Best Accounting Software for STRs with Multiple LLCs?

Question

Hi everyone,Anyone have any recommendations for an accounting software that can handle multiple properties across multiple LLCsfor short term rentals? I'd want it to be able to generate P&Ls and Balance sheets for separate properties, and be able to accommodate multiple LLCs on one login.

I have a few short term rentals across the United States which are in multiple different LLCs. I currently use Quickbooks for accounting but can get tricky when having multiple entities for tax purposes. I don't want to use the classes/locations as it's not exactly good for tax filing on multiple LLCs.

I've heard of Stessa, AppFolio, Buildium, etc. but a lot of them feel tailored towards LTRs and rent collection.

Thank you in advance.

Account Closed · Answer

I setup one QBO (Quickbooks Online) account to handle multiple LLCs.  My P&L from QBO has the properties listed under each LLC. You can google how to set it up for multiple LLCs (it is how I figured it out). It is how you setup Classes and Locations.

Landon Mizuguchi · Answer

Was using QBO. Once I got a second LLC and STR it wasn't easy to manage by myself or setup without hiring someone so I looked at Stessa and Digb. Eventually went with Digb because they also handle taxes.

Sarah Kensinger · Answer

Most STR owners with multiple LLCs use their PMS and then create their own spreadsheets. You could also find some spreadsheets already created on Etsy that only cost $10-20.

Andrew Steffens · Answer

Do you use a PMS?  Most PMS can handle that.

Ben Trageser · Answer

@Ronit Lodd as a tax professional, I’ve seen people use all types of methods. Stessa, Quickbooks, manual spreadsheets. It all depends on what works best for you. I haven’t found one where it is significantly better than others. Hope you find something that works well for you!