Best Real Estate Accounting Software To Use In 2024

Real estate accounting is an important practice of organizing and understanding finances of a real estate company. The Real Estate sector is growing with a lot of transactions. Amidst all this, an important factor is that every property manager should know how to manage accounting through the best software in the market. The best property management accounting software should be the one that offers key features of accounting. However, different businesses have different needs. 

We’ve compiled seven of the best real estate accounting software available today, so you can compare their features and prices to determine what’s best for you.

Real estate accounting software

1. DoorLoop

If you’re looking for dependable accounting and property management solutions as a real estate owner, consider using DoorLoop . This software has rapidly emerged as one of the most reputable and highly-rated solution since its launch in 2019. 

Why we picked DoorLoop:

The reason behind picking this software on top is because of features and functionality. Aside from basic accounting features, it provides a complete set of property management tools to manage your properties effectively. It also offers a Quickbooks online integration that is simple to set up. 

Pros:

• Robust help center and easy-to-follow guide
• Fit for both retail and residential properties
• 1000s of integrations to choose from

Cons:

• No ACH payments with the starter plan
• Learning curve is tough for some inexperienced new users
• The basic plan only contains up to 160 units

Pricing: Doorloop has 3 subscription plans: starter, pro and premium starting from $24, $49 and $74.

Who can use it: This software is ideal for real estate owners who want a complete tool with an easy interface and simple features. 

2. Buldium

Buldium was founded in 2004 for real estate managers and organizations to help every aspect of their real estate accounting. It is one of the best accounting software for real estate investors. 

Why we picked Buldium:

This software offers features that help to manage the entire journey of managers. Buldium users also receive a free marketing website. Features like lead generation, tenant screening, business performance analytics tools make real estate accounting easier.

 Pros:

• Bill payment
• Tracking expenses
• Generating leads

Cons:

•  Work order flow is not innate
•  Website is sometimes problematic
•  Can be costly for smaller companies

Pricing: Buldium has three plans: essential, growth and premium starting from $52, $166, and $479.

Who can use it: Property managers searching for complete software to handle your properties’ accounting and tenant experiences can choose this software.

3. Bench

Bench is the perfect accounting software for property management with simple features. It was created in 2012. Each month, Bench gathers transaction data from all connected business accounts. Then, a professional team of bookkeepers ensures books are tax-ready.

Why we picked Bench:

Although Bench is not a proper real estate accounting software, it can still handle and manage finances appropriately. Unlike other software, it has a user-friendly interface and reports are also easy to read.

Pros:

• Easy to use
• Excellent customer service
• Effortless Accounting

Cons:

• There is no software
• Lack of payroll services
• Lacks real estate management services

Pricing: It has two pricing plans: essential and premium, starting from $249 and $399.

Who can use it: Real estate managers who want a straightforward bookkeeping and tax service that requires minimal effort, can consider choosing bench software. 

4. Quickbooks Online Accountant

Quickbooks is a powerful, complex, highly versatile and one of the oldest accounting software introduced in 1983. This software trains accountants on proper accounting services for business growth. It offers customized invoices and quotes.  

Why we picked Quickbooks:

The main reason behind choosing Quickbooks accountant in our list is the integration support it provides. It integrates well with a large number of third party services. Additionally, it also helps businesses to take care of payroll.

 Pros:

•  Lot of opportunities to learn financial growth of business
•  Provides training for better and proper accounting
•  Full-featured services

 Cons:

• Free trial is not available
• Costly compared to other options
• Limitations on number of users

Pricing: The pricing plans starts from $15 per month per user for first three months, then $30 per month.

Who can use it: Quickbooks is the best tool for small businesses and real estate professionals who want to scale their business with smooth and easy accounting.

5. Quicken

Quicken software was started in 1983 with the purpose of personal accounting. This software can be an ideal solution for small to medium real estate enterprises as it is designed with simple features. Bill payment and management is the best feature of this tool. 

Why we picked Quicken:

The idea behind picking this software is because it can be a strong asset for SMEs and startups. This is an affordable solution for those who have a small business and need an effective solution under their budget.

Pros:

• Uncomplicated Interface
• Manageable budgeting
• Asset monitoring

Cons:

• Investing features likely not applicable to businesses
• No client portal for paying invoices
• Home & Business subscription only available for Windows

Pricing: It has two pricing plans: annual for $2.99 and monthly for $5.99.

Who can use it: Real estate owners that run small businesses can use quicken for affordable and accurate accounting. 

6. Wave

Wave is one of the affordable solutions in the market. Real estate professionals who are looking for a low cost option can consider wave software for their real estate accounting. It is extremely beneficial for business growth and profit. 

Why we picked Wave:

The best advantage of having wave software is it can help small businesses in a superior way. Being a convenient and affordable option, it can manage income, finances, payments, and invoices.  

Pros:

• Free plan  
• Link bank account to import transactions
• Set up automated monthly e-payments

Cons:

• Cannot track P&L by property
•  Lacks property management option 
•  No automobile mileage tracking

Pricing: Wave is a free tool as it does not charge any subscription price or hidden fees. 

Who can use it: Wave accounting is mainly used by startup owners, freelancers, accountants, bookkeepers, real estate agents and tax preparers.  

7. Oracle NetSuite

Founded in 1988, Oracle Netsuite is a cloud-based management solution that can handle accounting tasks more competently. It provides visibility into financial performance of any business. 

Why we picked Oracle NetSuite: 

It has helped more than 32,000 organizations with their accounting. With a single, integrated suite of features for account management, order processing, inventory management, production, and supply chain, Oracle NetSuite gives companies clear visibility of their profit and control of their business. 

Pros:

• One step solution that supports growth from SME to large enterprise.
• strong financial management capability.
• Support Integration 

Cons:

• No fixed pricing plans
• Additional support comes with extra cost 
• Customizing report can be challenging 

Who can use it: Ideal for SMEs and growing companies of any size needing a straightforward financial management system that can scale and adapt as the business expands.  From start up to big enterprises , NetSuite supports every stage of your business journey.  

Pricing: Oracle Netsuite doesn’t have any fixed pricing plans on the website. Hence, the cost depends on business needs. However, monthly subscription costs for Oracle NetSuite begin at $99 per user. 

Stay Ahead of the Game By Hiring Virtual Accountant from Us/Invedus 

Handling business core tasks and administration all alone is no joke. If we talk about small businesses and startups, things can get more challenging for them. To ease the burden of work stress and non-essential responsibilities, outsourcing emerges as the ideal solution.

Outsourcing can benefit the business as well as the owner itself. It helps them to focus on core ideas for business growth. If you are in need of offshore accounting services, we invite you to explore our exceptional accounting solutions, specifically tailored to meet your unique needs. 

Conclusion 

In the end, it can be said that real estate accounting can be a rigorous process. However with the right team skills and tools it can be knocked out easily. The software tools mentioned above in the list are categorized on the basis of top features and functionality. Hence, they can be a strong asset to your business’s growth.

The second step in scaling your business is hiring a professional assistant. At Invedus, we have a team of dedicated virtual employees with expertise in the industry. Connect with us to discuss your business requirements and we’ll be happy to assist you.