Finances, taxes, and accounting are like a bitter pill to swallow for real estate investors and agents, as managing them can be a highly time-consuming and painstaking process, depriving you of spending time away from your core activities. Because of how time-consuming manual accounting methods are, as well as the fact that they open the door to human errors taking place, it has become crucial that alternative solutions be implemented. Thankfully, the accounting software market is projected to grow at an incredible rate (to $11.8 billion by 2026), and there are several platforms on the market that cater specifically to real estate companies.
The best accounting software helps in consolidating all the various operations and offers a way to analyze the performance of the company and provides businesses with tools necessary for them to optimize their workflows, along with ensuring compliance that will allow them to grow sustainably. In this detailed guide, we will cover the leading 4 software programs to keep your books for real estate so that investors and agents know which are essential tools to help them efficiently carry out their financial operations.
What Is Real Estate Accounting Software?
Real estate bookkeeping services and accounting software should be used to monitor income and expenses (for realtors) in the following four-phase approach.
- Purchasing costs, closing costs, and refurbishment (pre-rental/sale renovation expenses)
- Construction (materials, permits, labor, and architect fees for raw land or a major rehab)
- Property management includes rental income taxing, tenant deposits, maintenance, property taxes, insurance, and utilities.
- Disposition (brokerage fees, transaction costs, and capital gains tax)
The real estate accounting software and apps are nothing but those online tools where the realtors and accountants can keep track of their bookkeeping entries as well as manage their accounts accordingly and quickly. This is the reason behind these custom software solutions, now turned assets for modern real estate enterprises.
Most of these accounting apps and software are cloud-based. Their purpose is to supplement best practices for operations. Realtors may also conduct audits, save on accounting expenses, and develop more effective tactics thanks to accounting software’s instant access to accounting data.
Accounting Software for Real Estate Developers
The following are the top 5 best real estate accounting software. We have put these products on a competitive scale with respect to pricing, customer reviews, features that the product contains, integration(s), availability, etc.
- The Best Accounting Software for Automation: Zoho Books
Initial Cost: $15 per month
Free Forever Plan: The Free Version
Compatible with: Windows, Mac, iOS, and Android
The best option for small-to-midsize companies overseeing numerous real estate properties is unquestionably Zoho Accounting. Because of its many special features, it ranks third in our list of the top accounting software for real estate agents in 2024.
Important characteristics:
Property-Specific Sub-Accounts: Businesses can maintain separate tenant and financial records for each property with Zoho Books. Income and cost accounts, balance sheets, and other financial data relating to a property are readily available.
Tax Efficiency: Managing financial accounts during tax season is always challenging. With this software, property-related tax calculations, credits, and deductions are tightened to perfection so as not to let anything be undone during the tax season.
Company-Wide Reports: Automatically generates income statements, balance sheets, and cash flow reports (for strategic planning) across the personalized company.
Zoho Books Integrated Business Tools: Zoho Books offers more than 50 business tools that can aid in perfectly managing real estate finance.
Pricing:
Zoho Accounting has a few different plans for small businesses and solopreneurs. The price plans, in one place
Free: Revenue <50K USD per annum for business.
Through a single account, only one user and one accountant can access it. A maximum of 1,000 invoices can be managed annually. It has every feature that Zoho Accounting has to offer.
- Standard: Billed at $15 per month. This plan allows 3 users, and one organization can manage up to 5,000 invoices. It includes everything available in the free plan plus Avalara and Zendesk integration features.
- Professional: Billed at $40 per month. Project invoice tracking is permitted for five users and one organization with this plan. All the capabilities found in the Standard plan are also included, along with additional features including multi-currency contacts, stock trading, vendor credits, and recurring billing.
- Premium: Billed at $60 per month, allowing access to 10 users. It has advanced features that are helpful to real estate investors, like cash flow forecasting reports.
- Elite: Billed at $120 per month, allowing access to 10 users. This package includes the ability for your company to create an infinite number of bespoke reports.
- Ultimate: Billed at $240 per month, allowing access to 15 users. It has everything that is included in other plans, along with advanced analytics features.
Plans have a maximum number of users, but more user slots can be purchased for a reasonable $2.50 per user each month.
Advantages
- a) It offers a free version.
- b) Affordable monthly plans
- d) Core accounting features
- d) Plentiful good apps and real estate integration
- e) Scheduling project tasks
Disadvantages:
- a) Restricted access for users
- b) No real estate features Complete Funnel Builder is not a real estate funnel builder.
- c) Additional costs linked to integrations
- Buildium: Best Overall Property Management Software
Starting Price: $55 per month
Free Version: Yes, 14 days
It is available for Android, iOS, Mac, and Windows.
It is able to serve property managers of any size and with different properties in diverse stages of growth, a feat that can only be spun as a masterstroke. This full-spectrum property management system delivers specialized features for single-family, multifamily, and community association managers.
Key Features:
The resident portal feature from Buildium is an easy way for the residents to pay the rent and other payments. Besides that, they are capable of contacting you in order to have some maintenance done.
Another important feature is the owner portal regarding property status, something that Buildium has as well.
They Have a Maintenance Tracking System: Building maintenance couldn’t be any easier, as Buildium has this nice feature for your property. This software makes it easy for assigning maintenance tasks, tracking progress, collecting invoices, and processing payments for all properties.
Tenant Screening: One of the many reasons this accounting software is up on our list is because it also allows you to screen tenants. It checks credit, employment, and criminal background for prospective tenants.
The software comes with an analytics feature, which encourages business growth and provides a list of owner portfolios.
Tools and Services: By utilizing these, real estate investors can open up new sources of income. Make the most of this knowledge and provide your residents with Buildium’s resident perks packages to ensure their satisfaction.
Because of its open API, you may instantly integrate it with other apps that you love and use for regular business operations.
Pricing:
Pricing: Buildium has 3 pricing tiers, with all including core features such as accounting, maintenance, task management, online portals, etc. Here are the pricing plans:
Essential: $55/month Ideal for property management companies in need of more accounting and robust task tools.
Growth: billed at $174/month. Ideal for property managers that want to grow but not worry about the marginal costs of scaling. This package also comes with a limitless number of incoming ACH, limitless eSignatures, and actionable insights in Buildium’s “Analytics Hub.”.
Premium: $375/month [%] Intended for property management firms who wish to introduce more automation in their processes and speed up what they do. The premium plan gets you everything in the Growth plan and adds on Buildium’s Open API and Priority Support.
Advantages
- a) Free 14-day trial
- b) Financial health reporting
- c) Online tenant portal
- d) Mobile Property Management App
Payment processing automation
- f) Buildium Marketplace to support powerful integrations with apps from leading companies in the industry.
Eligibility to plan customization
Disadvantages
- a) Missing several important accounting features
- b) Cost-effective charges for additional setup tools such as property inspection, bank accounting, e-signatures, and so forth.
- c) Tickets support only for first-tier plans
Yardi Real Estate Software
Minimum Monthly Charge: $1 per unit for Yardi Breeze Free Version: Not accessible
iPhone, iPad, Android, and desktop compatibility
Yardi’s unique property management capabilities set it apart from the competition when it comes to the finest accounting software for real estate developers. It provides a range of services aimed at making multifamily property owners’ property management easier.
The platform serves as an accounting platform first and foremost, with the ability to offer customized solutions to meet different real estate management requirements.
Important characteristics:
Rent Acceptance Online: Yardi simplifies online rent payments for landlords and tenants.
Tenant Screening: Among other things, a lot of property owners look for a solution that provides them with all the information they need about their tenants. Unlike a lot of other software, Yardi comes with capabilities for effectively managing and screening potential tenants.
Calendar Task Management: The program keeps track of dates for tours, lease expirations, and other calendar tasks.
Communication with Tenants: Yardi’s communication features make it simple to send texts or emails to any of your tenants.
Advanced Tracking: Yardi’s advanced plans include capabilities for monitoring renovations, building projects, and other property management-related activities.
Pricing:
Yardi provides a number of software and service options at varying pricing points based on the type of product, market, and portfolio. It offers three types of product tiers:
- Breeze is a great option for building owners who are looking for a no-fuss software solution to plug into.
- Residential Pricing: $1/unit/month, but at least $100/month
- Commercial Pricing: $2 per unit/month ($200 minimum monthly charge)
- Seabreeze Premier: This is a popular and powerful configuration for condo/HOA associations and manufactured housing PHA municipalities, with added functionality like utility billing and maintenance request tracking. The cost begins at least $400 per month.
- Voyager: This is the top-of-the-line Yardi platform targeted at agencies managing multiple multifamily properties. This tier includes everything from the above, plus revenue management, construction planning, and advanced online marketing services.
Pros:
- User-friendly front-end functionalities
- Extremely high level of detailed customization It also offers the most comprehensive and customizable reporting.
- Automates enough workload
- Excellent customer service
- No need to generate monthly commission reports manually.
Commercial, Investor Relations, Multifamily Various Modules
Cons:
- Not a user-friendly onboarding
- Each tool is an add-on.
FreshBooks: Top Choice for Airbnb Host Accounting Software
Pricing:
- Free Version: Yes (limited features)
- Paid Plans: Starting at $15/month
Supported Platforms:
- Web, iOS, Android
Key Features:
- Easy invoicing & expense tracking
- Automated time tracking
- Profit and loss reports
- Multi-currency support for international guests
- Integrations with payment gateways like PayPal and Stripe
- Customizable financial reports
Advantages:
- User-friendly interface
- Ideal for small businesses and freelancers
- Excellent customer support
- Streamlines tax preparation
- Time-saving automation for invoicing and payments
Disadvantages:
- Limited features in the free version
- Can get expensive as your business grows
- No inventory management for hosts with physical properties
AppFolio Bookkeeping: Ideal for Property Management
Pricing:
- No free version
- Pricing: Starts at $1.25 per unit/month (custom pricing for larger portfolios)
Supported Platforms:
- Web, iOS, Android
Key Features:
- Comprehensive accounting tools (AP/AR, general ledger)
- Automated rent collection & payments
- Financial reporting and tax preparation
- Integrated tenant and lease tracking
- Real-time bank reconciliation
- Customizable reports for property managers
Advantages:
- All-in-one property management and accounting solution
- Scalable for large property portfolios
- Streamlined tenant billing and payment management
- Robust financial reporting capabilities
Disadvantages:
- Expensive for smaller portfolios
- Steep learning curve for new users
- Limited customization for non-property management use
Xero Accounting: Powerful Cloud-Based Accounting for Small Businesses
Pricing:
- Free Version: No
- Paid Plans: Starting at $13/month
Supported Platforms:
- Web, iOS, Android
Key Features:
- Bank reconciliation and automatic transaction imports
- Invoicing and expense management
- Multi-currency support
- Detailed financial reporting and analysis
- Integration with over 800 apps
- Payroll management (available in select regions)
Advantages:
- User-friendly interface with easy setup
- Ideal for small to medium-sized businesses
- Strong collaboration features for teams and accountants
- Scalable as your business grows
- Strong reporting and tax features
Disadvantages:
- Limited payroll functionality outside certain countries
- No free version for long-term use
- Some advanced features require higher-tier plans.
Realtyzam: Simple Accounting for Real Estate Professionals
Pricing:
- Free Version: No
- Paid Plans: Starting at $19/month
Supported Platforms:
- Web-based (accessible via browsers)
Key Features:
- Income and expense tracking specific to real estate
- Transaction categorization by property or client
- Simple tax reporting (e.g., 1099 forms)
- Integration with bank accounts for easy reconciliation
- Customizable profit and loss reports
- Automated reminders for payment collection
Advantages:
- Tailored for real estate agents and investors
- Easy to use with minimal accounting knowledge required
- Affordable for solo real estate professionals
- No setup fees or hidden costs
- Great customer support with detailed tutorials
Disadvantages:
- Limited features compared to more complex accounting software
- Lacks some advanced reporting options
- Does not support full property management features
Author Bio: Velan bookkeeping with 18 years of experience as an outsourced bookkeeping services provider, offers Cloud Accounting and Bookkeeping, AR/AP, Payroll, and Controller services for various industry verticals. We cater to all types of clients, right from small businesses, CPA firms to Fortune 500 companies spread across the USA.
