Accountant / Accounting Platform for Small Investor

[Austin Jones]

Hey BP, 

I'm looking to expand but am being overwhelmed by the amount of work required to keep it all organized.  I had one accountant give a quote that was quite high for a small number of properties, and Quickbooks eliminated their desktop platform.  

Does anyone have any quickbooks alternatives that work for class tracking and or can recommend an accountant (ideally in the San Diego area) that would be able to get us going in the right direction?  

I have 7 doors personally and another 4 with a partner in a two member LLC.

Thanks in advance!

-Austin

[Simon W.]

Hi @Austin Jones

I'm a certified ProAdvisor for both QuickBooks Online (QBO) and Xero. I've been working with both platforms for several years now, and I'm happy to share my thoughts on which one I think is better.

Price-wise, Xero is definitely much cheaper than QBO. For the same features, you'll pay around 40% less with Xero.

In terms of features, Xero is just as good as QBO, if not better. Xero has a more user-friendly interface, and it's easier to learn how to use. Xero also has a number of features that QBO doesn't have, such as project tracking and multiple currency support.

I have clients who use Xero, and they're all very happy with it. I've also never had any problems with Xero, so I'm confident that it's a reliable platform.

[Katie Balatbat]

@Austin Jones

I know a bunch of solid CPAs in the San Diego area if you're interested in some references.  Feel free to send me a message if so.

*This post does not create an attorney-client or CPA-client relationship.  Readers are advised to seek professional assistance.

[Basit Siddiqi]

This is often misunderstood and not a true statement.
Quickbooks has many different versions of Quickbooks Desktop of which some have been discontinued. However, there are still versions of Quickbooks Desktop that are available for purchase.

[Scott Trench]

@Austin Jones - As part of the BiggerPockets Pro Membership, you have access to Stessa's accounting and portfolio tracking software included with your membership. It's really good and is right there on your dashboard when you login to BP. I've gone ahead and made you a Pro Member for the next month so you can try it out. 

As for a tax professional - you can find those under the "Build Your Team" tab in the Navigation bar of the site. 

Hope this helps! 

[Bill B.]

Have you looked in to doing this yourself with quicken? I only have 11 doors left but I literally spend less than 2 hours a month on bookkeeping, usually 1. Short of repairs it should be rent coming in and mortgage going out. And those should be automated. Maybe you’re only saving a couple hundred dollars an hour. But the same argument people use for self managing, (nobody will care as much about your property as you.) is definitely true of your accounting. 

[Don Konipol]

Quote from @Austin Jones:

Hey BP, 

I'm looking to expand but am being overwhelmed by the amount of work required to keep it all organized.  I had one accountant give a quote that was quite high for a small number of properties, and Quickbooks eliminated their desktop platform.  

Does anyone have any quickbooks alternatives that work for class tracking and or can recommend an accountant (ideally in the San Diego area) that would be able to get us going in the right direction?  

I have 7 doors personally and another 4 with a partner in a two member LLC.

Thanks in advance!

-Austin

I switched to WAVE for a couple of my less complicated entities.  It’s simple, but somewhat limited.  Enough for the simple stuff though.  

[Ryan Kelly]

@Austin Jones Stessa works great and perfect for a portfolio your size.

[Courtney Duong]

Quote from @Simon W.:

Hi @Austin Jones

I'm a certified ProAdvisor for both QuickBooks Online (QBO) and Xero. I've been working with both platforms for several years now, and I'm happy to share my thoughts on which one I think is better.

Price-wise, Xero is definitely much cheaper than QBO. For the same features, you'll pay around 40% less with Xero.

In terms of features, Xero is just as good as QBO, if not better. Xero has a more user-friendly interface, and it's easier to learn how to use. Xero also has a number of features that QBO doesn't have, such as project tracking and multiple currency support.

I have clients who use Xero, and they're all very happy with it. I've also never had any problems with Xero, so I'm confident that it's a reliable platform.

Hi Simon,

I'm in need of some advice on purchasing QuickBooks Desktop Pro before May 31, 2024 when they stop selling QuickBooks Desktop all together. I'm looking for a version that I can buy outright and continue using without the need for annual subscription renewals. I’ve heard that newer versions of QuickBooks Desktop now operate on a yearly subscription basis, but I prefer a one-time purchase if possible.

Could you please share where and how we are able to buy it? Any tips on avoiding the subscription model would be greatly appreciated.  I use RentalHero to do our bookkeeping so I don't really need this.  However, my son is a first-year accounting major so I think I can get this and train him ahead of time.

Thanks in advance for your help!

[Simon W.]

@Courtney Duong unfortunately I do not have the answer to the QB Desktop. 

Every accounting platform is moving to subscription model sooner or later. It helps them make more money

[Courtney Duong]

@Simon W. Thanks for the answer.  Time to explore Xero, I guess.  I don't mind doing that myself.  Just that QuickBooks is so dominantly used in the accounting world I want to get it so my son (first year accounting major) to learn it while I use it for our business.  The cost of QuickBooks online doesn't justify our usage.

[Simon W.]

Quote from @Courtney Duong:

@Simon W. Thanks for the answer.  Time to explore Xero, I guess.  I don't mind doing that myself.  Just that QuickBooks is so dominantly used in the accounting world I want to get it so my son (first year accounting major) to learn it while I use it for our business.  The cost of QuickBooks online doesn't justify our usage.

 Yup Xero is a good choice. The only thing I don't like about it is the bank sync. Not all banks can be synced.

Go for the 30 day trial and see if it works for you.

[Courtney Duong]

@Simon W. I don't mind not having the bank sink.  I prefer to do it manual actually.  Will sign up for the 30 days trial.  Thanks.

[Max Emory]

@Austin Jones, to @Simon W.'s point, we use QuickBooks Online exclusively for all of our REI Clients but I've heard great things about Xero. It's definitely worth checking out!