202129 Nov

Council Post: Accounting Software Vs. Property Management Software: Which One Is Best?

Summary

This begs the question, is it worth using expensive property management software, or can you just use Quickbooks and tailor reports as needed? However, basic accounting programs may not provide enough advantages to larger firms tasked with managing multiple properties at the same time, while more specific software such as AppFolio and Yardi may pose too great an expense for mom-and-pop landlords. But you will have to adapt to the softwares user interface when using it to track expenses and generate reports outlining important financial information, such as a propertys funds in reserve or profit statements for a particular building. What Ive found lacking in basic accounting programs is the absence of more comprehensive features for property management firms. This takes a lot of the busy work out of chasing after monies owed by past tenants who have an outstanding unpaid balance with your property.

Source: Forbes

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