No need to spend tens of hours creating custom tags – we’ve built this platform specifically for your rental business. View comprehensive reports in Azibo or send them to your accountant during tax season to save even more time. Since most rental income and expenses are predictable and repetitive, you shouldn’t have to manually tag the same types of transactions over and over. Set up rules to automatically tag transactions by category and assign them to properties.

Must-have Rental Property Accounting Software Features

If you own a rental property, you have to report all of the rental income you receive. However, keep in mind that it includes more than just those monthly rent checks. For example, any expenses your tenants pay to you such as utilities, laundry revenue, late fees, and other fees, also count as rental income. Sync all your rental property transactions in one bookkeeping platform built for real estate. As a landlord, rental property owner, or real estate investor, you know that bookkeeping is essential to the success of your business.

Investors using Stessa report saving on average up to $4,000 and 100+ hours of valuable time every year.**

Bookkeeping is a considerable undertaking that can occupy many landlords’ time. Since landlords often have many other tasks accounting to oversee throughout each month, it is essential to utilize all the tools, tips, and tricks available. For property managers, it is crucial to understand that commingling your and the property owner’s expenses is illegal, and both should be housed separately in different accounts.

Azibo

• Proper accounting can also make it easy to create rental property financial reports.
• It’s important to always do reconciliations to confirm your business accounting entries match your bank and credit card account statements.
• Automating income tracking simplifies the process, ensuring each booking is logged without the risk of manual entry mistakes.
• For example, landlords are often focused on the leasing process, regular or emergency maintenance tasks, rent collection, or even growing their portfolios.
• Both TurboTenant and RentRedi offer a robust accounting add-on, and we think Rentec Direct offers some of the best tax preparation tools out of the bunch.
• You should also have a process for routinely recording your transactions.

Plus, streamline your rental application and tenant screening process and ensure you’re making informed tenant decisions and protecting your investments. Instantly generate accountant- approved financial reports, including Schedule E. By virtual accountant staying organized and keeping good records, you can help ensure a smooth-running operation – and avoid any potential pitfalls down the road. Stessa helps both novice and sophisticated investors make informed decisions about their property portfolio. Join BiggerPockets and get access to real estate investing tips, market updates, and exclusive email content. Using Landlord Studio you can simply take a picture of the receipt with your phone to digitize it, the software will automatically read and enter the receipt details for you.

• Step-by-step guidance on the eviction process, ensuring landlords handle tenant evictions lawfully and effectively.
• Rental property bookkeeping is important to landlords for a few key reasons.
• This includes both financial records and any other important documents related to your rental property.
• Stessa’s automated data connections and single-entry accounting helps keep everything simple and easy to understand.
• There are a few things that every real estate investor (or any business owner) needs to get right to set their rental property bookkeeping system up for success.

Webinar: Mastering Real Estate Tax Prep & Bookkeeping

Similarly, if you require more of a hybrid property management approach, Hemlane can help offload some of your commitment. You can also link your bank and credit card accounts for automatic transaction imports. And take advantage of matching rules and payment templates to accurately track income and expenses. This includes rent payments, repairs and maintenance costs, and any other income or expenses related to your rental property. With Baselane landlord banking, you can set up individual accounts for each property, allowing you to track all expenses and income separately. It’s a dream come true for STR hosts who want landlord bookkeeping to keep everything organized without manually sorting through transactions.