Flip & Buy-Hold Bookkeeping

[Matthew Rembish]

For those who are flipping houses and buying rental properties, what are you using to keep track of everything? I’m a little old-fashioned and still use my spreadsheets but I plan on boosting the volume on both fronts this year and need something that’s going to keep up and maybe be a little more advanced and user friendly. Any suggestions? I’ve been looking into Quickbooks but I don’t like the fact that you have to pay a monthly fee. Seems like everything uses that though, so if that’s what’s most appropriate, which version is best? Looking for any feedback as this is an aspect of my business that could use some improvement. Thanks!!!

[Dan V.]

@Matthew Rembish   Quickbooks is a powerful software, if set up right, along with proper accounting procedure. Either version (desktop or online) will work and your decision will depend on your goals. 

Here are few pros & cons for each version if you are leaning towards QB:

Online

Pros: Accessible anytime, anywhere with internet and also has a mobile app. More flexibility in accountant/bookkeeper to use as more and more remote accountants prefer this version. Data is real time. 

Con: Costly. You will need Plus version which is $60/month. You can get discounts though, just ask your accountant. Also, you may need to have a separate subscription for each entity. 

Desktop

Pros: Cheaper. One time fee. You may need to update after few years as some features (like online banking) may not work for older versions. I also heard people like some customization options which is not available in online. You can use it for as many entities as you'd like. 

Cons: Limited access you need to have it installed on your computer. If you want other to have access, you will need to provide them a copy, or you will let them remote into your PC. There are available options for cloud hosting too, but with a fee of course. Potential data loss may also occur (computer crash) so make sure you do regular backup outside your pc. You may be limited to local accountants or somebody who supports your desktop version.