Accounting Software for Property Management Pros
Bookkeeping and accounting are two of the most important daily tasks in landlords and property manager’s workday.
Managing client and tenants money requires responsibility, care, and accuracy. Poor accounting leaves rental property managers, landlords and investors vulnerable to tax losses, trouble with the IRS, certification losses, law suits, extra fees, and lost clients.
The old standbys of Quick Books, Freshbooks, Soho, Xero, Wave, Sage and others are simply not sufficient for property management pros.
It’s essential to be using software specialized for property management. And the real objective is to automate your property accounting to eliminate paperwork and the risk of manual processes.
ManageCasa’s accounting app is integrated within a full service, modern SaaS platform with advanced security. Conducting transactions and inputting data is simple and your accounts are updated automatically.
ManageCasa helps you:
- adopt data-driven accounting decision making
- improve your data collection and accounting workflows
- automate standard accounting processes and minimize human error
- adopt lease-based accounting
- make your accountant happy
- simplify accounting for your staff
- do smart scanning of documents to reduce manual workloads
- create customizable reports on owner statements, income statements, cash flow statements, balance sheets, and rent rolls
- keeps your accounts payable and receivables organized
ManageCasa focuses on property accounting because it is critical to good financial management and tax management. It is the key issue in running your business well.
Startups: Set Up Your Accounting System
To set up your property accounting system, you would begin by choosing your preferred accounting method, and set up your chart of accounts. Then you would select double-entry bookkeeping (given how complex property accounting is and the audit demands required). Double-entry bookkeeping, records two entries per transaction — a debit and a credit entry in the general ledger. Using your general ledger, you will create your financial statements for owners/investors/tax filing.
Of course, a professional level accounting system (ManageCasa), simplifies this process. If you’re a landlord or launching a new property management business and you are finding it difficult to understand, don’t worry, accounting is few business people’s forte.
You can also hire a professional accountant who can advise on what he needs to help you be legally compliant and audit compliant, as well as ensuring you’re getting every financial benefit from your software. You also have experts with ManageCasa who can help guide you.
Keeping Accounts Separate is Important
That’s created big demand for specialized accounting software solely for property management. Property managers in particular have numerous landlord clients along with their own properties which they must keep separate. And each has different types of rental assets such as retail units, condos, apartments, HOAs, and mixed retail and commercial properties. The laws on trust accounts in particular mean client accounts need to be kept separate from each other.
And with all those individual accounts to manage, you’ll be glad to have ManageCasa to help you make it easy.
Property management startup entrepreneurs should insist on dedicated accounting solutions for their rental properties right from the start. Clients will demand this level of capability and professionalism. It’s yet another way to carve out new accountants with discriminating landlords.
Here are a few Property Accounting Benefits from using ManageCasa:
- keep your financials under control — track your payments, monitor changes, and run reports in real time
- automate your bookkeeping to create time to free up your work done
- generate insightful real time reports on rent roll, lease statements, maintenance activity, expenses, balance sheets and income statements
- view upcoming bills, cash in the bank, and the statements owners will see
- avoid errors and limitations of spreadsheet accounting – automate and relax
- store all your documents, leases, and bills on via the cloud – secure and always available
- be compliant with accounting rules, rental regulations, and best practices
Learn more about all the full accounting features and benefits for yourself, and discover how it can help streamline your property accounting.
Take a FREE trial run of ManageCasa.
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