Best Real Estate Bookkeeping Software for Small Businesses

Real estate businesses have complex accounting practices due to inherent process complications. Managing multiple projects simultaneously, cash flow for routine functioning, payroll compliance, and other challenges can slow the processes. However, with the advent of digitization, firms can handle multiple things at once without leaving much room for errors. There are several options in the market with unique features to make the processing faster. The best bookkeeping software for small businesses lets firms automate tedious tasks and workflows. While earlier firms would be reluctant to spend large sums of money to acquire technology, the current cloud software is available in affordable monthly or periodic packages suitable for every firm.

With the help of the best bookkeeping software for small business, firms can monitor their performance, indicate the growth drivers, perform data analysis, and prepare reports and dashboards. The specialized real estate accounting software provides features for closing real estate sales, calculating, distributing commission, and logging the sale information in a database for future use.

The critical real estate accounting features businesses must consider are as follows-

Contract and communication tools- Businesses must be able to create and customize templates for contracts and other communication. It must enable seamless communication with investors, brokers, customers, banks, and other parties.

Managing property development- Real estate businesses must monitor the progress of development projects and analyze the capital needed for new ones.

Remote access- The accounts must be accessible from anywhere. The best bookkeeping software for small businesses must also support operations on the iOS and Android platforms.

Calculating commissions- The software must automatically enable computing agents' commissions and fees. It must facilitate salary capping, extended payouts, etc.

Managing work orders- Real estate firms must be able to compute the overall and specific costs of time, material, and resources for repair and maintenance.

Best bookkeeping software list for real estate firms-

The best bookkeeping software for small businesses includes:

QuickBooks Online:

QuickBooks Online accounting software is the best for small, medium, and large businesses. It facilitates location tracking for each property and generates profit and loss statements for all. Users can give access to additional accountants to look at the reports. Moreover, the recurring invoice feature can save considerable time and money in sending invoices to the tenants. Its real estate bookkeeping features are outstanding. Firms can schedule automatic monthly payments. On-the-go receipt capturing and uploading is another star to the jewel.

Wave accounting software:

Wave is an excellent real estate accounting system designed to automate workflows, classify transactions, and reconcile accounts. It provides invoice tracking and recurring invoicing features. Firms can know the invoice and payment status in real-time. The accounting software connects to bank and credit cards for expense tracking and receiving income from clients. This best bookkeeping software for small businesses offers free accounting services.

Freshbooks accounting:

Freshbooks is another famous name in the accounting and bookkeeping software industry. It serves real estate companies by enabling them to generate income, customer lists, track individual properties, etc. The software facilitates managing, sorting, and storing critical information like floor plans, lease dates, due dates, current rent, appraisal value, etc. It has an easy-to-use interface making cash flow, bank, revenue, expense, invoicing, and other activities efficient to manage.

Xero accounting:

Xero is a fan favorite among small and medium-sized businesses. This cloud-based software makes invoicing, expense tracking, and related transaction management seamless. Users can track tax inputs and outputs, synchronize the data, and use it on mobile.