Many startups and established real estate companies often make the mistake of underestimating the power of numbers, even with the sheer number of real estate accounting software available in the market. As a result, many businesses continue to operate without knowing the real value of their operations. For any real estate agent, accounting is an essential part of a successful real estate business. Instead of investing tons of capital in accounting firms, real estate companies can choose to use accounting software. Brokerage firms can also benefit from real estate brokerage accounting software for their businesses. Real Estate Bookkeeping Services helps you in managing your business solution with the help of real estate accounting software.
Here we are going to introduce you to some of the best accounting software for companies that operate in real estate.
List of the Best Real Estate Accounting Software
1. Realtyzam
Realtyzam is cloud-based real estate accounting software that is typically used to manage revenue and track expenses, providing insight into the financial health of a business. It allows real estate agents to track their income while keeping an eye on marketing and listing fees, commissions as well as brokerage fees.
2. Back Office for QuickBooks
Back Office is a QuickBooks solution specially developed for real estate professionals. It also provides a solid real estate accounting software which allows to broaden its scope. Back Office allows users to track sales, referrals, and commissions, helping businesses manage their cash flow. It also allows users to manage sellers, buyers, and escrow accounts, which helps create a lean management process.
3. Xero
Xero is another cloud-based real estate accounting software that allows you to manage your business accounts remotely. This application allows users to easily track invoices as well as input and output taxes from a PC or mobile application. It also integrates with your bank accounts, so you can pool your expenses. Xero also comes with a payroll processing function so that it can automate the monthly payroll process.
Some tips for getting the right property accounting tool
Real estate accounting software can never replace the work of a real accountant. You should always seek to supplement your accountant's job by using such software in order to keep your real estate business running smoothly.
That said, for real estate agencies, the choice of accounting software will depend a lot on the number of employees who will be using the software. Many cloud-based solutions will charge you based on the number of users on the system, therefore, it is better to limit the number of users in order to save money.
You should also take into account the level of expertise of potential users. Complex software will take longer to get started within the company for your staff to use, so be careful when implementing such software.
