8 Best Property Management Accounting Software - Updated 2024
Property management software has become an invaluable tool for landlords and property managers. It helps streamline all aspects of managing rental properties by centralizing information and automating tasks.
The right software can save countless hours otherwise spent on manual processes. It also reduces the risk of errors that occur with paper filing systems.
The key benefits of property management software include:
- Collecting and tracking rent payments
- Posting vacancies and screening applicants
- Creating and managing leases and tenant documents
- Scheduling maintenance requests and tracking property issues
- Generating in-depth accounting and financial reports
- Improving communication with tenants
- Ensuring compliance with regulations
- Integrating with other software systems
With so many options on the market, it can be tricky to determine which solution is the best fit.
This guide provides an in-depth look at 10 top property management and accounting software tools for 2024. It examines the features, strengths, and potential drawbacks of each to help identify the right platform for your business needs.
Best Overall Property Management Software
1. Hemlane
Overview
Hemlane is an all-in-one property management software designed specifically for individual landlords and small property management companies. It streamlines operations by centralizing rent collection, accounting, maintenance requests, and lease management.
With an intuitive dashboard, Hemlane provides a unified view of your entire rental business in one place. It's easy to onboard new properties and tenants and manage them from any web browser.
Key Features
- Online rental applications and e-signing
- Customizable lease agreements
- Online rent collection via ACH or credit cards
- Accounting and financial reporting
- Maintenance request tracking
- Tenant and owner portals
- Automated rent reminders and late notices
Pros
- Very affordable pricing for small landlords
- No long-term contracts required
- Ability to manage your property remotely
- Leasing, repair coordination, eviction services
- User-friendly interface
- Robust tenant screening features
- Integrates with Cozy for maintenance requests
Cons
- Limited payment options (no PayPal)
- Less property and tenant scaling capabilities vs. larger PM software
- No built-in maintenance worker management
Pricing
Hemlane’s pricing starts at $2 per unit/month for the Starter plan. Discounts are available for annual subscriptions.
2. Doorloop
Overview
Doorloop is a cloud-based property management software that helps real estate professionals manage rental properties and tenants. It streamlines operations like collecting rent, tracking maintenance requests, and managing leases and documents.
Features
- Online rental applications and tenant screening
- Rent collection with online payments
- Maintenance request tracking
- Accounting tools like ledgers and financial reporting
- Lease creation and digital lease signing
- Tenant and property management databases
Pros
- User-friendly interface and intuitive workflows
- Mobile app for on-the-go property management
- Automations for tasks like rent reminders
- Robust accounting features
- Customizable reports and data exports
Cons
- Can be pricey for smaller property managers
- Limited integration with other software
- Steep learning curve
Pricing
Doorloop has 3 pricing tiers:
- Basic - $99/month for up to 75 units
- Professional - $199/month for 150 units
- Enterprise - Custom pricing
Additional fees for services like screening reports and payment processing may apply.
3. QuickBooks
Overview
QuickBooks is one of the most popular accounting software solutions for small businesses. It's made by Intuit and offers a wide range of features for managing finances, accounting, invoicing, and more.
QuickBooks can be an excellent option for property managers who want an all-in-one solution for accounting and essential property management. It has specific tools to help track rental income and expenses.
Features
- Accounting: General ledger, invoicing, bill pay, reporting
- Rental tracking: Track rental income and expenses, generate rental invoices
- Tenant screening: Run credit checks and background checks on applicants
- Maintenance tracking: Log maintenance requests and track property expenses
- Mobile app: Access QuickBooks on the go
Pros
- Very user-friendly and easy to learn
- Lots of helpful guides and customer support resources
- Integrates with other software like tenant screening services
- Widely used accounting platform, easy to find accountants familiar with it
- Scales well for businesses managing small to mid-sized portfolios
Cons
- Not a full-featured property management solution, lacks some PM-specific tools
- Can require manual data entry between PM systems and QuickBooks
- Relatively weak tenant portal and rental listing features
- Additional fees for add-ons like tenant screening
Pricing
QuickBooks starts at $25/month for simple accounting needs. The QuickBooks Online Advanced plan with payroll and other features is $70/month. There are often discounted annual subscription options as well.
4. TenantCloud
Overview
TenantCloud is a cloud-based property management software designed specifically for individual landlords and small-to-medium-sized property management companies. It provides tools to manage properties, tenants, maintenance, accounting, and reporting all in one place.
TenantCloud aims to help property managers save time and money by streamlining operations. It provides an easy-to-use interface to manage day-to-day property management tasks.
Features
Key features of TenantCloud include:
- Online rental applications and tenant screening
- Online lease agreements and e-signing
- Rent collection with recurring ACH payments
- Accounting and financial reporting
- Maintenance request tracking
- Tenant and owner portals
- Customizable workflows
Pros
- Affordable pricing starting at $99/month
- User-friendly interface
- Automates manual processes like rent collection
- Mobile apps for on-the-go property management
- Integrates with screening services and payment processors
- Scales as your portfolio grows
Cons
- Less property and unit customization than some software
- Limited support for commercial property management
- Third-party integrations can be limited compared to competitors
- Reporting functionality not as robust as higher-end systems
Pricing
TenantCloud offers four pricing tiers:
- Basic - $99/month up to 75 units
- Professional - $149/month up to 200 units
- Premium - $199/month for unlimited units
- Enterprise - Custom pricing
It also offers discounted annual pricing. Additional fees apply for screening services, payment processing, and other integrations.
5. LandlordStudio
Overview
LandlordStudio is a cloud-based property management software designed for individual landlords and small-to-mid-sized property management companies. It offers tools to manage properties, tenants, maintenance, accounting, and reporting all in one place.
Features
Key features of LandlordStudio include:
- Online rental applications and tenant screening
- Online rent collection via ACH or credit cards
- Accounting tools for managing income and expenses
- Maintenance request tracking
- Tenant and owner portals
- Customizable reports and statements
- Integrations with background check services and accounting software
Pros
- All-in-one platform for property management
- User-friendly interface
- Custom pricing based on number of units
- Mobile apps for on-the-go access
- Solid accounting features and reporting
Cons
- Less suited for large property management companies
- Limited customization compared to enterprise systems
- Can't handle some complex accounting needs
Pricing
LandlordStudio starts at $150/month for up to 15 units. Pricing scales up based on the number of units, with enterprise pricing available for 250+ units. It does not charge per-tenant fees.
6. Rentec
Overview
Rentec is a cloud-based property management software designed for residential and commercial real estate. It allows property managers and landlords to manage properties, tenants, maintenance, accounting, and reporting all in one place.
Features
- Online rental applications and tenant screening
- Rent collection with automatic reminders and late fees
- Accounting tools for managing income and expenses
- Maintenance requests and tracking
- Reporting and analytics
- Mobile app for on-the-go access
Pros
- All-in-one platform for managing every aspect of properties
- Customizable reports and dashboard
- Integrates with popular accounting software
- Mobile access for remote management
- Scales for large portfolios
Cons
- Steep learning curve
- Mobile app lacks some functionality of web platform
- Limited integration with other software
- Can be pricey for smaller landlords
Pricing
Rentec offers tiered pricing based on the number of units, starting at $200/month for up to 150 units. Enterprise pricing is available for portfolios over 500 units.
7. Buildium
Overview
Buildium is a cloud-based property management software designed specifically for residential and commercial real estate. It's an all-in-one solution that includes accounting, maintenance, and communication tools to streamline operations.
Features
- Accounting - Built-in general ledger, accounts payable, accounts receivable, budgeting tools
- Maintenance - Online maintenance requests, preventative maintenance schedules
- Communication - Email and SMS messaging to tenants
- Reporting - Customizable reports on financials, occupancy, maintenance
- Mobile App - Manage properties on-the-go
Pros
- Intuitive and easy to use
- Robust accounting and financial reporting
- Customizable workflows and branded portals
- Scales for large portfolios
- Integrates with other software systems
Cons
- Can be pricey for smaller property managers
- Limited integration with screening services
- Mobile app lacks some features
Pricing
Buildium has 3 pricing tiers based on number of units managed:
- Up to 100 units: $219/month
- 101-250 units: $319/month
- 251+ units: $419+/month
8. Yardi Breeze
Overview
Yardi Breeze is designed for property management businesses ranging from small to mid-size and offers comprehensive tools that make managing rental properties and financials simpler. It automates many routine tasks including leasing, rent collection, and maintenance management.
Features
- Rent collection online through various payment methods.
- Automated marketing and leasing tools to quickly fill vacancies.
- Maintenance management with the ability to assign tickets to staff and track progress.
- Robust accounting features, including ledgers, expense tracking, and custom reporting.
Pros
- A highly intuitive interface simplifies daily tasks.
- Extensive customer support and training resources.
- Strong compliance management features to ensure regulatory adherence.
- Comprehensive property management features suitable for both residential and commercial properties.
Cons
- Some features may be excessive for very small property managers.
- Initial setup and training can require more time and resources.
- Pricing can be higher compared to simpler software options.
Pricing
Yardi Breeze offers pricing that starts from $1 per unit per month, with a minimum monthly fee applicable. Pricing may vary based on additional features and services required.
Frequently Asked Questions About Property Management Accounting Software
What is property management accounting software?
Property management accounting software is designed for real estate investors and managers to manage their rental properties.
It helps track income and expenses, manage tenants, collect rent, generate reports, and handle all accounting needs for investment properties.
Key features include tenant screening, maintenance tracking, lease management, accounting, and more.
Which accounting software is best for property management?
Hemlane is considered the best accounting software for property management. It stands out due to its comprehensive set of features designed specifically for property managers and landlords.
Hemlane simplifies the management of financials across multiple properties with tools that support rent collection, expense tracking, and financial reporting, all integrated into a user-friendly interface. Its ability to streamline operations and provide detailed insights into each property's performance makes it an ideal choice for property managers looking to optimize their portfolio's profitability.
What is the best accounting method for rental properties?
For rental properties, the best accounting method is often the accrual basis, and Hemlane's software is excellently equipped for this approach.
Hemlane allows for the seamless integration of bank transactions, enabling real-time tracking and management of all financial activities related to rental properties. It automates the recording of transactions, from rent payments to maintenance expenses, ensuring detailed and accurate financial records.
This functionality is crucial for property managers who require a precise and up-to-date financial overview to make informed decisions about their investments.
