Real Estate Accounting Software: A Must Have Tool for Real Estate Business
Real estate accounting software is a comprehensive accounting tool that allows you to track every financial aspect of your real estate business. The software, which is designed for small to large property companies and ranges from individual customers to corporate clients, can be used for the financial management of residential, regulated, commercial and commercial real estate. The main features of the property accounting software are listed below.
Real estate accounting software is suitable for all types of real estate. It does not matter if you manage single-family or multi-family units. The software can help you keep accurate financial data related to occupancy, paid rent and rent due, income from other sources of property, and related expenses such as utilities, taxes, and more. In addition, repairs, leases, payments, vacancies and much more can be tracked.
Real estate accounting software usually has the following advantages.
Cash or Accrual basis
Track bank records
Several late fee options
No tight closing
Complete financial reporting
Web based real estate accounting software
The web-based software for real estate accounting offers even more features. It offers you comprehensive accounting functions in its web-based solution. Like the desktop accounting software, the web-based software is also helpful to real estate managers – small investors and large property management companies. Being a web-based solution, the software is practical, effective and seamlessly combines real estate and accounting information. With the help of the software you have all the information and reports at your disposal. Web-based accounting software gives data security. All the accounting information you provide regarding your properties is stored online on secure servers. This provides easy access for the owner, manager, and other people with whom you need to share information pertaining to your real estate business.
Income tracking module
The module records the date-based reports of the rent received and per tenant. It will also help you to calculate the late fees if the tenants pay the rent after the due time. It stores the information in an easily accessible format and you can filter the information as needed.
Expenditure Tracking Module
Use this module to get expense reports and add expense types to meet your business needs.
With a good software tool for real estate accounting, you can get object-related reports at the micro and macro levels. With this module you receive a monthly profit and loss report per object or for all objects. It helps you to carry out an analysis of all your income and expenses throughout the year. The detailed reports you have with the software help you to make important business decisions.
The success of your real estate business depends largely on the accurate and efficient management of the bookkeeping. You can easily do this with the help of real estate accounting software, which records the expenses and revenues associated with the properties you manage and optimizes your business.