March 26, 2019
QuickBooks vs. Property Management Software
Managing properties has its distinct challenges. You need to market your vacancies, oversee the leasing cycle, collect rent and supervise an array of services, including building maintenance and landscaping.
In an effort to simplify, some property managers and landlords use QuickBooks to handle their finances. They can set up each unit as a customer and each tenant as a job, and use the software to track new owners, issue monthly statements and automate invoices.
At a glance, QuickBooks might look like a good solution. But it’s only designed to help with general finances. Property management is much more complex and goes far beyond financials.
When it comes to overseeing multi-unit rental properties, it’s essential that you have a system in place to help you perform several key functions.
Your software solution must enable you to:
Centralize and Digitize Information
Property managers don’t have time to dig around for information. You need everything consolidated in one secure online hub that you – and your team – can access 24/7. Out-of-the-box accounting solutions only handle one aspect of your business line: accounting. With the right property management software, you’ll be able to oversee maintenance issues and rent collection, and easily share relevant data with staff, contractors and tenants.
Effectively Manage Maintenance
Unlike QuickBooks, industry-specific software makes it easy to move the entire maintenance request process to the cloud. From submitting service requests to issuing work orders to tracking progress, you can make sure that repairs are handled promptly and properly. The right software also enables you to keep tenants in the loop and to monitor contractor performance, ensuring transparency and accountability. And it does all that while cutting back on time-consuming paper-based requests.
Efficiently Collect Rent
Of the many property management functions, rent collection might seem like the best fit for QuickBooks. After all, it provides automation for general accounting. Yet it can’t automate everything else that goes into the process, such as sending out new owner welcome packages. QuickBooks is an effective accounting tool, but property managers require more comprehensive software that can automate the entire collections process and handle the complexities of rental property management.
Establish Strong Communication
Good communication is key to maintaining positive relations with renters, contractors and staff. Whether it’s for routine maintenance announcements or holiday greetings, you need an effective channel to communicate with your team, and they must be able to reach you as required. Property management software includes a portal that allows for easy communication via email or SMS, so users can employ their device of choice: desktop, tablet or smartphone.
Property Management Software: The Solution You Need
Property managers and landlords will see lasting benefits through Property Vista. From keeping information secure but accessible, to managing the company website, to maintaining regular communication with tenants, our property management solution helps ensure success by streamlining processes. Customer satisfaction improves, and property managers can free up more time to focus on big-picture growth. See our pricing and arrange a demo.