-related task to comply with the real estate agents. This can be done quickly through property management accounting software.

Data Security

This feature holds the highest value because, for a property manager security of any data is the foremost priority. Property management accounting software safeguards all sorts of data through two-factor authentication and pushes notifications.

Calendar Integration

Property management accounting software has an interactive calendar. The purpose is to ensure that the participants involved have timely meetings and a smooth current flow.

Cloud Storage

Because property management accounting software runs on the most advanced IT techniques, it stores all the information on the Cloud. This makes the entire experience a lot safer and cost-effective.

What are the Benefits of Property Management Accounting Software?

Property management accounting software is user-friendly and cloud accounting has advantages worth considering. It favors the property manager in several ways. Some of the essential benefits of property management accounting software are:

  • Because all the data is stored safely, it is easier to record expenses, make financial reports, and file taxes.
  • It fills the communication gap between the agents and the tenants. Communication has become more accessible and more cost-efficient.
  • It speeds up business growth. This is done by undertaking time-consuming tasks in a coefficient manner.
  • Property management accounting software is very time-saving.
  • You save not only time but energy as well. The manual labor is significantly reduced.
  • It is highly safe and secure.
  • There is 24/7 customer service. This makes your customer feel valued and respected, ensuring good results.
  • You can manage costs without having to indulge in the complexity of it. All of it is managed by property management accounting software.
  • You can access real-time information quite easily.
  • Through advanced technological features, property management accounting software is easy to use while giving promising results simultaneously.

Ten Best Property Management Accounting Software

Some of the best property management accounting software include:

  1. DoorLoop
  2. QuickBooks
  3. Buildium
  4. Appfolio
  5. Hemlane
  6. Tenant Cloud
  7. Rentec Direct
  8. MRI Commerical Suite
  9. Condo Control
  10. Propertyware

How to Compare Property Management Accounting Software

To compare property management accounting software, you need to prioritize your needs. This means you must know the specific feature you’re looking for and how much you can compromise to achieve your desired outcome.

It all depends on your preference. All you need to do now is to research the list above of different property management accounting software to get clarity on what might be the best option for you.