business checking & EIN number / Management software

[Stephanie H.]

I am not sure if I am posting this under the correct category but hopefully someone can help. I currently have a few properties and act as the property manager. I run them as a Sole Proprietor but I keep all my banking separate and run it more like a business. When I have a few more properties, I plan to transfer my properties to an LLC.

I have been using Rentec Direct for several years. I can do ach, it automatically does receipts to my tenants, I can do background checks, I keep the signed lease and any information for the tenant in the program, at tax time it’s really easy to submit everything to my accountant… It has been a really helpful tool.

Rentec has changed vendors and now requires a business bank account for ACH deposits but to get a business checking account, you need a EIN number. 

I know you can get an EIN number as a Sole Proprietor but does getting paid rent under an EIN, rather than reporting your income under your SSN, make any tax related changes or does anything else change that I might not be expecting?

A business checking account has fees associated with it, which sucks, but I really like having the ability to be paid by ACH. As a Sole Proprietor, does using a business checking account make taxes different or more difficult? 

Are there other softwares similar to Rentec that you have tried and liked? Does it allow for ACH into a personal account? I have done research on a bunch of them and Rentec seemed to have the most bang for the buck.