Professional Quality Accounting Software for Property Management Pros
Bookkeeping and accounting are two of the most important daily tasks in landlords and property manager’s workday.
Today’s best property management accounting solutions help you automate and manage tasks more easily without the errors.
Managing client and tenants money requires responsibility, care, and accuracy. Poor accounting leaves rental property managers 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. You need a dedicated solution for property managers to serve your clients, tenants and contractors as they expect. The bar’s been raised.
It’s essential to be using double entry level software that specializes for rental property income and expense tasks for each owner/property. And the real objective is to automate property accounting to eliminate paperwork, and rid yourself of the work and risk of manual processes. Efficiency is the number one goal of property management companies because efficiency drives value and profitability from top to bottom.
ManageCasa is that level of accounting solution and it’s integrated within a full service, modern SaaS platform. Users enjoy all the advantages of next generation SaaS technology.
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.
Seeking a Professional Quality Accounting Solution
Given how important financial management is for property management firms, and expenses and income are tricky matters with so many owner clients, it’s wise to emphasize professional level property management accounting solutions.
From the daily recording of receipt details to expenses, to bank reconciliation and managing the chart of accounts, your property management staff are kept busy.
Modern property accounting can be defined as the process of preparing, reviewing, and maintaining a client’s financial records related to their properties. In reality, accounting must do much more, and automated lease-based accounting is the perfect solution for cutting workloads and providing real time functionality
It is possible to hand the full responsibility of bookkeeping and accounting to a professional firm, however this is usually not possible for a property management company. Accounting is one of those tasks you must optimize.
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.
Accounting for Properties has Unique Requirements
Property management has its own specific sets of accounting requirements, rules and procedures. Property managers and property management accountants discover general accounting packages don’t meet their needs.
For instance, how expenses are allocated can be controlled from stipulations in rental leases themselves (agreements on percent to charge each apartment unit in a condo building). Property accounts must also be reconciled to bank accounts, something that needs extra handling. And cities and states have special laws that apply to real estate, which must be programmed in.
Some property accounting systems offer automation of various tasks which can provide a lot of help, especially if your staff aren’t experts in accounting. You should discuss automation with a ManageCasa sales rep to understand just how great ManageCasa’s all in one property management software is.
Many popular software packages offered don’t provide professional level accounting capabilities for specific industries.
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, the accounting workload gets high and complex. Enter dedicated property management accounting solutions and managers save time and have less stress.
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.
Learn more about the best property management accounting package available — within ManageCasa’s amazing modern, next generation platform.
Go with a solution that is current and prepared to progress with industry technology and compliance requirements. Enjoy the extensible benefits of the cloud, ease of SaaS services, giving renters all the digital services, information and freedom they love.
Improved Accounting for Property Managers
We’ve recently improved our full double entry accounting system with more features to help you manage your properties professionally. You were waiting for a professional solution contained within a cloud property software that’s easy to use.
Here are the Key Property Accounting Benefits:
- 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
Power of Double Entry Accounting
ManageCasa is designed for property management companies of all sizes. From 10 to 5000 doors, we’ve got you covered with a solution that’s scalable and powerful. It’s a complete, powerful property accounting software solution, ready to go.
Full double entry accounting means and keeps your accounting reports accurate and up to date. From bill payments to bank reconciliation, you’ll find you’re much more confident in your property accounting. And when it’s tax time, you’ll enjoy added benefits such as reduced tax costs.
Learn more about all the full accounting features and benefits for yourself, and discover how it can help streamline your specific property management accounting challenges.
Take a FREE trial run of ManageCasa and ask all your questions about accounting functionality. You’ll appreciate the effort of our developers.
Excellence in Property Accounting
Property Accounting Platform | Simplified Accounting for Property Managers | Rent Collection and Accounting | Customizable Accounting Software | SaaS and Accounting | Income Statements for Rentals | Property Management