Do I need Quickbooks? Isn't there something better? or cheaper?

Do I need Quickbooks? Isn't there something better? or cheaper?

Rental Property Investor · Memphis, TN · Member since 2015 · 203 posts · 135 votes

I'm a wholesaler from Memphis and lately I've been using an app, Expensify, to help track expenses and mileage.  It's fair but not very professional and it doesn't integrate with anything else.  

I drive a lot to look at property, market a lot, spend some money on a data plan, buy office supplies.  Occasionally I'll go out to eat with an investor. Things like that.  I'd like to be able to keep track of expenses and income, come up with P&L's, do a little analysis, generate expense reports, and generally manage my finances as a wholesaler so that taxes are easier to figure out next year.  

Most of what I do is by assignment.  I don't do sub2.  Maybe a double close. I'm working towards buy and hold rentals but I think I need to keep the two income/expense streams separate, right?

I'm considering Quickbooks Self Employed but is there anything else out there?  Anything better?  What do you use and why?

Thanks,

Ben

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Curt DavisBusiness Member
Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
9y

honestly your not doing enough volume to really need quickbooks unless you just want to have nicer forms to give to your cpa. 

Keep up on your excel and you should be good to go.

Just my opinion 

Curt Davis - KAIZEN Realty538 Reviews
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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    9y

    honestly your not doing enough volume to really need quickbooks unless you just want to have nicer forms to give to your cpa. 

    Keep up on your excel and you should be good to go.

    Just my opinion 

    Curt Davis - KAIZEN Realty538 Reviews
  • Rental Property Investor · Grand Rapids, MI · Member since 2017 · 113 posts · 91 votes
    9y

    Hi Ben,

    I use Quick Books online (QBO) so my accountant can access the books and I can also have my debit card automatically upload all purchases made (with the card) to my QBO. About $30.00 per month, very simple to use and set up. They can also do my reconciliation from their end and prepare my 1099’s at year end.

    I also have QB desktop for three other business I own. QB online you can only run 1 business with 1 subscription – QB Desktop, you can run several business but your accountant can’t access it via the web (if that’s important).

    I also drive a ton but just keep a pre-printed form from MS Excel that I track my mileage with. I simply give the total mileage at the end of the year to my CPA and he works his magic!

  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    Hi, @Ben Roberts.

    I like both of the answers above. My personal experience is more like @Scott F., but I completely agree with @Curt Davis that if you're not getting any bigger then what you've got now is fine.

    That said, QB is definitely more scaleable if you grow or want someone else to help with your books. 

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  • Rental Property Investor · Memphis, TN · Member since 2015 · 203 posts · 135 votes
    9y

    Thanks for the advice @Curt Davis, @Scott F., and @Douglas Skipworth

    I'm sure QB is overkill right now, but I expect to grow this year.  I'm worried that if I wait until I need it, the process would be more challenging.  Plus, this is still the beginning of the year.  Getting off the ground shouldn't be too hard.  QB seems to be the standard.  I suppose that's for good reason.

  • Rental Property Investor · Grand Rapids, MI · Member since 2017 · 113 posts · 91 votes
    9y

    Hi @Douglas Skipworth,

    Thank you for the kind words, and thanks for the Jay Papasan’s book I’ll have to pick that One up, (pun intended)!

  • Rental Property Investor · Grand Rapids, MI · Member since 2017 · 113 posts · 91 votes
    9y

    Ben Roberts

    @Ben Roberts

    Starting small, implementing rules and procedures is a recipe for success. Plus it will allow you to make the mistakes you’re bound to make in QB before they become fatal. There are a ton of books and YouTube videos on QB so you shouldn’t have too many problems. PM me if you need help or one of the CPA / Accountant’s on BP for more in depth help.... and probably the correct answer :o).

  • Rental Property Investor · Salem, OR · Member since 2016 · 202 posts · 305 votes
    9y

    @Ben Roberts I've used quicken products since there introduction and keep records for three landlords with quick books pro now.  Until you reach the buy and hold Stage I personally think a good spreadsheet, a cash back credit card with paper statements, and that new mileage tracking app I see on tv would be much simpler than quick books.

    Just my opinion

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