Looking to change or start using an accounting software to manage your real estate business but unsure which one is right for you? It all comes down to where you are in your real estate career, what you're looking to spend, and what the needs of your business are.
When comparing accounting systems several items should be considered including:
- Cost
- Ease of use
- Additional services - should you want to add these later
- Any limitations - number of transactions, invoices, customers, etc.
- Special features - These may cost extra
- Customer service availability
- Access for accountants
- Tax reporting and forms
Below is a comparison of 5 of the better known software programs available listed alphabetically.
FRESHBOOKS
The software and mobile app for Fresh Books doesn't compromise on features. For $12.95 per month you can easily track invoices, expenses, and time. In addition, you can pull reports without having to jump through hoops, and the interface and navigation tools are user friendly. On the flip side, Freshbooks does not automatically fill in a balance sheet or provide automated tax reports.
QUICKBOOKS
Quickbooks is by far the most comprehensive online accounting software that the common folk (non-accounting pros) can use. It is powerful, has a variety of add-ons, and is the go to system for many small business owners. Quickbooks has an easy to use app and interface, in addition to having the ability to pull tax reports with ease. The cons of Quickbooks include the fee, which is $40 a month after the first 6 months, and it does not support multiple currencies (no business while on vacay!)
WAVE
Did you say FREE? Wave accounting software is best for self-employed or small business owners that plan to operate on a fairly small scale. Part-time agents or newbies can benefit most from this low cost but powerful accounting system. Wave has an easy-to-use interface and can manage your bills, profits, and losses. This is one of the easiest online accounting softwares available, although with ease comes limitations. Users of Wave have stated it is slow, lacks in depth features like tax reports, and does not allow for customization.
XERO
Xero is an economical choice next to Quickbooks as it offers similar features for $30 a month after the first six months. Xero does have a “Premium" packages for $70 a month however, unless you're a power house agent with 10+ employees, the standard $30 a month option will do just fine. Like Quickbooks, Xero has the ability to pull tax reports, categorize income and expenses, track profit and loss, and offers a slew of add-ons. The cons include the downloadable reports are not very customizable and payroll is not available in every state.
ZOHO
Zoho is a one stop shop offering agents a CRM, email system, and accounting software. Specifically, Zoho's accounting software is easy-to-use, works with their CRM, and has plenty of add-ons that make accounting easy. Zoho is another great option to consider next to Quickbooks and Xero. The cost at $19/month is somewhat reasonable. The cons, Zoho does not offer an integrated payroll system or estimated quarterly taxes.
Are you using an accounting software not listed that you'd recommend? Share it with your fellow Breakthrough agents in the comments below!
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