RENT Magazine Q4 '21

WHY QUICKBOOKS IS BEST FOR SERVICE COMPANIES THAT MANAGE PROPERTY Many AAOA members who own and rent real property also run their own property management service company. Sometimes, they only service their own properties. But sometimes, with the skill they have learned from managing their personal properties, they give service and charge a fee to other landlords who become their clients.

“Fly-by-night” software companies may try to convince you that you need industry-specific software to run your property management company and keep financial records of a real estate rental service business. However, QuickBooks can be easier to use and provide you with core accounting components you need if you know how to use it right. You can easily learn the exact procedures to set up a QuickBooks file for a property management company, enter transactions into a property management file specifically the

way a property management company would, and print statements for both the landlord clients as well as each tenant to show all transactions, deposit and rent balances and the numbers that explain them.

So, before you run out and purchase any property management software, let’s think for a second about what property management companies do and therefore, what types of records they would need to keep. HOW QUICKBOOKS ADDS A ROBUST ACCOUNTING COMPONENT TO PROPERTY MANAGEMENT SOFTWARE

Anyone using property management software could benefit from adding QuickBooks to their software arsenal. We know that the property manager

deals with the tenants and collects both rents and deposits from them. They are the ones who must chase after the tenants every month. Therefore, rent

records and balances of past- due or prepaid rent need to be kept clear. The property manager will

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