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Quickbooks for Property Management

Marlon Rizo's Profile

Hello, I would like to use QuickBooks in a property management industry. Has anyone successfully implemented without the use of a third party software. This industry deals with Buildings, Owners, Tenants, etc. Any help is greatly appreciated. Regards, M.R.

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

QB or Xero or for that matter any system would be hard pressed to perform the function of property management (issue rent bills, record deposits, etc.) easily, "out of the box".

Note the word easily. You can make any system do want you want, but the time it would take the tame the beast could be better spent (and with probably fewer errors) by implementing a 3rd party system built exactly for your segment.

This is why products like QB or Xero have a wide assortment of 3rd party programs the bolt right into the main product. Yes it is costing you more per month, but again, the results and time savings are well worth the effort to find the right software.

I'd start with finding the right property management software and they find what back-end systems it pairs with (not the other way around).

Topic Expert
Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Marlon

Building on Wayne's response, start with what your company needs to do: define your functional requirements for the key business processes that your company performs. Then look at software.

Don't discredit what you term "without the use of a third party software" - you may find that a best of breed approach (i.e. more than one app) is what you ultimately need. Of course that means system integration becomes a factor, so make sure you investigate the way the apps can easily share data (e.g. using web services or API's).

Chris Shumate
Title: Accounting Manager
Company: Dominion Development Group, LLC
LinkedIn Profile
(Accounting Manager, Dominion Development Group, LLC) |

I know a lot of companies use QuickBooks, so I will not try to steer you away from them. With that being said, have you looked into AppFolio, Yardi, or RealPage?

If you're going to track service calls, work orders, tenant move in and move out dates, these are likely a better fit.

However, if you're going to use QuickBooks for the accounting function only (i.e. recording revenue, SG&A, security deposits and the like) then QuickBooks would be sufficient.

Where I am we use AppFolio on the property management side and Sage 300 CRE to record the accounting transactions and pay bills. It's a huge pain to do because the systems don't talk to one other.

Rick Winter
Title: Owner, Principle Consultant
Company: RNW Advisors, LLC
LinkedIn Profile
(Owner, Principle Consultant, RNW Advisors, LLC) |

I would not recommend Quickbooks but would use an industry specific software available on the cloud called Propertyware

John P. Hart
Title: Vice Pres - CFO
Company: Nova Pressroom Products, LLC
(Vice Pres - CFO, Nova Pressroom Products, LLC) |

No experience in that field, but I knew folks om the property management industry who used Great Plains for years.
Microsoft bought 'em back in 2001, and now known as Microsoft Dynamics GP

Jason Spanos
Title: Principal
Company: Success ERP
(Principal, Success ERP) |

General use packages like QB have a hard time managing rental functions out-of-the-box. I've even seen bigger packages (MS Dynamics family, Sage family, etc) struggle to make it easy to manage. People got very frustrated. It would save you a lot of time repeatedly in the future if you could find a rental-specific piece of software that could integrate or send data to an accounting package. Find something that can do the functionality you need (not all rental companies handle the same scenarios) and then see what accounting software integration exists for it. The accounting choices will likely be pretty common. The rental functionality will be the part to pay attention to.

Definitely get references for the rental software from companies that do something very similar in functionality to what you want to do. Some industries are more complex than others for rentals.

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