Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Managing Your Property
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago on . Most recent reply

User Stats

17
Posts
6
Votes
Noam Birnbaum
  • Oakland, CA
6
Votes |
17
Posts

Alternatives to Quickbooks for financial records?

Noam Birnbaum
  • Oakland, CA
Posted

Hey y'all,

I've been running a small (non-R.E.) business for many years, so I'm no stranger to what it takes to manage a small business's finances. I'm also no stranger to Quickbooks, because that's what I've used for decades.

But, there are some unique details about R.E. that make me wonder if there's a better option besides Quickbooks.

If a landlord holds multiple properties and each one is in its own LLC, you probably should use a separate Chart of Accounts for each LLC in order to avoid piercing the corporate veil. (In Quickbooks Windows, this would mean a separate data file for each.)

And yet, there are portfolio-wide considerations that you want to take into account: Some expenses will be spread across multiple properties (for example, your BP and Rentometer membership fees, right?). 

Also, while you should regularly run reports for each property to determine your profitability and cash positions, I also want to run portfolio-wide reports to view aggregate trends for the entire portfolio. And so, keeping each property in a separate Chart of Accounts might not be convenient.

Got any thoughts on this? What do you use to manage a portfolio of multiple LLCs? How do you keep your cash and your books separate, but make it easy to view aggregate portfolio data? How do you arrange things to keep the corporate veil whole?

Thanks!

Loading replies...