Buildium vs Quickbooks; Use both?

Question

Hi BP folks,

Just looking for input on whether Buildium (or any other PM software) can/should be synced with QuickBooks ?  I've been reading a lot of threads on here pertaining to which property management software works best, but so far my understanding is that both of the above offer unique aspects that the other doesn't provide;  Would it make sense to use both?

Shane H. · Answer

They do - as I use it over the years I use more and more of its accounting functionality.  You can track depreciation etc.  Me not being an accounting guru....depreciation was a bit tricky to set up, however they have a few guides, customer support may walk you through it and searching via google will help you put the correct entries.

One item I'd like to see them add is the ability to track mileage.  If they have it in there I've missed it.  With the amount of changes they've made throughout the years I would not be surprised if they have the feature in the pipeline to be added in the future.

Love the online payments and applications.

Simon W. · Answer

I have clients that uses different types of platforms.

I made Buildium as an accounting platform for one of my clients.

I am not sure why people are saying Buildium is expensive when it is cheaper than QBO Plus.

My client went from QBO Advanced to Buildium with my suggestion and I helped him it setup. He was paying $200+ a month for QBO Advanced and now with Buildium he is saving thousands.

I have another client that uses Buildium as his PM platform and he is using it for corporate books.

Landon Mizuguchi · Answer

If I had to chose between Buildium and Quickbooks I'd select Buildium because it is setup out of the box for rentals. This means that you don't need to create new accounts, like rent, and expense categories that are specific to rentals and real estate, but Buildium is expensive and for people with larger portfolios. However, as Dan pointed out Buildium is a property management software with an accounting module.

These aren't your best options for accounting and tax software for real estate. You should also consider Stessa and Digb. Both are real estate focused and setup out of the box for real estate so unlike Quickbooks you don't need to reconfigure everything yourself (or worse pay someone to do this). Unlike Buildium, they aren't property management software. Digb also includes tax filing so this is one of the differences with Stessa. Good luck!

Shane H. · Answer

@Gita Faust

I do complete my own taxes, however even if I did not you could still make the entries if you knew the depreciation schedule/rules and reviewed your previous tax returns.  I dont consider myself that advanced but maybe I am.  Depreciation is easy to figure, however it took me a while to get the double entries down in the books -- ie accumulated depreciation, cost basis etc.

The only thing I need to play around with in Buildium is running financial reports and customizing them so for instance I could run an EBITDA, or a cash flow statement without depreciation figured in etc.  Pretty sure you can do it, just have not sat down yet and put the time in to figure it out.  I remember seeing some new features and emails the past 2-3 months by Buildium touting the fact you can complete customizations to the financial reports you are running.

As far as budgeting and forecasting - something I have not attempted to do however I would not be surprised if it is a possibility.  I think Buildium has more features than most believe, some of the more advanced options just take a while to figure out if it is not your specialty (ie accounting in my case....had to teach myself).  I used Rental Property manager by Quicken years ago and hated it.  It was ok for a newbie like me at the time however it was horrible.  What facilitated my switch to Buildium was I if I recall for a year or two Intuit did not put out any new releases of the software and stopped supporting the version I was using.  I think they should stick to purely tax software and quickbooks.  My humble opinion.  Maybe Intuit's newest version is improved, but speaking to a tech in India or Phillipines when I had a question and waiting on hold was a horrible experience.   I got the impression they considered the rental software an afterthought and it showed.

Gita Faust · Answer

@Paul Choate Not lately. If they do, check it out and see if it works for you. Make a list of the reports you are looking to view. Will you be able to generate owners account and operating account separately?

@Shane H. That is good to know. Thanks. Calculate depreciation only if you are filing your own tax returns. Other wise let the preparer tell you what the amount is. If you do calculate make sure you add a adjustment after you file the tax return if needed.

Can you do budgets, forecast?

Gita

Paul Choate · Answer

@Gita Faust I am currently looking into getting a software program. Buildium claims to have a complete accounting function built into its system. Have you tried it out?

Gita Faust · Answer

Not that I know of. Many property management software are good at automation, portals and work order but lack the accounting functionality. We have worked with practically all 3rd property management software, and our clients have a love and hate relation. And they use QuickBooks too! All that double entry in two software - sometimes I shiver at the thought of the overhead. Cheap is not always good. So make the investment now and it will pay off in the long run. If you switch later, that is another set of problems.

When entering a transaction is easy, but trying to balance, analysis reports is a challenge - Now is the time you need to take an accounting course - learn debits and credits and more.

Pick and choose wisely. That is why you selected to be on Biggerpockets. Wise choice. :)

Samuel S. · Answer

Thanks for your response Dan!

Doesn't Buildium have an accounting function though? If it does, I am assuming it would be much less comprehensive than QB?

Dan Perrott · Answer

Buildium is a property management software and quickbooks is accounting software.  Each is for a specific use and would complement each other.

Buildium vs Quickbooks; Use both?

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