The Top QuickBooks Alternative for Property Management: Finding the Right Fit

Property managers and landlords have unique needs that require specialized tools for managing rental properties. QuickBooks, a versatile accounting solution for small business owners, falls short in addressing these specific demands of property management.

Its primary design is for general business accounting, making it less suitable for the intricacies of managing rental properties. In this article, we'll explore why you might look for QuickBooks alternatives and take a closer look at Azibo, a top alternative accounting software solution tailored for property management.

Why look for a QuickBooks alternative?

QuickBooks is a popular choice for managing business finances, with solid features for expense tracking, invoicing, and account management. It’s a hit with small business owners, but for property management, it’s like using a Swiss Army knife when what you really need is a specialized toolbox.

QuickBooks, while great for general accounting, wasn’t designed with landlords in mind. It lacks key features that property managers can’t do without, leaving them high and dry when dealing with the nitty-gritty of rental properties.

Cloud-based accounting software offers significant benefits for property management, such as easy access from anywhere with an internet connection, real-time collaboration, and features like inventory management and finance optimization.

That’s why exploring property management-specific alternatives can be a game-changer. These specialized tools, like Azibo, might be just what your rental business needs to really take off, bringing a sense of relief and reassurance to property managers.

Limitations of QuickBooks for landlords

High fees

QuickBooks can be quite expensive, particularly for small property management businesses. The costs can escalate with the need for multiple user accounts, advanced features, and additional integrations. These high fees can significantly burden small business owners and property managers looking to maximize their profit margins.

Moreover, QuickBooks charges a 2.99% convenience fee for credit/debit card payments for landlords and 1% for ACH transfers. This can further strain the finances of property managers who are already dealing with tight budgets.

In contrast, Azibo offers a more affordable alternative by providing free ACH payments for both landlords and renters, while charging a 2.99% convenience fee for credit/debit card payments to renters, helping to ease the financial burden on property managers.

Complexity in managing rental income

While QuickBooks can handle the accounting for rental income aspects like prorated rents, security deposits, and late fees relatively easily, it may fall short in other areas.

The main advantages of real estate-specific accounting products over QuickBooks are their ability to easily report on a per-property basis, provide a real estate-specific chart of accounts by default, and offer specialized reports such as Schedule E. 

Additionally, they feature profit and loss statements designed for real estate, with specific definitions for operating versus non-operating expenses. For property managers, these tailored features can significantly simplify rental income tracking and overall financial management.

Integration with property management tools

Effective property management often requires seamless integration with various tools, such as tenant screening services, online payment systems, and maintenance request platforms. While a bookkeeping tool like QuickBooks isn't expected to offer these services, some property management systems and rent payment platforms do integrate with QuickBooks to fill these gaps. 

However, solutions like Azibo offer everything all in one place, providing a comprehensive suite of tools for property managers without the need for multiple integrations.

Given these limitations and the importance of property-specific features, exploring QuickBooks alternatives tailored for property management can significantly enhance efficiency, reduce costs, and improve overall property management operations.

Key features to look for in property management software

As we have discussed, to run your property management business effectively and efficiently, it’s important to choose software that caters specifically to the needs of landlords and property managers. Comprehensive accounting features, such as inventory management, invoicing, expenses, banking, and real estate specific bookkeeping, are vital for managing your finances seamlessly.

Let’s explore the essential features that can help streamline your tasks and enhance your overall operations.

1. Comprehensive financial management and expense tracking

Effective property management software should offer robust financial management tools. This includes:

• Financial reporting: Detailed financial reports that provide insights into your property’s performance, such as income statements, balance sheets, and cash flow reports. Reporting by property is a significant challenge in QuickBooks but is essential in real estate.
• Tracking expenses: Tools to track all expenses related to property management, including maintenance costs, utility payments, and administrative expenses. Integration with bank accounts can simplify the accounting process and make reconciliation quicker and more accurate. Note: QuickBooks offers these capabilities as well. However, having a real estate-specific chart of accounts out of the box is the key differentiator.
• Financial health: Monitoring the overall financial health of your property portfolio, helping you make informed decisions and maintain profitability.

2. Tenant and lease tracking

Managing tenants and leases efficiently is vital for rental property owners. Key capabilities include automated tracking of lease agreements, including start and end dates, renewal options, and rent adjustments. This helps prevent any lease-related issues and ensures timely renewals or terminations.

3. Maintenance and communication management

Keeping properties well-maintained and maintaining open communication with your renters is vital to property management. Look for software that provides:

• Tracking of maintenance requests: A system to log and track maintenance requests from tenants, ensuring all issues are addressed promptly.
• Expense management: Tracking maintenance-related expenses and integrating them into the overall financial management system for accurate reporting.
• Communication portal: A central portal to communicate with your renters so that everything is documented and in one centralized place.

4. Reporting and analytics

Detailed reporting and analytics are essential for making informed decisions in property management. Comprehensive financial reports provide insights into all aspects of your property's finances, from rental income to maintenance costs. 

These reports enable property owners to track financial performance, identify trends, and make data-driven decisions to optimize their operations and profitability.

5. User-friendly interface and customer support

Ease of use and reliable customer support are vital. Look for:

• User-friendly interface: An intuitive and easy-to-navigate interface that allows you to manage properties efficiently without a steep learning curve.
• Customer support: Reliable and accessible customer support that can assist with any issues or questions, ensuring minimal disruptions to your operations.

By prioritizing these key features, property managers can find software that not only meets their needs but also enhances their ability to manage properties effectively.

Introducing Azibo: QuickBooks’s free alternative

Azibo is a property management software tailored to meet the unique needs of landlords and property managers. It offers a comprehensive suite of features that streamline all aspects of property management, making property management a breeze.

As one of the free accounting software options available, Azibo is cost-effective while still offering robust functionality. Azibo goes above and beyond the essential features we’ve discussed, making it an exceptional choice for managing your rental properties.

Let’s take a detailed look:

Financial tools

Azibo offers powerful, real estate-specific financial tools to streamline property management accounting. As a feature-rich accounting software solution, Azibo provides advanced capabilities to meet the needs of property managers and freelancers alike:

• Save time and money: Free accounting software designed for real estate, integrated into a complete property management system.
• Detailed financial reports: Easily generate property-specific reports, including profit and loss, cash flow statements, balance sheets, and Schedule E for tax purposes.
• Automated accounting: Import bank and credit card transactions automatically, assign them to properties, and categorize them with a real estate-specific chart of accounts.
• Regular financial reviews: Regularly review essential financial reports to monitor your business and prepare for tax season.
• Comprehensive financial statements: Generate all necessary financial reports, including capital expenditures and a general ledger.
• Collaborate with your CPA: Invite your CPA to access your Azibo account for seamless report preparation.

Azibo simplifies expense tracking, financial reporting, and tax preparation, making real estate accounting efficient and hassle-free.

Learn more about Azibo’s bookkeeping and accounting tool here, or sign up for your free Azibo account to get started today.

Rent collection

Azibo simplifies the rent collection process with several efficient features:

• Online payments: Tenants can pay rent online via ACH transfers, credit/debit cards (with a small 2.99% convenience fee for card transactions), Cash App, cash, or in installments, ensuring timely and secure payments through their preferred method.
• Automated reminders: The system sends automatic payment reminders to tenants, reducing the likelihood of late payments and improving cash flow.
• Payment tracking: Effortlessly track all rent payments and identify any outstanding balances, giving you a clear and up-to-date view of your rental income.
• Late fees: To discourage late rent payments, you can choose to add one-time or recurring late fees (daily, weekly, or monthly). These fees are automatically applied once rent is late, eliminating the need for awkward conversations.

Learn more about using Azibo for rent collection here, or set up your free Azibo account here.

Tenant screening 

Azibo makes tenant screening simple and effective with several powerful features designed to help you find high-quality renters, reduce turnover, and minimize lost rental income:

• Robust background and credit checks: Partnered with TransUnion, Azibo provides comprehensive renter background checks covering credit history, criminal records, and eviction proceedings, ensuring you get a complete picture of every applicant.
• Collecting applications: Seamlessly gather basic information such as name, employment history, and desired move-in date. Azibo allows you to request applications and background checks together, streamlining the process.
• Choosing renters to screen: Send screening requests via text or email without needing to collect sensitive information yourself. Azibo handles the collection of necessary details.
• Reading your reports: Receive notifications of completed screenings and view them directly in your Azibo account. This enables you to confidently select renters and quickly set up payment terms and rent collection.

Tenant screening services are free for property owners and managers, with applicants paying a $39.99 fee for the screening. The background check includes a credit check, criminal background check, and eviction proceedings, providing thorough insights into potential tenants.

Learn more about renters screening here, or start your application here. 

Lease management 

Efficiently manage leases with Azibo’s comprehensive lease management tools, designed to make the entire process frictionless and legally compliant:

• Lease tracking: Automatically track lease start and end dates, renewal options, and rent adjustments to ensure you stay on top of all lease-related details.
• Document storage: Store all lease agreements and related documents securely, making them easily accessible whenever needed.
• Renewal notifications: Receive automated notifications for upcoming lease renewals or terminations, allowing you to take timely actions without missing critical deadlines.
• Create custom lease agreements quickly: Fill in tenant details and generate a legally binding, state-specific lease in minutes. Use eSign to send and receive real-time status updates on progress.
• No need for expensive lawyers: Azibo’s lease database offers fully customizable leases, considering legal differences across all 50 states. The tool guides you step-by-step:some text
  • Getting started: Complete the lease details, including the lease period, tenant information, rent amount, security deposit, and any additional terms specific to the lease.
  • Add specific scenarios: Include clauses for pets, smoking, storage, utilities, and unique tax scenarios. Incorporate state-specific addendums for lead, bedbugs, and more.
  • Auto-fill documents: Azibo automatically creates your legally binding lease, prefilling with details and essential state-specific clauses. Send it through eSign, and you're all set.
• Stay organized with e-signatures and online storage: Send leases via eSign and receive real-time status updates. Once signed, view all your leases in one place, ready for renewals.

Read more about Azibo’s lease agreement feature or start creating your lease here. 

Additional benefits tailored for property management

In addition to the robust financial tools and comprehensive features, Azibo goes above and beyond to provide an elevated experience for both landlords and tenants. Here are some additional benefits that make Azibo a standout choice for property management:

Landlord and renters insurance

Azibo offers integrated insurance solutions to protect both landlords and tenants:

• Landlord insurance: Comprehensive coverage to safeguard your rental properties against damage, liability, and loss of rental income.
• Renters insurance: Affordable and convenient insurance options for tenants to protect their personal belongings and cover liability, keeping tenants happy and safe.

Credit Boost

For $4.99 per month, Azibo reports on-time rent payments to major credit bureaus, helping tenants improve their credit scores. This encourages timely payments, benefiting both tenants and landlords. Learn more about Credit Boost here.

Latchel

Through a partnership with Latchel, Azibo provides renters with a financial safety net for life's unforeseen challenges, from minor inconveniences like lockouts to unexpected maintenance expenses for a monthly cost of $19.99.

Maintenance and messaging

Azibo provides tools for efficient property maintenance and communication:

• Maintenance requests: Tenants can submit maintenance requests online, which are tracked and managed through Azibo’s platform. Additionally, Azibo offers project management capabilities to help landlords oversee and coordinate maintenance tasks more effectively.
• Messaging system: A built-in messaging system allows clear and timely communication between landlords, tenants, and maintenance staff.
• Real-time updates: Landlords receive real-time updates on the status of maintenance requests, ensuring issues are resolved promptly.

These additional benefits, tailored specifically for property management, make Azibo an all-encompassing solution that enhances the landlord and tenant experience. By offering integrated insurance options, credit-boosting services, premium maintenance coordination, and efficient communication tools, Azibo provides everything you need to manage your rental properties effectively and efficiently.

Learn more about maintenance and messaging here, or sign up for your free Azibo account today.

Comparison of Azibo's offerings versus QuickBooks

From our discussions above, it’s clear that property management-specific software provides a more tailored solution compared to general business accounting tools. 

QuickBooks can effectively handle general accounting tasks, but it falls short in areas key for property management. While it can manage accounting tasks like expense tracking and invoicing, it lacks the specialized features needed for real estate.

Real estate-specific accounting products, like Azibo, offer key advantages over QuickBooks:

1. Easy reporting on a per-property basis.
2. Real estate-specific chart of accounts by default.
3. Real estate-specific reports such as Schedule E.
4. P&L statements designed for real estate, with specific definitions for operating versus non-operating expenses.

These features make real estate-specific software a better fit for property managers, providing a more streamlined and efficient solution for managing rental properties. Choosing a specialized tool like Azibo can significantly enhance your property management operations, ensuring you have the right tools to handle the complexities of rental property accounting.

Success stories from Azibo Users

Our users have shared some fantastic feedback about their experiences with Azibo. Here’s what a few of them had to say about bookkeeping and related features:

Christopher, March 2024: “Does exactly what I wanted and more! It’s getting even better, seeing how much they are growing since the beginning. Adding more useful features that I will plan to use one day soon. Very good platform for landlords.”

Yevgeniy R, March 2024: “I love the ease of use, the fact that it’s constantly improving, and the straightforward approach to rental property management.”

Steven T, May 2023: “Azibo saves me 5-9 hours per month. When I have tenants paying on different days it makes it way more difficult to track. But now I just log into Azibo a few times per month, make sure my transactions are all set correctly, then I’m done. It really saves me a lot of time.”

Andrew W, May 2023: “Before Azibo, I was taking payments on Cash App, Venmo, PayPal, and checks. Now Azibo is the one source of truth for all payments, which makes things easier.”

Nick A, November 2023: “I am relatively new to real estate investing. Currently holding two rental properties. Having Azibo is a real asset. Everything is organized and easy to access. My tenants also like the ease of paying their rent online. The recurring invoices feature is particularly helpful for managing ongoing payments. Thank you for everything Azibo team.”

These testimonials highlight how Azibo has streamlined bookkeeping, improved tenant management, and provided landlords and property managers with a user-friendly platform. It’is rewarding to see how our features have made a real difference in their property management tasks!

Transitioning from QuickBooks to Azibo

Transitioning to a QuickBooks alternative can be a smooth and efficient process if approached systematically. Compared to QuickBooks Online, Azibo offers unique features and flexibility that can be advantageous for property management. 

Here are some key steps and tips that will help you transition smoothly:

• Plan ahead: Start by creating a detailed transition plan. Identify all the tasks that need to be completed, set timelines, and allocate responsibilities to team members.
• Communicate with your team: Keep your team informed about the transition process. Regular updates and clear instructions will help keep everyone on the same page.
• Backup your data: Before starting the transition, make sure you have a complete backup of all your QuickBooks data. This safeguard will prevent data loss and allow you to revert to QuickBooks if needed.
• Test the new software: Setting up an Azibo account is completely free, allowing you to test whether key features meet your property management needs.

Premium onboarding experience

For property owners with a larger number of units, Azibo offers a Premium Onboarding experience. This service includes a dedicated New Customer Specialist to assist with uploading all property and tenant information at once, ensuring a seamless start.

The cost for this service is $300 for up to 100 units, with higher volume pricing available upon request.

Book your demo today.

Training and support

• Training sessions: Organize training sessions for your team to ensure they are comfortable using the new software. Many software providers, including Azibo, offer comprehensive training resources like webinars, tutorials, and user guides.
• Utilize customer support: Take advantage of the customer support services offered by your new software provider. Azibo provides robust customer support to assist with any issues or questions that arise during the transition.
• Ongoing support: Ensure that your team knows how to access ongoing support. This includes understanding how to submit support tickets, use help centers, and access online resources.

By following these steps and leveraging the training and support resources available, you can transition smoothly and efficiently from QuickBooks to a new property management software. 

Azibo offers dedicated support and comprehensive features tailored for property management, making it a strong alternative to QuickBooks for landlords and property managers.

Choosing the right free accounting software options

Managing rental properties requires specialized tools that cater to landlords' unique needs. While QuickBooks excels in general business accounting, it understandably lacks property management-specific features. However, using software that integrates all necessary functions in one place is more efficient.

Azibo offers a comprehensive suite of tools specifically designed for property management, including specialized real estate bookkeeping and reporting. In addition to robust financial management, Azibo provides integrated solutions for rent collection, tenant screening, lease management, maintenance, and messaging. These added features make property management more streamlined and effective.

For a smooth transition from QuickBooks, proper planning and utilizing comprehensive training and support resources are essential. The Premium Onboarding experience ensures a seamless start for larger property owners with the help of a dedicated New Customer Specialist.

Landlords and property managers seeking a tailored, cost-effective, and comprehensive solution should consider this alternative. It offers the specialized tools needed to manage rental properties efficiently.

Sign up for FREE today.