Accounting Software for Property Management

Should you use accounting software for property management income and expense tracking or should you invest in a more specialized property management software application? For some landlords and businesses the answer will be clear, but for many the decision requires some consideration.

If you are currently using an accounting software package, how happy are you with it? If you are thinking about switching, what features or functionality in your current program do you find lacking or frustrating? Does the property management software you are considering have the features your current accounting software lacks or is the implementation of similar features more to your liking? Will switching to a property management program save you time, money or make running your business easier or more efficient? Can I easily export from my current software and import all of my historical data into the new program? How user friendly and intuitive is the property management program I am considering and will I have to spend a lot of time getting up to speed? These are the types of questions that need to be asked during the decision making process and the answers will go a long way toward making one choice stand out as the right one.

If you are just starting out and do not have an existing program of either type in use, there may be some additional questions you need to ask yourself. What benefits am I expecting from the application I choose? How much am I willing to spend on a software package for my business? How much support, training and documentation is available? How is support delivered and are there any additional costs associated with getting support? Is a free trial or a demo version available? These are just some of the questions you will probably have and as you evaluate different offerings more questions will inevitably come to mind.

Depending on your circumstances, using accounting software for property management rather than a dedicated property management software application may make sense. If for example you are a part time landlord managing one property with one tenant and have been using an accounting program for the last several years, changing now is most likely not necessary. If your property business has experienced tremendous growth to the point where you feel as though you have outgrown your accounting software switching may be the best option. This is particularly true if you are looking for property management specific features from your software such as accepting online electronic payments, managing vacancies or generating correspondence such as an eviction notice. To make the right decision, consider your circumstances, needs and budget then evaluate the available offerings from several vendors. Using accounting software for property management may be the best, most cost effective solution or it may not. Carefully evaluating your situation and your expectations will make the choice clear.

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