Managing a lot of rental properties isn’t easy. You’ve got to keep track of deposits and rent payments from different tenants while keeping a close eye on your expenses. No wonder that property managers now rely on some of the best accounting software for rental properties to keep finances in check.

These software platforms are incredibly powerful and they enable landlords to automate much of what they used to do manually. They’re more than just accounting tools, helping you track deductions, expenses, income, and other investing metrics to run a profitable business.

9 Best Accounting Software for Rental Properties

These are 9 of the best accounting software that you can use as a property manager to accurately track the finances of your rental properties.

Rent Manager

Rent Manager is a property management software suitable for real estate portfolios of any size. It provides powerful accounting and reporting features, a cloud-based desktop, and mobile access so you can keep an eye on your properties on the move. It’s easy enough to use for beginners with some advanced features locked behind higher pay tiers. The Basic, Plus, and Premium plans cost $1, $1.50, and $2.25 per unit, per month respectively.

Pros of Rent Manager

• Good for beginners
• Automatic bank reconciliation
• Diverse third-party integrations

Cons of Rent Manager

• $200 monthly minimum spend
• Higher cost for more advanced features
• Costlier than competing software

Stessa

Stessa has been built from the ground up as a residential rental property management software. Its modern UI makes it easy to track key metrics such as income and expenses, rent collection, cash management, and other operational data. The Tax Package feature simplifies filings by sending you personalized tax reports with digital copies. Stessa has a free tier with core features offered for unlimited properties. The Pro tier costs $20 per month and provides access to advanced features such as document e-signing, premium APY on cash balances, tax readiness, and more.

Pros of Stessa

• A free tier with core features for any number of properties
• Tenant screening features
• Automated rent collection reminders and payment updates

Cons of Stessa

• No accelerated rent payments on the free tier
• Full chart history only on the paid tier
• No tenant communication or maintenance request features

TenantCloud

TenantCloud is a good software for tracking rental information, accepting payments, managing maintenance requests and leases as well as for communication with tenants. It also assists with insurance tracking and data sync. There’s a free tier with limited functionality for up to 75 units with more advanced features locked behind premium tiers that start at $12 per month.

Pros of TenantCloud

• Support for online rent payments
• Allows tenants to autopay and make partial payments
• Ability to share a lease with multiple tenants

Cons of TenantCloud

• Minimal tracking and reporting features on the free tier
• No ACH payments or rent tracking unless you upgrade
• Mobile apps are not easy to use

Appfolio

AppFolio is best suited for landlords who need to manage a large number of units, as they would be able to best utilize its suite of features. It includes customizable reports, online payments, marketing tools, lease management, and communication features. There are also lead generation, tenant screening, utility management, and debt collection functions. Prices for the Core, Plus, and Max tiers start at $1.40, $3, and $5 per unit, per month.

Pros of Appfolio

• Intuitive online portal for tenants
• Advanced mobile app for property management with real-time reporting
• Integrated work order management

Cons of Appfolio

• Lack of customization or integration options
• Expensive compared to other software
• 50 unit minimum and $280 per month minimum spend

Buildium

It’s another powerful property management accounting software with other functions relating to leasing, operations, screenings, listings, and maintenance. A tenant portal is also available for simplified lease management. Buildium is aimed at landlords with a mid to large-sized portfolio. Pricing for the Essential, Growth, and Premium tiers starts at $55, $174, and $375 per month respectively.

Pros of Buildium

• Core accounting features are included in all tiers
• Built for businesses that are scaling up
• Support for credit card and ACH payments

Cons of Buildium

• One of the more expensive property management solutions
• Advanced features locked behind higher tiers
• Additional onboarding fees on Growth and Premium tiers

Landlord Studio

Landlord Studio is a simple accounting software for managing income and expenses, collecting rent online, and keeping track of your deductibles. It’s best used for everyday bookkeeping tasks as the software doesn’t include advanced portfolio optimization or asset management features. The first 3 units are free on the Go plan with basic reports and manual tracking. The Pro tier has more advanced features starting at $12 per month.

Pros of Landlord Studio

• Simple and easy to use, even for beginners
• The free tier offers tracking for three properties
• Intuitive user interface

Cons of Landlord Studio

• Lack of advanced asset management functionality
• Limited use for those scaling up their portfolio
• No listing syndication functionality

Hemlane

Hemlane is an advanced property management tool that lets you syndicate your listings to the top 30 rental listing websites, offers lead generation features, online application management with tenant background and credit check, as well as collects rent online. 

Pricing starts at $30 per month for the basic tier and goes up to $40 per month for more features such as work order management. It goes as high as $108 per month for the Complete package that connects you with a local leasing agent.

Pros of Hemlane

• Advanced screening features for tenants
• Robust financial tracking features
• Integrated work order management

Cons of Hemlane

• $28 per month base fee on all plans
• Advanced features are offered only on higher tiers
• Tenant screening cost to be paid by the tenant

Rentmoji

Rentmoji is a property management platform best suited to managers with small to mid-sized portfolios. Its sleek and modern interface is easy to use and navigate. It automates property syndication, lead harvesting, document storage, vendor management, maintenance requests, resident screening, and more to simplify management tasks for you. The powerful account features also allow for easy income and expense tracking. Rentmoji doesn’t make its pricing public.

Pros of Rentmoji

• Developed for ease of use, particularly for beginners
• Single-click market syndication of listings
• Paperless management

Cons of Rentmoji

• Lack of public pricing information
• No clarity on the cost of advanced features
• Customization can be confusing

SimplifyEm

SimplifyEm is a suitable management option for landlords with any number of units. Features include detailed tracking of finances, online rent collection, screening of tenants, maintenance request tracking, trust accounting, tenant communication, and more. There are a lot of pricing tiers, starting at $35 per month for up to 10 units and going up to $2,010 per month for up to 2,000 units.

Pros of SimplifyEm

• Unlimited document storage
• Tax report generation
• US-based support

Cons of SimplifyEm

• Limited customization options 
• No bank reconciliation reports
• More expensive than some other management solutions

What Is Rental Property Accounting Software?

Rental property accounting software is a solution designed for landlords and property managers to accurately track the money coming in and the expenses being made for the upkeep and maintenance of the properties. The software functions as a centralized resource for all payment data and creates a concise income statement, enabling you to keep a close eye on the financial health of your business.

In addition to providing clarity for the balance sheet, the software may also provide additional functionality, helping you to manage cash flow and stay in compliance with your property tax obligations. Advanced features can include background screening and credit checks of tenants, work order management, syndication of listings with online platforms, and third-party integrations, among others.

Why Is Accounting Software Important for Rental Properties?

Accounting software is important for rental properties as it provides professional bookkeeping features that ensure accurate tracking of all the income and expenses generated by your units. There’s never a dollar missing and you always know where every single dollar is coming from and what it’s being spent on. 

It simplifies a lot of things for you as well. You no longer have to manually create reports or track receipts, and it also makes things easier come tax season. Most software solutions allow you to create tax reports with a single click of a button, taking the stress out of your annual tax filings.

Anyone who wishes to operate their units as a serious business should invest in a capable accounting software for rental properties. As you begin to scale up, the software will enable you to have a precise understanding of your financial footing, helping you make the right business deals.

How to Choose Rental Property Accounting Software?

When choosing from the best accounting software for rental properties, your focus should be on opting for the software that provides the features that fit your needs the best. Only then would you be able to extract its full potential. 

Discussed below are some of the factors that you should keep in mind when selecting an accounting software for your rental property business.

Integration With Property Management Systems

If you’re using two separate software solutions that don’t sync data between them, it’s going to be a hassle jumping between the two as the data would exist in separate silos. The accounting software you choose must integrate with your property management system. You can then see at a glance, for example, which tenant is overdue on their rent by how many days, or who needs to be refunded their deposit from one centralized dashboard.

Automatic Calculation of Rental Income and Expenses

Real-time tracking features are very useful for landlords as they can chart their cash flow based on that. The property accounting software you choose should automatically calculate your expected rental income and expenses. This way, you’ll instantly know what the leftover cash position will be once all the expenses are made, so you can decide your next steps accordingly.

Ability to Track and Manage Rent Collections

If you’re managing hundreds or thousands of units, it’s nearly impossible to track who’s supposed to pay you rent when or reach out to them individually to collect rent. A good accounting software will automate these features, sending out rent notices to tenants automatically and enabling them to make online payments, so that the money keeps coming in without requiring much input from you.

Automated Rent Reminders and Notifications

Tenants may often forget when rent is due and all they may need is a gentle reminder. Choose a software that handles it all for you. With all the data plugged in, the software will know precisely when it’s supposed to send rent reminders to which tenants. Once they pay, it’ll notify you in due course, so you’re always in the loop.

Online Payment Processing Capabilities

The days of collecting rent in cash are long gone. You wouldn’t want to go around and collect cash either. Most tenants will also prefer paying online as it saves them time and lets them transfer the rent instantly. The software you pick must have online payment processing functionality. Your tenants will certainly appreciate you for it.

Tenant Screening and Background Check Integration

You want the peace of mind that the tenants renting your property won’t cause you trouble down the line. A software that has integrated screening and background check functionality will be a lifesaver. All you need is a few clicks to run a background and credit check. With the report in hand, you’ll be better equipped to make an informed decision on whether or not you want to lease them the unit.

How doola Books Makes Accounting for Rental Properties Easy

Choosing the right bookkeeping software is one of the most important decisions you’ll make as a landlord and property manager. Every tool has its pros and cons, you want to pick the one that best aligns with your needs and goals so that it helps you save time and allows you to focus on expanding your business. 

That’s what you’ll experience with doola Books. It’s the ultimate bookkeeping solution that provides automated income and expense tracking, payment collection, invoice reports, simplified tax reporting, and more with expert CPA consultations. Bookkeeping for your rental properties is never going to be the same.

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