Quickbooks is a top choice for small businesses, including those in real estate. It’s packed with special features for different real estate areas, like good financial reports and the ability to work with other programs. Quickbooks is great for many real estate jobs, but with so many choices, it can be hard to pick the right one for you. We’ll look at what you need to think about and the best Quickbooks for different real estate jobs, like:
- Property management
- Independent contractors
- Rental property owners
- Real estate agencies and brokers
- Real estate developers
Knowing what your real estate business needs will help you choose the best QuickBooks for you.
Let’s get started!
Quickbooks Online vs. Desktop:
You can choose between Quickbooks Online and Desktop. Online is cloud-based, so you can use it anywhere, and it’s usually cheaper. Desktop is installed on your computer and is faster and more customizable, making it great for big companies. It also works offline. But, since real estate often involves being out and about, the mobility of online is very handy.
Quick books for property managers:
Property managers need to keep track of lots of things like rent, expenses, and maintenance across many properties. Quickbooks helps by organizing all this information and letting you see reports for each unit or property. It makes tasks like billing tenants and handling bank accounts much easier.
Quick books for independent contractors:
Real estate relies a lot on contractors. Quickbooks lets you manage contractor payments and taxes from employee payroll. It also helps track expenses for each property, making tax time easier.
Quick books for rental property owners:
Rental property owners can use Quickbooks to handle both personal and business finances. It helps track rent, fees, expenses, loan interest, depreciation, and deductions. You can also compare different properties to see which ones are doing
Quick books for real estate agencies and brokers:
Agencies and brokers have a lot to keep track of, like commissions, escrow, earnest money, expenses, and paperwork. Quickbooks has features for all this, like tracking agent commissions, handling trust accounts, and managing mileage reimbursements.
Quick books for real estate developers:
Developers working on big projects, like building an apartment complex, need Quickbooks for project-based accounting. This includes budgeting, managing contractors, tracking expenses, handling land costs, and more.
Choosing the Right Quickbooks Edition:
There are different Quickbooks plans to consider:
Quick books Simple Start:
Great for independent contractors and small agencies. It has basic features like invoicing, tracking income and expenses, bill payment, and simple reports.
Quick books Essentials:
It is a bit more advanced than Simple Start, with better reports, estimates, quota tracking, and app integration. Good for small teams on a budget.
Quick books Plus:
For mid-sized needs, with inventory management, sales reports, and profitability tracking. It is best for property managers and smaller rental owners.
Quick books Advanced:
For larger agencies, property management groups, developers, and mid-sized rental owners. It offers more customization, advanced reporting, and extra features.
In conclusion, Quickbooks emerges as a versatile and powerful accounting tool tailored for the diverse needs of the real estate industry. Its adaptability stretches across various segments of the sector, from the meticulous financial tracking required by property managers to the complex project-based accounting needs of real estate developers. Independent contractors and small rental property owners benefit from the streamlined financial management and tax preparation features.
Meanwhile, real estate agencies and brokers gain a competitive edge with advanced commission tracking and comprehensive financial oversight. The decision between Quickbooks Online and Desktop boils down to personal preference and business requirements, with each offering unique advantages. Online provides flexibility and accessibility, essential for professionals frequently on the move, while Desktop offers robustness and depth, ideal for larger, more complex operations. The variety of plans available – Simple Start, Essentials, Plus, and Advanced – ensures that there is a Quickbooks solution for every size and type of real estate business, aligning with specific financial goals and operational complexities.
Which Quickbooks plan is best for a small, independent real estate contractor?
For small, independent contractors, Quickbooks Simple Start is ideal. It offers basic features like invoicing, expense tracking, and simple financial reporting, which are sufficient for smaller operations.
Can Quickbooks handle the unique needs of real estate developers?
Yes, Quickbooks is well-equipped to handle the complex project-based accounting requirements of real estate developers. It supports budgeting, contractor management, expense tracking, and offers consolidated reporting for multiple projects.
Is Quickbooks Online suitable for real estate agents who are always on the move?
Absolutely. Quickbooks Online is cloud-based, allowing real estate agents to access their financial data from anywhere, making it a perfect fit for those who are often out in the field.