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Quickbooks vs Property Management Software

July 31, 2020

Quickbooks, Xero, Freshbooks vs ManageCasa

Like most small business entrepreneurs, you may have decided to handle your bookkeeping and accounting using a general small business accounting software package such as Quickbooks, Netsuite, Sage, Xero, Freshbooks which you picked up at Best Buy or downloaded for free online.

SMB Accounting Software Quickbooks. Graphic courtesy of Wikimedia

You likely needed the basic accounting functionality and were waiting to upgrade to a premium accounting solution later.  Cost savings are okay, as long as you have a product that doesn’t get in the way of doing successful property management.

Unfortunately, most general accounting packages compare poorly vs the dedicated features and workflow design of newer more industry specific accounting solutions.

Powerful specialized applications for property management for example, have custom developed accounting features designed to make accounting easy for property management companies and their staff.

We will gather a chart of comparisons for later publication but for now, we’d like to take a big picture look at accounting software and how dedicated, automated applications are more suitable.

Accounting Automation: Automating Recurring Charges

 

Growing Without Specialized Software is Nerve Wracking

Are you hoping to move your property management services firm into the “big leagues” of property management? That’s a smart decision because this industry has an excellent outlook.

SMB Accounting Software Freshbooks. Graphic courtesy of Wikimedia

Yet with Covid 19 shutdowns, business regulation, rent defaults, more properties to manage, tax auditing, and squeezed profit margins recently, along with the challenges of more long term delinquent accounts, it’s a business that needs good management software — particularly accounting software.

Professional property management companies use dedicated property accounting software, which is usually integrated into their property management software. If accounting is something that causes you discomfort, then you’ll be immediately relieved with a simplified property management accounting solution.

SMB Accounting Software Xero. Graphic courtesy of Wikimedia

Dedicated property management provides a more thorough and reliable view into your profitability, profit margins, balance sheet, and all other key financial data.

So let’s take a quick, general look at why property management accounting packages (e.g., ManageCasa) can make your work easier and more accurate than using the general accounting package you’re now using.

 

Managing Finances More Professionally

If you’re spending too much time on bookkeeping and accounting and struggling to keep the books accurate, it might be the tools you’re using. The specific challenges are unique to each property manager, but this journey is what most property managers progress through.

It’s very important for you to compare ManageCasa vs Quickbooks, Netsuite, Sage, Xero, Freshbooks, or other small business accounting software.

Your Software has to Adapt Specifically to Your Property Management Challenges

When SMB accounting software arrived, they were convenient, visual and easier to learn. Yet they were meant to work with simple, uncomplicated, and unregulated business transactions. But your business isn’t like that. It’s not you either, it’s these general software tools.

Programs such as Quickbooks, Xero, or Freshbooks came with instructions on how to adapt the software to hundreds of different small business applications.  It’s generated a lot of hacking, rework, and more work for business owners.

Imagine if you will, how many customer service calls Quickbooks, Xero, Freshbooks receive from thousands of users in hundreds of different industries. Given these accounting packages aren’t perfectly integrated with the specific functions in let’s say construction or retail or property management, they create bottlenecks, errors headaches.

Errors are the things that keep you up at night.

 

Upgrade your Property Accounting Software

ManageCasa™ Helps you Ease your Workload:

 •  minimize rework and free up your time

•  simplify all transaction recording

 • reduce accounting errors and rework

• produce superior financial reports for owners

• improve documentation and data for your accountant

 • automate payments and improve rent collection

 • minimize bookkeeping and accounting tasks

 

Invest in Your Company’s Future

Sign up for a FREE Demo of a professional property accounting software for property managers

All in One Rental Property Accounting

Property managers absolutely need an integrated, double entry accounting package designed specifically for property management. There’s no time to adapt a general financial software solution today and scale up your business. And you need a software designed to help you deal with accounting practices in your country, and do it automatically.

Big picture view is that the new rental accounting software is custom designed for property accounting and it automates accounting. And automation of massive amounts of financial data is important to help your staff avoid all too common errors and give you confidence in your financial management.

Some say property management is accounting, so it highlights how much value and vital features are built into property management solutions. It’s the same for tenant management, rent payments, staff collaboration, maintenance and more, all specialized for property management staff.

Errors and accidents in expenditures and tax returns may be interpreted by some as unlawful activity. Errors make everyone nervous and this is something professional managers ensure they have strict control over.

A Quick Look at the Value Proposition for Specialized Accounting Software:

⦁ keeps recording and reporting accurate with each owner’s account separate from your own
⦁ keeps you on top of delinquent accounts with multiple overdue payments
⦁ quick bank reconciliation

⦁ keeping rent and rent deposits separate from operating capital, and commingling funds is illegal
⦁ accounting information is detailed, accurate and ready for tax audits or legal challenges
⦁ builds owner’s trust in your financial reporting and funds management and that fraud will not occur
⦁ online payment transactions and owner disbursements/draws can be done quickly and automatically
⦁ commissions and fees are automatically extracted
⦁ view your reports and statements online

 

Dedicated Property Accounting Software

The gamut of reasons why you should gravitate to a dedicated rental property accounting solution is too big to list.
The value proposition for a growing property management company is certain. It’s going to tame the micromanagement, errors that happen, meet regulatory guidelines in your country and state, and help automate transactions so you can get onto more important business.

Having all your financial reports readily available in real time is an amazing feature of ManageCasa’s property accounting feature.

Ready to Explore ManageCasa?  Schedule a Demo and ask your most pressing questions.

 

Software for Property Managers | Improve Profit Margins | Improve Property Management Company | Property Management News | Find more Profitable Properties | Profit Top Property Management Goal | Proptech Solutions | Property Software | Property Management Company |  Property Management Service | Property Management Landscaping | Lower Property Management Expenses | Property Management Apps | Write a Rental Ad | Rent Prices | Do I Need a Property Management Company?

 

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