Property Management Banking

[Venkat K.]

Hi,

I have been struggling with general property managing with regards to banking, rent collections, invoice payment, accounting and year-end tax preparation for last few years. None of the solutions seem to be complete in that regard. 

Traditional banks to some extent offer invoice payment through online BillPay, ACH etc., but none of them to offer rent collection features.  Also, I always wished that these banks offer a way to add tags to all transactions so that it becomes easy to generate reports and do year-end accounting. I know QuickBooks does offer these features but setting it up for this purpose is challenging since is not designed for the task.

General property management systems do the above to certain extent, but their main focus hasn't been accounting and banking integration and ease of use.  

Due to above issues, I have been researching into options and stumbled upon on this: Landlord Banking: What is the Best Bank Account for Landlords? (landlordgurus.com). Looks like these apps are very appealing for the above purpose. They not only offer the above-mentioned features, but also their own banking (I still need to check if they are FDIC insured and regulated), in terms of ease of creating multiple accounts, free checking accounts, and great interest rates on balances in checking accounts. It seems to be too good to be true, so I thought I will run it by here to see if anybody uses any of the systems mentioned in that article. I think they are trying to capture market share of landlord segment of banking by offering all these features for almost free of cost, and more.

Do you use any of the above systems? If so, so far how has it been going?