Accounting in real estate is far more complex and challenging than any other industry due to its high volume of transactions, large sums of money involved and also the volatility of the industry. Add this to the fluidity and hyper-competitiveness in this niche, efficient accounting becomes a critical component of success for any real estate business.
But given how dynamic and hectic a real estate agency can be, accounting processes will need dedicated expertise that is powered by real estate accounting software and tools. If you are a real estate agency looking for real estate accounting software to aid your accounting process then this blog is for you.
As a leading remote accounting firm, Back Office Accountants has been providing dedicated accounting services for real estate businesses for more than a decade now. Over the last decade, our accounting experts have worked with almost all the real estate accounting software and tools for accomplishing our clients’ requirements and goals.
Though there are multitude of real estate accounting software in the market there are only a few which can comprehensively cater to the real estate businesses to make their accounting process easy and efficient.
So based on the inputs of our real estate accounting experts at Back Office Accountants we have zeroed on the 3 best real estate accounting software that can prove to be an excellent assistance to ace real estate accounting. Read on to know which one suits you the best:
1. Fresh Books: Best for Small Businesses & Self-employed Real Estate Professionals
Fresh Books is cloud-based accounting software that is known for its simple interface and an extensive list of features.
Fresh Books offers all the necessary functionalities to manage cash flows, revenue streams, taxes and receipts. It also helps with time and expense tracking, branding invoices, auto-payment reminders and reporting. For entities that require a contract, payroll management or any other additional features, integrations can be used in Fresh Books to a good effect.
What our real estate accounting experts liked about Fresh Books:
Invoices can be easily organized and accessed from one central location making invoice management simple. Automatic email notifications, payment verification customizable reporting are convenient and options to have in Fresh Books. Though it can be scaled, Fresh Books due to its simplicity is more suited better for self-employed real estate professionals.
2. Quick Books Online: Best for Large Businesses & Multi-agent Group.
The most popular cloud accounting solutions provider in the world, Quick Books is suited for all types of businesses – small, medium or large. This full-featured accounting system is equipped with all the necessary accounting facilities and is also very simple to use for businesses that are shifting from manual operations to accounting software.
One can manage payments, send customizable invoices, estimate taxes, create and share bids, quotes, proposals, and estimates in addition to leveraging all the robust accounting features needed.
What do our real estate accounting experts like about QuickBooks Online?
As said the ease of access to the functions is intuitive in QuickBooks. Users are presented with neatly organized payroll, expenses and vendor information. Also, it simplifies tax filing by categorizing expenses by customers and projects.
QuickBooks Online provides all the necessary accounting features needed with excellent compatibility across computers, smartphones and tablets. With this high compatibility, it provides excellent accounting assistance for both small and large businesses.
3. Xero: Best Accounting Software for All types of Real Estate Businesses
Xero is an emerging leader in the general cloud accounting segment that also offers well-rounded accounting features for real estate accounting. It helps you track and streamline expense, invoice and inventory management processes seamlessly from a mobile application or a PC.
It can integrate with your bank accounts and offer a handy bank reconciliation process and payroll processing that enables monthly payroll automation. Multicurrency accounting, document sharing and payment processing are its other features.
What do our real estate accounting experts like about Xero?
As mentioned above, its ability to integrate with bank accounts and provide fast reconciliation is an excellent addition to real estate accounting software. Xero also enables the synchronization of data between bookkeepers and accountants, naturally as a remote accounting firm, we liked this functionality. In addition to this, we found that the real-time tracking of payments, receipts and simple visual representation of expense details is neat and handy.
While Fresh Books is best for small and self-employed businesses, Quick Books Online works better for large real estate businesses. And Xero is an all-rounder – the best real estate accounting software for all types of businesses.
That said, choosing a real estate accounting software while crucial doesn’t guarantee results if not perfectly leveraged by an expert accounting team. If you are a real estate business are looking for assistance with real estate accounting or real estate accounts payable services, then our accounting experts at Back Office Accountants can help. You can contact us here: https://www.backofficeaccountants.com/