As a quit my IT job guy (thanks to passive income >> FI) I caution to not go with a desktop/pc based business tool where if the pc/laptop blew up was stolen you'd loose data. Today with smart phones, the only way to go is with web based tools. QB has web based. Xero is what i hear.
But let me embarrass my self. We self manage 38 rentals, use no accounting tool OR PM tool. None is really needed. Sched Es is the only help one would give us if we needed any help.
Do you need monthly and qtrly P&L? I have to ask why do you, rental business is NOT complicated, few transactions I just don't see the time value. I said "time value". For all the time you spend being diligent punching every single number (else its all a waste) what time have you saved once you've done all that? Made Sched E faster? Honest, I have a much simplier system.
Use Home Depot pro Extra account and HD credit card for repairs. HD emails you the receipt so I can now toss the paper. The PO I give at the cash register is the street number of the house.
My business email is gmail, when I get the HD receipt I move it to a folder, called a tag, named after the house. When I pay contractors, I take a picture of the check and email it to myself with the subject: 123 main st $999 Joe the plumber fix water heater
Then I move that email into the 123 main st folder.
Then in Feb each year, and only then, I go through each folder adding up expenses, improvements (capitalizations) and punch them into turbo tax Sched E for each house.
I don't waste any time with QB or a PM tool. My wife a retired school teacher is a master with fan folded card stock (think grade book) for the rent roll. Shes very efficient, no fussing with a PM tool.
We were going to go with rentec direct but the value $$ never was larg enough for the extra time it takes. We have shaved this down for 38 houses to very few hours per month for ALL functions. I bet some folks spent a few hours a month (maybe a week) just punching their QB system. :)
