The right property management software can help simplify landlords day-to-day duties, while providing a high-level overview of property accounting. Explore what property management accounting software can help landlords and property managers do, and what key features to look for when selecting accounting software for property managers or landlords.
What Is Landlord Accounting Software?
Landlord accounting software allows property managers and landlords to organize all financial documents related to their apartments. Most versions of this software come with apps and web tools that let managers check account details from any device. This can be highly useful for long-distance or vacationing landlords, who may want to check on their properties’ finances anywhere, at any time.
With property accounting software, landlords or managers can track rental income received, payment of mortgages and other bills, and progress toward a goal. The software allows search and filter operations, providing a wealth of property information. A landlord saving for a bathroom remodel can track his or her savings, while a landlord looking to sum all pest prevention expenses can easily filter transactions.
In addition to allowing landlords to control their finances, many types of rental property accounting software offer controls over other aspects of property management. Landlords can store vendor information for quick contact, create invoices, initiate work orders, or communicate with a property management team. All-in-one software makes it easy to stay on top of all aspects of property ownership and management so renters and owners remain happy.
How to Choose the Right Accounting Software for Landlords
The software market for landlords has expanded greatly in recent years, so landlords have many options from which to choose. While it’s great to have options, the flooded market can mean that it takes more time to review the options and pick a direction than when there are only a few options. Before you purchase dedicated property management accounting software, identify which aspects of property management you need help with and how much you can afford to invest in software. Then look for software that fits your budget and offers the features you’ve identified as critical.
The American Apartment Owners Association recommends either ManageZoom or Property Matrix for accounting purposes, both are valuable property management software options.
ManageZoom offers all-in-one online property management, automating everything from rental application and marketing to maintenance and accounting. While real estate owners with one rented home or a few apartment units will find this software is easy to use and sufficient for their needs, ManageZoom can also scale up for large-scale use in multiple-unit complexes.
Property Matrix is a robust cloud solution designed for apartment complexes, commercial rentals and multifamily markets, rather than by solo-unit managers. The built-in features of this software include maintenance, accounting, lease tracking, check scanning and maintenance tracking. Property managers enjoy one-click listing posting to sites like Zillow and Craigslist. This is ideal for property owners who have a portfolio of rentals and want the ability to manage all of their apartments with one piece of software.
We are excited to offer our members exclusive savings on both ManageZoom and Property Matrix. Try either of these property management softwares for yourself today, with no risk. Compare accounting software for property managers and save money on your investment by joining the American Apartment Owners Association today.
Disclaimer: The information provided herein is for advisory purposes only and AAOA takes no responsibility for its accuracy. AAOA recommends you consult with an attorney familiar with current federal, state and local laws.