Rental Property Bookkeeping Software: Top 10 Options

Between maintenance requests, tenant issues, and a million managerial tasks, financial tracking can fall way down the priority list when you're running your rental property business. But getting a handle on income, expenses, and cash flow is key to your success. Letting the numbers slide into chaos does no favors for your stress levels or your bottom line.

The good news? You don't have to manage all the number crunching and records manually! With the right rental accounting software, you can automate many tedious processes. That way, you can focus on the bigger-picture strategy rather than digging through spreadsheets.

Whether you're just starting in real estate investment or already managing a sizable portfolio, finding an accounting tool that aligns with your needs is important. This guide will introduce you to top accounting software options and offer expert advice on selecting the perfect solution to support your immediate and long-term goals.

Key features to look for in rental property accounting software

When looking at rental property bookkeeping software, keep an eye out for an all-in-one platform that can handle accounting and overall property management. Combining those tools into one system makes running your business so much smoother.

Choosing the right comprehensive software eliminates the need to switch between multiple applications for rent collection, maintenance request logging, expense tracking, and tenant communication. Imagine it as a mission control center for all your properties, conveniently located in one place. 

Additionally, it simplifies your workflow by requiring you to learn and manage a single system rather than juggling three or four separate ones.

Here are our recommendations on what to look for when assessing your options:

1. A place to keep track of what you earn and spend

A fundamental capability of any property management accounting software is income and expense tracking. This means the tool you choose should let you easily see in real-time key financial details related to your rental property, including:

• Rent collection: The tool should efficiently track tenant payments, providing accurate insights into your property's rental revenue.
• Deposits: The software should be able to record and track security deposits and any other types of deposits received from tenants. This feature enables you to keep a close eye on these funds and manage their balances effectively.
• Repairs and maintenance costs: The software should track all costs associated with repairs and maintenance on your rental property.
• Taxes and insurance: It should track expenses related to property taxes, insurance, utilities, and any other recurring costs.

2. Generate financial reports

The right accounting software should allow you to generate customized financial reports to suit your needs, including:

• Profit and loss reports to understand your rental income versus expenses.
• Budget tracking reports to monitor how your actual spending compares to budgets.
• Custom reports filtered by property, date range, tenant, or expense category.

3. The ability to connect to your bank accounts

Look for accounting software that easily integrates with your financial accounts. The ability to automatically pull transaction data from your bank accounts and credit cards is a huge time-saver.

Instead of manually entering purchases and deposits, the software can sync to your accounts and categorize each transaction for you. This automation saves you from manual data entry. It also helps minimize mistakes that come from human error. No more accidentally entering the same expense twice!

4. Make rent collection easy

Look for accounting software that simplifies the rent collection process for you and your tenants. The ability for residents to pay rent online is no longer just a ‘nice-to-have’—it's practically a requirement these days. Look for a property management solution that gives you:

• Automatic rent payments: The software should allow you to set up recurring auto-payments so rents are collected consistently each month.
• Online portals: The software should provide online tenant portals for flexible rent payment, access to statements and balances, and submitting maintenance requests.
• Payment reminders: The software should automatically send out rent reminders before due dates to remind tenants and encourage on-time payments.
• Automated late fees: Take the pressure off you as the property manager. If a tenant does happen to pay late, built-in fees encourage on-time payments in the future.

The right accounting software makes the entire rent collection process seamless for all parties involved. It gives your residents flexibility and relieves the stress of chasing late payments each month.

5. Handle maintenance requests

Having a system where tenants can request repairs and where you can track necessary tasks makes managing your property a lot easier. The software should let tenants submit maintenance requests and let you assign them to people to fix them.

It should also record all the communication between you and your tenants regarding the repairs and requests.

6. Help with taxes

When it's tax season, software with robust accounting features should be able to provide all the forms you need to file your taxes correctly. This saves significant time from figuring out all the numbers yourself.

It should be accurate and make reporting your rental property finances to the IRS easy by helping you with forms like:

• Schedule E (Form 1040)
• Form 4562
• 1099-MISC

Best bookkeeping software for rental properties

So, what are the options for the best rental property accounting software? Let’s take a look at ten different options so that you are armed with the knowledge to make the right decision for your personal needs:

1. Azibo

Azibo is an all-in-one platform for managing your rental properties. You can access all the key accounting features you need from one simplified portal, plus tenant management capabilities like online rent collection and maintenance request tracking.

Key features

• Online rent collection: This enables you to collect rent online through credit card, debit card, or ACH payments and even cash via cash app and chime,  automating the collection process.
• Financial management: Offers a unified system for tracking income and expenses, generating custom financial reports for cash flow and profits, and maintaining up-to-date financial records. Integrated features like receipt scanning and mileage tracking simplify tax preparation for you.
• Automated bookkeeping: Reduces manual transaction entry by automating key bookkeeping tasks, enhancing accuracy and saving you time.
• Maintenance and repairs: Streamlines the process for tenants to report maintenance issues directly to you, including photo and message-sharing capabilities for clear communication.
• Tenant screening and lease management: Tools for tenant background checks and credit assessments. You can create state-specific leases and use digital signatures for clear and compliant contracts.

Pricing

Azibo provides landlords and property managers with robust functionality at an affordable cost. Many of Azibo's essential features are available for free.

• Free services: Online rental applications, rent collection via ACH transfers, dedicated bank accounts for landlords, comprehensive accounting and financial reporting, tools for tax preparation, maintenance management, and tenant messaging.
• Paid services: Tailored lease agreements specific to each state with e-signature capabilities, background and credit checks for prospective tenants (cost covered by the renter), processing fees for rent payments made by credit card, (again, paid by the renter), options for renters to report rent payments to credit bureaus, and advanced onboarding assistance for larger portfolios.

2. Buildium

Buildium is a comprehensive software designed to support your property management business. It's often used for large portfolios and management of commercial properties like apartment buildings or offices.

Key features:

• Accounting: Buildium helps you create detailed reports about how your properties are doing financially. You can see how much money you're making, how much rent you've collected, and how much money you have in your accounts.
• Maintenance tracking: You can easily keep track of any maintenance work that needs to be done on your properties. You can log requests, assign them to people, and monitor their progress until it's complete. This makes managing maintenance for all your properties in one place easier.
• Tenant portal: Buildium gives your tenants their online space to pay rent, ask for maintenance help, and talk to property managers. This makes it more convenient for them to take care of things and can make them satisfied with your service.

Pricing:

Buildium starts at $55/month per property for up to 150 units.

3. DoorLoop

DoorLoop is a property management accounting software for small to medium-sized companies that manage fewer than 500 rental units. It helps property managers keep track of their money, handle maintenance requests, and advertise their properties.

Features:

• Accounting suite: DoorLoop comes with tools to help you manage your finances. You can create reports to see how much money you're making, keep track of tenant payments, set budgets, and more.
• Centralized work orders: With DoorLoop, you can handle all maintenance requests in one place. You can log requests, talk to tenants and contractors, assign tasks, and easily track what needs to be done.
• Marketing and management: DoorLoop also helps you advertise your available rental spaces. It provides tools for listing properties online, screening potential tenants, managing rental applications, and accepting online rent payments.

Pricing:

DoorLoop starts at $34.50/month for each property you own.

4. Hemlane

Hemlane is a property management software used by real estate investors who have smaller portfolios and need basic property management features.

Features:

• Integrations: Hemlane can connect with other software programs landlords can use for accounting, background checks, and collecting payments. This makes it easier to keep everything organized in one place.
• Online rental applications: Hemlane lets landlords create rental applications that potential tenants can fill out online. This makes it easier for landlords to manage rental applications and speeds up the process for renters.
• Direct tenant messaging: Landlords can easily talk to their tenants without needing to call or email separately. They can do it all within the software, avoiding the hassle of playing phone tag.

Pricing:

Hemlane's basic plan starts at $36.50/month for each property.

5. Propertyware

Propertyware is an enterprise-level property management software for large rental portfolios and property management companies.

Features:

• Integrated utility billing: Propertyware automatically helps you track utilities like water and trash collection and includes them in your tenants' monthly bills. This saves you time and assures accuracy.
• Interactive reporting: You can create visual reports with graphs and charts to see and understand your property management data easily. This makes it simple to spot trends and decide easily.
• Custom branding: For companies that are managing rental properties on behalf of real estate investors, you can customize Propertyware with your own branding. It allows you to make it look and feel like your own software.

Pricing:

Propertyware costs a minimum of $250/month for the basic features. There's also an implementation fee of 2x the monthly subscription price.

6. Rent Manager

Rent Manager is a property management software designed for large rental property management companies. It can be used across various industries - from RV parks to residential housing to self-storage.

Features:

• Asset management: Apart from just handling money, Rent Manager helps you keep track of the condition of your units, what maintenance they need, and any inventory you have. This helps you stay on top of everything.
• Budget forecasting tools: Rent Manager helps property managers plan for the future by predicting how much money they'll need based on past financial data. This helps you make smart decisions about your budget.
• Automated late fee assessment: It can automatically figure out and track late fees based on rules you set up. This makes it easier to make sure you get paid on time.

Pricing:

Rent Manager starts at $200/month for the basic plan. This property management accounting software also requires an implementation package purchase of 2x the monthly subscription.

7. Rentec Direct

Rentec Direct has rental property accounting software features to simplify income and expense tracking for landlords and larger property managers.

Features:

• Tenant screening: Review potential tenants by running background and credit checks within the software. This saves you time and makes sure you're renting to reliable people.
• Custom applications: You can create your own rental applications that are sent to potential tenants automatically. This makes it easier for you to manage applications and speeds up the process.
• Online maintenance requests: Tenants can submit maintenance requests online, which are then sent to property managers for them to handle. This makes it quicker and more efficient to deal with maintenance issues.

Pricing:

Rentec Direct starts at $45/month per unit for the landlord plan.

8. Rentroom

Rentroom offers simplified accounting, payments, and screening software for landlords, HOAs, and commercial property managers.

Features:

• Tax documentation: Rentroom helps you keep track of your rental income and expenses, making it easier to generate reports for tax purposes when tax season comes.
• Integrates with other software: It can connect with many other popular tools like QuickBooks, which means you can combine it with existing systems you might be using to make everything work better together.
• Rental listing syndication: Rentroom spreads your rental listings across different websites to reach more potential tenants, making finding renters for your properties easier.

Pricing:

Rentroom's starter plan is $49.99/month for up to 15 tenants.

9. SimplifyEm

SimplifyEm offers tools to help landlords manage their rental properties, including accounting features. The software focuses on making financial management and accounting easy for landlords who don't have a big team.

Features:

• Direct deposit rent collection: SimplifyEm lets tenants pay their rent online, and the money goes directly into the landlord's bank account. This makes it simple and convenient for everyone involved.
• Mobile apps: SimplifyEm has iOS and Android mobile apps, so landlords can manage their properties from anywhere. This is handy for staying on top of things while you're out and about.
• Online lease signing: Tenants can sign their lease agreement electronically, which makes the whole process smoother and faster for everyone.

Pricing:

SimplifyEm starts at $35/month per unit up to 10 units.

10. TenantCloud

TenantCloud provides strong tools to help landlords manage their money better and handle financial tasks for rental properties more efficiently.

Features:

• Vendor bidding: TenantCloud has a special feature where you can post a maintenance job, like fixing a leaky faucet, and then contractors can send in quotes for the job. This makes it easy to find the best deal.
• Custom reports: You can create your own reports to see how your properties are doing financially. This helps you understand their performance better and make smarter decisions.
• Unlimited users: You can add as many people as you want to the software without paying extra. This means everyone managing your properties can access the information they need.

Pricing:

TenantCloud is $17/month per property under the starter plan.

Bookkeeping software for rental properties

As a property owner or manager, finance tracking is probably the least exciting part of your business. But finding the right rental accounting software makes your number-crunching way more palatable! Rather than wrestling spreadsheets and forms, you can lean on automation and consolidation.

Robust software lifts the grunt of collecting rents, generating reports, and creating tax documents–streamlining processes that once took manual effort. Look for software centralizing accounting, maintenance coordination, tenant communication, and other tasks into one property management platform. Tying every function together greatly reduces your administration burden.

When you evaluate options that fit your rental portfolio needs, factor in criteria like your unit count and your monthly available budget. You need, at the very least, basic accounting features that meet your ease-of-use preferences.

Allow yourself to step away from spreadsheets and enjoy more time focused on your tenants and properties! The right rental accounting software simplifies finances so you can direct more energy into profitability and business growth.

Rental property bookkeeping software: FAQs

What are the pros of using rental bookkeeping software?

Rental bookkeeping software simplifies recordkeeping and financial tracking through automated rent collection, centralized data, and tools to gain insights. This saves rental property owners significant time while supporting better property management and planning.

What are the cons of using rental bookkeeping software?

Potential drawbacks include the associated costs, particularly for advanced software functionalities. Landlords must also depend on a stable internet connection and third-party security measures. Additionally, there might be an initial learning curve to master the full range of features the software offers.

Will bookkeeping software help me spot problems sooner?

Yes, real-time expense tracking and automated alerts on issues like unpaid rent can give rental owners faster notifications of problems. These features help support proactive and timely property management.