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Updated about 3 years ago on . Most recent reply
For Self-Managing Landlords, What Accounting Software do you Use?
I am curious which accounting and bookkeeping packages smaller landlords prefer to use? I have started using Tenant Cloud and have a paid subscription, but I'm having trouble with the accounting reports and bookkeeping. In particular, I'm working on year end financials and can't generate a Profit and Loss statement from their canned reports or a balance sheet.
What other accounting systems do my fellow BiggerPockets colleagues prefer to use for smaller landlords. I only have 5 units and this is my first purchase so I'm managing the property myself for now, but will probably find a property manager in the next year or so. Any thoughts on accounting and bookkeeping platforms that are preferred for smaller businesses? Anyone using TenantCloud successfully to run these reports? How about Quickbooks, however, it seems pretty pricey? Has anyone tried Xero? I could really use some help to make a decision to stick with TenantCloud or to get a stronger package and hear Pros vs. Cons.
Happy New Year to all who have read this far and thanks in advance for any advice you can offer!