What Accounting Software Do You Use?

[Jason DeMauro]

I am just getting going with my real estate business, and I was wondering what people are using to manage their bookkeeping.  I have been suggested Quickbooks and Xero, but was wondering if there are any others I should consider.  Is one better tailored to the real estate business than the other?  Are their others I should be considering? 

What do you use?  

[Cara Powers]

It depends on what your real estate business does. As @Bill Hampton wrote, Stessa is free and is great if your doing your own property management. If you hire a property manager for buy and hold, you can get away with spreadsheets. If you have a fix and flip business, use QuickBooks Online’s project accounting features  QBO automatically imports bank transactions.

You don’t need a CPA to do your bookkeeping; you’ll pay through the nose. You absolutely do need a bookkeeper who knows real estate accounting, especially if you use QuickBooks. I make most of my money cleaning up people’s books after they’ve made a mess of them trying to do it themselves