As a commercial real estate business owner, managing financial transactions and keeping up with accounting tasks can be a daunting task that requires time-consuming and labor-intensive efforts. However, with the right accounting software, you can streamline these tasks and improve your business’s financial management process. In this article, we will explore the best commercial real estate accounting software options available in 2021 and how they can benefit your business.
Top Commercial Real Estate Accounting Software
1. QuickBooks Desktop Pro/Premier for Real Estate
QuickBooks is a widely used accounting software by businesses of various sizes and industries. The software offers a desktop version for real estate professionals, which has features specifically tailored to the industry’s needs. The software allows you to manage transactions, track income and expenses, generate invoices, create financial statements, and prepares tax reports. One major advantage of QuickBooks Desktop Pro/Premier for Real Estate is that you can integrate it with other real estate-specific tools such as AppFolio and Buildium.
2. AppFolio Property Manager
AppFolio Property Manager is a cloud-based accounting software designed specifically for property management companies, including commercial real estate businesses. The software offers robust accounting features such as accounts receivable and payable, general ledger, bank reconciliation, and financial statements. It also has additional features, such as lease tracking, maintenance management, and vacancy management, that make it an all-in-one solution for property management businesses.
Buildium is another cloud-based accounting software that provides property management features such as accounting, lease management, maintenance requests, and rental applications. The software offers automation features such as automatic rent collection, online payment processing, and late fee calculation. Buildium also generates reports on income and expenses, and helps with tax preparation.
4. Yardi Voyager
Yardi Voyager is a comprehensive property management software that offers financial management features tailor-made for commercial real estate businesses. It features a general ledger, account payable/receivable, cash management, and other accounting and financial management tools. Yardi Voyager can also integrate with other management and leasing software, including tenant screening and analytics tools.
5. MRI Software
MRI Software offers a lease accounting module in its property management software, making it an excellent option for commercial real estate businesses. The software has features such as automated rent calculations, lease renewals, and expense tracking, enhancing accounting workflows. Additionally, MRI Software offers integrations with other tools, including accounts payable and accounts receivable management software.
Benefits of Commercial Real Estate Accounting Software
1. Streamlined Financial Reporting
Commercial real estate accounting software simplifies bookkeeping and financial reporting with automation tools. It eliminates manual data entry, reduces the risk of errors, and offers real-time insight into your financial health. Comprehensive financial statements and reports give valuable information to business owners and investors.
2. Enhanced Collaboration
Commercial real estate accounting software offers centralized data storage that different departments and stakeholders can access easily. This accessibility enhances communication among teams, improves efficiency, reduces duplication of effort while maintaining data integrity.
3. More Productive Workforce
Automating accounting processes improves efficiency and productivity. It eliminates manual data entry, streamlines workflows, and reduces stress on your workforce. Additionally, staff can focus on value-added activities, such as analyzing financial reports and making informed decisions, which enhance business operations.
Frequently Asked Questions
What accounting software do commercial real estate professionals use?
Commercial real estate professionals use QuickBooks Desktop Pro/Premier for Real Estate, AppFolio Property Manager, Buildium, MRI Software, and Yardi Voyager.
What features should I look for in commercial real estate accounting software?
The ideal commercial real estate accounting software should have features such as general ledger, accounts payable and receivable management, financial reporting, bank reconciliation, lease management, and other property management tools.
How long does it take to set up commercial real estate accounting software?
Setting up commercial real estate accounting software depends on the size and complexity of your business’s financial operations. However, with the right expertise, the software can be set up within a few days.
How much does commercial real estate accounting software cost?
Commercial real estate accounting software costs vary depending on the provider and the set of features offered. Some software charge per user, while others charge a subscription fee based on the size of your business. Prices range from a few hundred dollars to thousands of dollars per year.
Choosing the right accounting software is critical to managing your commercial real estate business’s finances. With the above-mentioned software, you can streamline your accounting tasks, automate financial reporting, and better manage your business operations. Ensure that you pick the software that best meets your requirements and is within your budget.