QBO worth the monthly fee?

[Shodhan Patel]

Hello Fellow BPers I am in need for help! I have couple of rentals and currently use excel to track PL and B/S. Unfortunately I had many mistakes as this is first year that I own rentals. Fortunately I’ve a great accountant who fixed all my mistakes. They are recommending that I use QBO going forward as it will make things easy for me and them. Hence saving me in accounting fees. I wanted to get a sense from others on this idea. Is it worth spending $750 a year for QBO? I do hope to build my portfolio as time moves along. Thanks for your input! Sam

[Daniel H.]

Couple notes here. 

1. QBO is the way to go, however combining it with the knowledge and know how of a good accounting team / partner who knows how to really set it up and pull value out of it is critical when first getting started with it.   I do alot of the "work" in QBO right now, but did partner with our accountant in the beginning to setup it up right from the start.

2. Ask your accountant if they can get your wholesale pricing on the QBO, while I can't officially quote you... i can tell you we pay 35$ a month and not the full 60$ a month for our service.... the all in cost to 420 a year if that helps you.  We were able to get this pricing because our Accounting team set up the service and then bill us monthly instead of setting it up on our own... it is the only way to get wholesale pricing.   Ask your accountant or go see @Brandon Hall and his team... we are current clients of theirs and are loving them as our accounting team and business partners as our Portfolio grows. 

3. We currently manage our portfolio of 10 Properties, 15 Doors with QBO and will never look back, happy to answer any other questions.

-Dan