The 10 Best Real Estate Accounting Software for 2024 – Tested & Reviewed

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When managing a successful real estate business, it’s important to have accounting software that caters to your specific needs. The right software is essential for tracking real estate income, expenses, and tax deductions and generating comprehensive financial reports. Some real estate professionals prioritize property management features like reliable payroll, invoicing, or analytics, while others seek seamless integration with other business tools.

That’s why we’ve compiled a list of the best real estate accounting software available. Explore our recommendations to find the perfect fit for your real estate accounting needs.

FreshBooks - Best accounting software for small businesses

60% off for first 4 months
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Zoho Books - Cost-effective accounting for SMBs

14-day free trial
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Xero - Feature rich accounting for established businesses

70% off for 6 months
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QuickBooks - Most popular one-stop-shop solution

70% off for first 3 months
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TurboTax - Beginner-friendly all-in-one tax solution

Custom pricing
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Xendoo - Personalized accounting for small US businesses

10% off on yearly plan
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Sage - Solves complex problems for enterprises

First 2 months free
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Melio - Free iOS payment management system

Transaction fees only
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Oracle NetSuite - First-grade business management platform

Custom pricing
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Bonsai - Simple financial management for creatives

First 2 months free
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The Best Accounting Software for Real Estate

  1. FreshBooks: Best for small and real estate startups
  2. Zoho: Best for rental properties with unique integrations
  3. Xero: Best for real estate agencies
  4. QuickBooks: Best for expense and income tracking
  5. TurboTax: Best for filing taxes
  6. Xendoo: Best for professional bookkeeping
  7. Sage: Best for automatic data management
  8. Melio: Best for rent and lease payment simplification
  9. Oracle NetSuite: Best for large real estate businesses
  10. Bonsai: Best for self-employed real estate professionals

The Best Accounting Software for Realtors Reviewed

We’ve thoroughly tested the best software for real estate accounting based on its pricing, key features, ease of use, users’ reviews, and compatibility. Further down this review page, we explain how we test software to help you understand our approach in detail.

1. FreshBooks – The Best for Small and Real Estate Startups

FreshBooks Logo

Best For Small and real estate startups
Free Trial Yes, 30 days free trial
Price From Starting from $19/month
Top 3 Features User-intuitive interface, Accounts Aging Report, Client Management
Why We Picked It

FreshBooks is our top choice for the best small business accounting software due to its user-friendly platform and unrivaled feature set, which includes mileage tracking, time tracking, invoicing, and client management. This saves realtors time and allows them to be paid faster. FreshBook also fosters quick payment. Melio is the only close competitor for swift payments like FreshBooks, as it also provides seamless payment alternatives and invoicing for the real estate industry.

Features
  • Time Tracking: FreshBooks allows you to log the hours you’ve spent on each customer, project, or call, simplifying billing and providing a clear picture of your team’s performance.
  • Mileage Tracking: When you drive or move around for business purposes, you can deduct the cost at tax time with the help of FreshBooks’ mobile app mileage tracking. FreshBooks Mileage Tracking automatically records each journey and maintains your travel history.
  • Invoice Details: You can examine invoice reports via the FreshBook dashboard to see if and when your client has paid. You may also speed up operations by using filters searching by the client and determining if they are past due in a single report.
  • Client Management: We love how FreshBooks Client Management Portal fosters client communication and openness, keeping your clients engaged while you work on their projects. The client interface allows you to comment, engage, share files, and build long-lasting relationships. This is a standout feature that distinguishes FreshBook from its competitors, like Zoho Books.
  • FreshBooks Mobile App: The FreshBooks mobile app allows you to stay connected to your clients and team while on the go, send invoices, track spending, and check on project status.
Pricing Plans

FreshBooks offers four plans for micro-to-small-sized businesses across different industry types.

Plan Lite Plus Premium Custom
1 month $19/month $33/month $60/month Quote-based
1 year $205.20/year $356.40/month $648.0/month Quote-based
  • Lite – This subscription is ideal for freelance realtors who manage 1 to 5 clients since it includes key features like unlimited tracking, accessible tax reports, unlimited estimates, and the ability to send unlimited invoices to 5 clients.
  • Plus – This plan is for self-employed realtors. The plan features sending unlimited invoices to up to 50 clients, recurring invoices, client retainers invoices, accountant invite access, financial reporting, and unlimited proposals.
  • Premium – This plan contains advanced features for business with contractors. Its offers include managing unlimited clients, setting up recurring invoices, tracking project profitability, and all of the Plus plan’s features.
  • Custom – This plan includes everything in the premium plan and data migration, automatic bill capturing, dedicated customer support, and adding 2 team members. This plan is designed for companies with many employees.

FreshBooks’ price plan is designed to cater to small businesses and scale with them. Although its advanced features could suit growing small companies, FreshBooks can become expensive as you add more team members, yet it is still less priced than the majority of its competitors like Sage or Xendoo. With its 30-day free trial, you can try FreshBooks risk-free today to improve your real estate business’s financial management.

Who's It Best For?

FreshBooks accounting software is ideal for small to medium-sized real estate portfolios and landlords with a few properties. Its simple accounting functions help small real estate management companies handle their finances.

Pros pros

  • Detailed revenue, tax, and expense reports
  • User-friendly interface
  • Customizable invoicing
  • Easy to track expenses

Cons cons

  • Limited number of clients with affordable plans
  • Lack of forever free plan
  • Not suitable for tracking multiple properties
  • Inability to add team members and an accountant to the affordable plan
  • Possible slowdowns when handling large amounts of financial data

Read our full FreshBooks review

2. Zoho – Best for Rental Properties Unique Integrations

Zoho Books Logo

Best For Rental properties’ unique integrations
Free Trial Yes, 14 days free trial and free plan
Price From Starting from $15/month
Top 3 Features Real Estate-Specific Integrations, Users Management, Advanced integrations and extensions
Why We Picked It

Zoho Books made our list of the best real estate accounting software because of its features, flexibility, and integrations, which enable different businesses to personalize the solution to their own business needs.

Zoho, for example, allows small-to-medium-sized enterprises with multiple properties to set up property-specific sub-accounts, allowing them to maintain separate financial and tenant records for each. It also has some handy integrations that aid with property management processes, such as Zoho Sign, Zoho Expense, Zoho CRM, and Zoho Projects. In comparison to competing real estate accounting software, such as FreshBooks, Zoho Books provides a forever-free plan and integrations that make property management easier.

Features
  • Real Estate Integrations and Extensions: While Zoho does not have real estate-specific functionality, its integrations and extensions enable different organizations, such as property management, to manage and oversee all aspects of their operations. We love that Zoho’s integrations are available for free.
  • Customer Portal: This feature lets your clients update their personal information, receive notifications when they interact with your invoices, and quickly make payments.
  • Document Scanning: Zoho’s document scanning tool allows you to automatically capture data from real-life receipts/documents and connect it to online transactions. You can also use the auto-scan feature to transform documents into invoices, costs, bills, sales orders, and purchase orders.
  • Easy configurations: Zoho Books provides valuable tools to explore how Zoho works further. You can customize payment gateways, charts of accounts, client portals, payment reminders, responsibilities, and permissions to meet your specific business needs. Comparing Zooho’s configuration with NetSuite, Zoho doesn’t need advanced technical knowledge.
  • Detailed Reports and Analytics: You may use Zoho Books advanced analytics to build informative reports and dashboards for in-depth financial analysis, track important financial KPIs, and generate customized reports from various sections. All of this is available with the free plan, as opposed to FreshBooks, which only provides basic reporting information.
Pricing Plans

Zoho Accounting has five paid plans to accommodate everyone, from entrepreneurs to small and medium-sized businesses. Below are the price plans in detail.

Plan Free Standard Professional Premium Elite Ultimate
One month $0/month $20/month $50/month $70/month $150/month $275/month
1 year $0/month $15/month $40/month $60/month $120/month $240/month
  • Standard – This plan suits growing property businesses managing a few properties. This plan offers features such as everything in the free plan with the management of up to 5,000 invoices, an opportunity to add three users, reporting tags, transaction locking, journal templates, custom reports, and predefined user roles.
  • Professional – This plan suits small property developers with more portfolios that need advanced features. The professional plan includes everything in the standard plan, including project expenses and invoice tracking, project-specific task creation, multi-currency contacts, 25 custom reports, and timesheet approval.
  • Premium – Larger property management businesses or growing ones with complex accounting needs can leverage this premium plan. The plan offers all the features of the Professional plan, with a custom domain, 50 custom reports, cash flow forecasting reports, and integrations with services like Twilio and Zoho Sign.
  • Elite: This plan suits sizeable real estate management organizations that need Advanced Inventory Control and unlimited custom reports. ZohoBooks excels at its inventory management feature, which FreshBooks needs to improve.
  • Ultimate: This plan allows 15 users, and it’s for realtors who need advanced features like Advanced Analytics with the Elite plan.

Although Zoho Books limits the number of users per plan, it has some of the most affordable additional user slots at $2.50 per user per month.

Who's It Best For?

Zoho Books is ideal for real estate management companies with limited budgets but needs robust accounting functionalities and the ability to scale as their business grows. Zoho Books is inexpensive and has a free and affordable subscription plan, making it appropriate for small property management organizations, solo landlords, and developing realty businesses.

Pros pros

  • Zoho integrations help with managing tenant information and communication
  • Strong accounting functions
  • Offers among the best project task planning solutions
  • Beginner-friendly interface and free plan

Cons cons

  • Limited integrations
  • Advanced features require extra fees
  • Subscription cancellation may require reaching out to support
  • Possible system bugs
  • Customer support availability may be inconsistent

Read our full Zoho Books review

3. Xero – Best for Real Estate Agencies

Xero logo

Best For Real estate agencies
Free Trial Yes, 30 days free trial
Price From Starting from $29/month
Top 3 Features Unlimited Number of team collaboration, Customer Reports, File Storage & Sorting
Why We Picked It

Real estate agencies need robust bookkeeping software that may allow them to manage other business processes. As a result, we chose Xero as one of our best real estate accounting software because it allows real estate agents/agencies to track client interactions and manage their finances.

The most notable advantage of using Xero is its unlimited users across all pricing options and advanced integration features. While nearly all of our competitors, including FreshBooks and Bonsai, provide dedicated self-service apps for Android and iPhone, only a few can match Xero’s quality offers. Its extensive features are available on the smartphone client, allowing you to conduct your real estate business while on the go. This makes data accessible on all devices.

Features
  • Business Snapshot: You can create a business snapshot at any moment to detect and compare patterns over different periods and track KPIs like income and expenses at a glance.
  • Customer Reports: Xero will display how long each customer takes to pay, whether they have any unpaid or delayed invoices, or if they are awaiting an invoice.
  • File Storage: Xero provides a cloud document manager that lets you upload bills, receipts, purchase orders, or other documents to attach to invoices or contacts. This feature allows you to manage and access your files anywhere and on any device.
  • Property Management Integrations Support: With Xero applications, you can manage rentals and sales with automated integrations, which allows you to handle contracts, compliance, and payments directly from your Xero account. With Xero’s over 1000 third-party app support, we can say that Xero offers more than its competitors like Zoho, Sage, and FreshBooks. You can undoubtedly find a property-focused app to help you run your real estate business among the many available options.
  • Project Management: Xero enables seamless project management, allowing you to manage and monitor projects that are in progress or closed. You can also invite others and assign them roles to help manage projects.
Pricing Plans

Xero offers three pricing options to fit all business needs, including all accounting essentials. You can use Xero risk-free today with its generous 30-day free trial.

Plan Starter Standard Premium
1 month $29/month $46/month $62/month
  • Starter – The Starter plan is suitable for landlords or very small property management companies with limited properties. The plan features basic invoicing (Send quotes and 20 invoices), five bills, expense tracking, short-term cash flow, and bank reconciliation features, allowing you to manage financial tasks mainly.
  • Standard – This plan is ideal for growing real estate agencies with a few properties. The Standard plan offers everything in the Starter plan: unlimited invoices, bills, short-term business snapshots, and bank transactions.
  • Premium – This plan caters to established real estate agencies with a more extensive portfolio. The Premium plan features everything in the Standard plan and multi-currency support.

All of Xero’s pricing options are designed to simplify accounting for businesses, allowing realtors to manage all of their accounting in one platform. Xero is outstanding accounting software; however, unlike other reviewed software for property management, such as Sage, it only provides basic inventory management.

Who's It Best For?

Xero accounting software is ideal for real estate businesses looking for a scalable and user-friendly accounting solution, as its pricing plans are tailored to varied business needs. Like Zoho Books, Xero excels in accounting functions such as invoicing, expense tracking, and reporting, which are critical for managing rent payments, tracking property expenses, and analyzing profitability.

Pros pros

  • Unlimited users for all plans
  • Secure cloud backup
  • Excellent mobile apps
  • Integration support for property management software

Cons cons

  • Lack of built-in debtor-chasing feature
  • Users have reported challenges with Xero’s customer service delayed response
  • Performance issues with the software
  • Advanced features like project tracking come at an extra fee
  • Possibility of sudden price increase

Read our full Xero review

4. QuickBooks – Best for Income and Expense Tracking

QuickBooks Logo

Best For Income and expense tracking
Free Trial Yes, 30 days free trial
Price From Starting from $15/month
Top 3 Features Online Payments, Project Profitability, Workflow Automation
Why We Picked It

QuickBooks is the leading accounting software for real estate expenses and income tracking. It allows you to establish custom expense categorization rules and sync its platform with your bank account, credit cards, PayPal, and Square, among others. This feature is particularly beneficial for real estate investors who need to manage large rental portfolios and maintain precise financial records for tax preparation.

It enables your real estate accountant to individually analyze your marketing costs, property-related expenses, and maintenance fees, providing detailed insights into each property’s profitability—a crucial aspect for real estate investors aiming to manage their assets effectively. Unlike most competitors on our list except for Sage, QuickBooks provides a free guided setup for first-time users.

Features
  • Online Payments: QuickBooks allows you to collect payments instantaneously online by creating payment options directly through invoicing.
  • Project Profitability: Dashboards and reports allow you to track labor costs, payroll, and other expenses to estimate project profitability.
  • Workflow Automation: QuickBooks’ workflow automation allows you to set up reminders for due-date transactions such as payments, deposits, and invoicing—schedule follow-up emails for clients when their money is received, and route bills through pre-defined approval channels.
  • Scalability and Affordability: As your company expands, QuickBooks allows you to scale with different price plans that accommodate advanced business needs without overspending.
  • Income and Expense Tracking: QuickBooks assists you in managing all of your business’s income and expenses to better understand your company’s overall financial health. As a realtor, you’ll better understand property taxes, maintenance charges, and any other costs and income.
Pricing Plans

QuickBooks has four subscription rates to fit every business, from sole proprietors to small businesses. Its current offers allow users to save 50% off for 3 months.

Plan Simple Start Essentials Plus Advanced
1 month $15/month $30/month $45/month $100/month
  • Simple Start – This basic plan is ideal for freelance or solo realtors with a limited number of properties. It offers invoicing, expense tracking, bank connection, insights and reports, and one user with an accountant’s permission.
  • Essentials – This plan is best for small businesses with fewer team members as the plan offers all Simple Start features, bills and payments management, multi-currency, employee time tracking, and adding up to 3 users with an accountant.
  • Plus – This higher-tier plan is ideal for growing realty businesses with a few portfolios. It includes everything in the Essentials plan, along with budget management, inventory tracking, recurring transactions, and the ability to add up to 5 users. Inventory tracking can be beneficial for monitoring renovation or maintenance projects on different properties.
  • Advanced: This is a comprehensive plan for larger businesses with advanced needs. It offers powerful reports, batch invoicing, workflow automation, up to 25 user access, and premium support.

QuickBooks pricing plans provide a scalable and inexpensive choice for businesses of any size. You can try QuickBooks risk-free today with its 30-day free trial.

Who's It Best For?

QuickBooks is an excellent choice for realty businesses looking for an accounting solution with unlimited invoicing opportunities and robust accounting capabilities. QuickBooks accounting features such as invoicing, cost tracking, and reporting can help with rent payment administration, property expense tracking, and profitability analysis.

Pros pros

  • Unlimited invoicing is available on all tiers
  • Affordable plans for all business levels
  • Excellent customer support
  • Numerous add-ons and integrations to support realtors

Cons cons

  • Limited users per plan
  • Lack of real estate-specific accounting features
  • Errors in VAT calculations
  • Lack of tracking for unpaid deposits
  • System instability

Read our full QuickBooks review

5. TurboTax – Best for Filing Taxes

Turbotax Logo

Best For Filing taxes
Free Trial Yes
Price From Custom
Top 3 Features Guaranteed Accuracy, Expert Guidance, Final Review
Why We Picked It

We chose TurboTax as the best option for tax filing as it excels at filing your taxes on time and navigating the tax complexities of the real estate industry. TurboTax experts can guide you through property taxes, claiming depreciation on your rental property, reporting rental income and expenses, and reporting capital gains or losses from selling properties.

The software might not fully replace dedicated accounting software like Bonsai or Xero, but it offers some of the best tax filing services, including a step-by-step guide on how to file your taxes. Additionally, you can pay for an expert real estate accountant evaluation of your tax filing or a full accounting service, ensuring your compliance.

Features
  • Guaranteed Accuracy: When you use Turbotax for tax filing, including sales tax, the platform assures 100% accuracy and offers to pay IRS penalties in case of errors. With this, you can be confident that your taxes will be done correctly and efficiently.
  • Expert Guidance: Turbotax’s trained human professionals will walk you through the filing process, ensuring that you complete all necessary paperwork. These individuals have spent a significant amount of time in the financial industry.
  • Final Review: You can engage a Turbotax specialist to assist you in correcting any errors and explaining your taxes before you file them.
  • AI-powered assistance & Free Audit: Turbotax provides free one-on-one audit advice year-round from their qualified and knowledgeable tax staff. You can also leverage Turbotax AI to get rapid and personalized responses anytime you need them.
  • Guaranteed Refund: Turbotax evaluates hundreds of tax deductions to uncover every tax deduction and credit you qualify for, resulting in the highest tax refund.
Pricing Plans

Turbotax is a specialized accounting platform for personal tax filing that offers general accounting software functions for free. This means you can explore its interface and in-app accounting features without committing to a subscription because you only pay when you file.

Plan Do Your Own Taxes Assisted Full Service
Custom $0-$129 $89-$219 Starting from $129
  • Do Your Own Taxes – This plan is designed for individuals or solo businesses who are confident in their ability to do their taxes without external assistance from Turbotax. It offers 100% accurate calculations, a minimum refund guarantee, and easy scan and upload.
  • Assisted – This plan involves expert help as you do your taxes. It features everything in Do Your Own Taxes with expert approval, unlimited help from real tax experts, specialist review, and support. This plan is suitable for small businesses that need expert assistance in filing their taxes accurately.
  • Full Service – This is a full expert service plan that takes your hands off the taxing processes. It is suitable for realtors managing many properties who would love to focus on other business processes while experts manage their tax processes for them.

Turbotax does not have a monthly subscription and instead allows you to pay as you go. Turbotax focuses solely on tax filing, unlike some of our tested accounting tools, such as Xero or Zoho Books, which do more than just tax management.

Who's It Best For?

TurboTax is ideally suited to assist individuals or solo realtors in doing their tax forms, which includes reporting rental revenue. However, it lacks extra accounting functionalities, such as invoicing and spending tracking, which are needed for continuing real estate accounting. As a result, real estate firms that need expert-level tax filing software, in addition to any real estate bookkeeping software, can use Turbotax.

Pros pros

  • Well-designed interface
  • Numerous integrations
  • Full service for business taxes
  • Reliable expert advice on filing property taxes

Cons cons

  • Lack of features catering to invoice and expense tracking
  • Expensive compared to its competitors
  • Limited in handling complex and large business tax
  • Data security concerns with entrusting sensitive financial information online
  • Error with the system when uploading/transferring information

Read our full Turbotax review

6. Xendoo – Best for Professional Bookkeeping

Xendoo Logo

Best For Best for Professional Bookkeeping
Free Trial No
Price From Starting from $395/month
Top 3 Features Multi-Entity Accounting, Collaboration Tools, Data Security
Why We Picked It

Xendoo made our list of the top real estate accounting software because it provides real estate enterprises with a customized solution for successful financial management, bookkeeping, taxation, and expert guidance. It is appropriate for organizations in various industries, including real estate, because it can solve industry-specific requirements.

Unlike Turbotax, which focuses primarily on tax filing, Xendoo assists you in catching up on accounting operations, bringing your financials up to speed even if you are a few months or years behind.

Features
  • Multi-Entity Accounting: Xendoo is ideal for realtors with several properties because it allows you to track the performance of individual assets and all the properties you manage.
  • Collaboration Tools: Xendoo promotes team collaboration by allowing several users to access and operate on financial data simultaneously.
  • Data Security: Xendoo highly values data security, using encryption and other security measures to protect critical financial and business information from third-party actors.
  • Dedicated Bookkeeping Teams: Xendoo provides skilled bookkeepers to assist businesses in managing their financial operations. Each week, Xendoo’s team of professionals digitally balances business spending and presents you with financial reports, giving you complete visibility into your company’s financial health.
  • CFO Services: Xendoo connects you with professional part-time CFOs who can help you grow your business by developing financial strategies, creating budgets, monitoring cash flow, and raising money.
Pricing Plans

Xendoo does not provide a free trial or plan, but it does have a 30-day money-back guarantee, allowing you to experience its services risk-free.

Plan Essential Growth Scale
1 month $395/month $695/month $995/month
1 year $355/month $625/month $895/month
  • Essential – This plan is dedicated to realty businesses that need bookkeeping assistance for up to $50K in monthly expenses. It features Up to 4 bank/credit card accounts, weekly bookkeeping, a dedicated bookkeeping team, a cash basis, and one integration.
  • Growth – This plan is suitable for businesses that need bookkeeping assistance for up to $75K in monthly expenses. It features everything in the Essential plan with up to 6 bank/credit card accounts, cash or modified accrual, semi-annual tax consult, and 2 integrations.
  • Scale – This plan is designed for bookkeeping assistance for up to $75K in monthly expenses. It features everything in the Growth plan with up to 12 bank /credit card accounts, custom Chart Of Accounts, bi-weekly calls, and up to 4 integrations.

Xendoo is the most expensive option on our list, and it serves mostly large organizations, regardless of the extent of your needs. However, its team of experts will handle all back-office work for you, resulting in significant time savings that justify its price points.

Who's It Best For?

Xendoo is best suited for realty businesses with a large property portfolio and prefers the intervention of excellent human knowledge to manage the bookkeeping components of their business. Real estate professionals with sophisticated accounting or bookkeeping needs should choose Xendoo since they offer experts who handle everything from bank reconciliations to tax preparation.

Pros pros

  • Industry-specific reporting
  • Numerous integrations
  • Expert advising
  • Scalability to accommodate bookkeeping for a large portfolio of properties

Cons cons

  • Higher cost of service compared to other accounting tools
  • Not suitable for a business with less property portfolio
  • Clients may experience limited control over specific features or integrations
  • Limited integrations compared to Xero and Zoho Books

Read our full Xendoo review

7. Sage – Best for Automatic Data Management

Sage Logo

Best For Automatic data management
Free Trial Yes, 30 days free trial
Price From Starting from $11/month
Top 3 Features Budgeting and Forecasting, Customizable pricing, Time Tracking
Why We Picked It

Sage is the best accounting data automation choice for estate agents who handle a large volume of data and wish to save time on manual data entry. With its extensive customization functionalities, you can quickly add new industry-specific features, import data from other software, and start automating processes. This allows you to organize your data by clients, properties, income, or other criteria and generate detailed accounting reports that provide you with clear insight into your business and help you make better decisions.

While the user interface may feel outdated and have a slight learning curve compared to Quickbooks and Melio, Sage’s extensive resource hub includes webinars, a guide library, support, and instructor-led courses.

Features
  • Budgeting and Forecasting: Sage’s budgeting functions enable businesses to create, track, and manage budgets for several departments or projects.
  • Modules: Sage is a modular solution, which means you can always add additional company features to your financial management platform, such as business analytics, inventory management, human resource management, and more. Compared to some basic accounting software, such as QuickBooks and FreshBooks, Sage’s comprehensive business features distinguish it as a distinct accounting solution capable of scaling and supporting business growth.
  • Audit Trails: Sage offers audit trail capabilities that document changes made to financial data, assuring compliance and responsibility.
  • Debtors Management: Sage’s debtor management allows you to seamlessly follow up on payments and ensure that you are paid via automatic reminders and proactive alerts.
  • Advanced Inventory: Sage inventory management automates and continuously updates your inventory and accounting records with each new incoming or outgoing transaction.
Pricing Plans

Despite its comprehensive accounting features that meet various business demands, Sage provides affordable costs. It comes with a 30-day free trial period.

Plan Accounting Start Accounting Standard
1 month $11/month $22/month for 2 users – price changes with increased number of users
1 year $132/year $264/year for 2 users
  • Accounting Start – This plan is suitable for real estate managers who single-handedly manage their business, as this plan only allows one user access. The plan features the ability to work anywhere, quick invoice creation, and finance tracking.
  • Accounting Standard – This plan is best for real estate agencies that have team members or collaborators to ensure smooth business operations. This standard plan includes everything with the Start with the ability to add up to 5 users, bookkeeping, VAT calculations, digital receipt capturing, and more flexibility.
  • Sage pricing and features are scalability-focused. However, realtors may pay extra fees to access advanced features as their properties or team members increase.
Who's It Best For?

Sage accounting is ideal for growing real estate property management with growing accounting needs. Landlords that manage multiple subleases may look into Sage Accounting with a Sage Intacct Real Estate integration to satisfy their real estate accounting software needs.

Sage accounting is also suitable for large enterprises that need complete accounting tools.

Pros pros

  • Robust analytics for tracking property expenses
  • Integrated business processes
  • Cloud connectivity for data security and accessibility
  • Scalable accounting solution

Cons cons

  • Debtors, time tracking, and inventory management are available at an extra fee
  • Lack of free plan to use Sage without paying forever
  • Lack of real estate-specific features
  • It has a steeper learning curve compared to Zoho Books
  • Limitations in using third-party integrations

Read our full Sage review

8. Melio – Best for Rent and Lease Payment Simplification

Melio Logo

Best For Rent and lease payment simplification
Free Trial Free version
Price From There is no monthly plan, but transaction fees
Top 3 Features Tenant Payment Tracking, Easy Bill Capture, Seamless Integration with QuickBooks and Xero
Why We Picked It

We chose Melio as the best affordable accounting software for real estate management because its property management software tools provide an easier method to pay and receive rent payments online, company tracking, and flexibility through integration with other accounting solutions.

The software’s property payment feature enables you to set up several payment alternatives for your clients, process payments made via the built-in “Pay Now” button, and deposit them immediately into your bank account. Unlike other advanced property management software such as Sage or Zoho Books, Melio’s property-specific capability simplifies rent payment receipt and spending tracking.

Features
  • Approval Workflow: If you work with a team or have a specialized accountant, this tool allows you to assign roles to team members to evaluate and authorize payments before they go through.
  • Easy Bill Capture: Whenever you manually upload a bill to the platform, Melio’s AI-powered bill reader will extract useful information from the bill and save it.
  • Seamless Integration: Because Melio is not a comprehensive accounting solution, it works smoothly with software such as QuickBooks to provide a two-way sync between bill pay and accounting.
  • Tenant Payment Tracking: Melio allows landlords to submit and handle payment requests online, ensuring that renters make payments on time. This feature distinguishes Melio as a versatile property-focused billing software when compared to the other comprehensive software on our list.
  • Payment Security: Melio simplifies payments for your clients and offers payment protection. It helps you avoid bounced checks, chargebacks, forgeries, or ACH returns.
Pricing Plans

Melio is free to use and offers transparent transaction fees. This makes it an excellent standalone payment solution or a useful supplement to full-featured accounting solution.

Plan Free to use but transaction-based
1 month $0/month
1 year $0/month

Melio offers a no-subscription plan that allows for flexible payment options. However, Melio charges you for each transaction. ACH bank transfers are free; check mailing costs $1.50, card payments begin at 2.9%, immediate transfers at 1%, international payments (USD only) at $20, and fast checks at $20.

While Melio does not support monthly subscriptions, you may try it for free now and start offering better payment options for your clients.

Who's It Best For?

Melio is ideal for realtors who manage a few properties and want a simple and cost-effective way to organize bill payments and invoices. Small real estate agencies that utilize QuickBooks or Xero but need rent/lease payment management functionalities can also integrate Melio with their existing software.

Pros pros

  • Simplifies payment processes for landlords and renters
  • Ideal for bulk-paying
  • User-friendly interface
  • Integration support with advanced accounting

Cons cons

  • Lack of core accounting features such as invoice tracking
  • Delay in transfer completion
  • Customer Support could be better
  • Payment failure could lead to loss of funds

Read our full Melio review

Oracle NetSuite – Best for Large Real Estate Businesses

Oracle NetSuite Logo

Best For Large real estate businesses
Free Trial No
Price From Custom-based
Top 3 Features Asset Tracking, Payment Processing, Cash Management
Why We Picked It

Oracle NetSuite was chosen as the top accounting software option for large real estate companies because it provides complete real estate accounting solutions with specialized functionality for various business needs and sizes.

One of its specialties we found useful over competitors is that it offers a full suite of business-oriented add-ons. For example, it provides one of the top CRM tools for real estate firms to handle multiple tenants, execute email marketing campaigns, and more. It also includes strong fixed asset management tools that automate fixed asset depreciation and lease accounting, making financial reporting more timely and accurate.

Features
  • Asset Tracking: Oracle NetSuite assists you in creating an accurate inventory of your depreciating and non-depreciating fixed assets and keeping detailed, accurate records throughout their existence.
  • Payment Processing: Extensive support for credit cards and other non-check payment methods via integration with payment gateways that are suitable for your client.
  • Cash Management: Netsuite provides powerful tools for optimizing cash flows, managing liquidity, and monitoring bank accounts. These tools allow your finance teams to be more strategic by having a comprehensive perspective of the company’s cash flow.
  • Comprehensive resources: Easy-to-understand materials for property managers, such as product demos, data sheets, webinars, glossaries, and manuals, help you dig deeper and understand issues related to NetSuite business solutions.
  • Comprehensive Analytics and Reporting: Property managers can use business intelligence tools to identify trends and provide actionable insights to help your company thrive. NetSuite analytics and reporting features offer real-time visibility into your property business’s operational and financial performance across all business functions.
Pricing Plans

Oracle NetSuite charges its services based on your company’s specific needs. Your total annual subscription includes the main platform, optional modules, and the number of users.

In addition, you will need to start with a one-time implementation which comes at a fee. You can contact Oracle NetSuite’s sales team to understand the cost of maintaining your real estate business and start enjoying its feature-rich services.

Netsuite pricing is fairly expensive, but it could be a decent value for a real estate company that requires advanced business administration tools. However, if you only need basic accounting features for your property management company, QuickBooks, Xero, Zoho Books, and FreshBooks may suffice.

Who's It Best For?

NetSuite is ideal for property managers at enterprise estate firms with extensive property portfolios, complex financial systems, and a need for integrated business management capabilities. Its scalability and comprehensive features make it ideal for established firms.

Pros pros

  • Unmatched scalability when compared with its peers
  • Numerous integrations
  • Powerful analytics
  • Comprehensive property management software

Cons cons

  • Lack of free trial or free plan
  • Lack of transparent pricing
  • Steep learning curve with catching up with the software
  • One-time implementation fee is required and expensive for small businesses compared to other accounting tools we reviewed

Read our full NetSuite review

10. Bonsai – Best for Self-employed Real Estate Professionals

Bonsai Logo

Best For Self-employed real estate professionals
Free Trial Yes, 7 days free trial
Price From Starting from $21/month
Top 3 Features Booking Page, Integration with Zapier, QuickBooks, and Calendly, Automatic Budgeting
Why We Picked It

We chose Bonsai as an all-in-one solution for real estate agents and property managers because it can assist you with all aspects of your real estate company, from client and project administration to accounting. It provides excellent templates for invoices, contracts, and estimations, which can help you appear professional while saving time when contacting clients. While its revenue and expense tracking features are similar to FreshBooks and NetSuite, it distinguishes itself with tax estimation.

Features
  • Booking Page: Customize and share your booking page with clients, allowing them to book or reschedule with a single click. You can also set up upfront consultation payments, improving your cash flow.
  • Form Builder: With Bonsai, you can build forms from scratch or use pre-made templates and customize fields to start survey or questionnaire campaigns for your clients.
  • Automatic Budgeting: Bonsai helps you optimize your income by splitting it into different sub-accounts for taxes, bills, and savings.
  • Automated Taxing: Bonsai allows you to auto-import expenses from your bank and credit cards, then classify and track them using web and mobile apps for simple tax processing. Bonsai Tax automatically detects deductible items, saving you money at tax time.
  • Customer Management: Bonsai CRM is a simple platform that allows you to manage client projects while collaborating with others smoothly. You can freely work on projects with other users, assign tasks, and track time together.
Pricing Plans

Bonsai focuses on industry-specific solutions for real estate professionals and agents, offering a user-friendly platform to help you manage your clients and workload. It starts at $21 per month when paid monthly, and the cheapest plan provides the majority of the services you need as a solo realtor.

Plan Starter Professional Business
1 month $25/month $39/month $77/month
1 year $21/month $32/month $66/month
  • Starter – This plan is ideal for freelancers and contractors who are just starting. The plan features include expense tracking, proposals, and contract management, online signatures, and project management tools.
  • Professional – This plan features everything in the Starter plan, along with custom branding and payment processing functionalities, integration with Calendly, and unlimited events scheduling.
  • Business – This plan is a perfect package for growing businesses and agencies. It features everything in the Professional plan with premium customer support, subcontractor management, and productivity reporting.
  • To collaborate with team members, you must pay an extra $10 per month. The same goes for adding the Bonsai Tax. Bonsai’s 7-day free trial allows you to start managing your business and finances risk-free. If you pay annually, you’ll get two months free.
Who's It Best For?

Bonsai is ideal for freelance real estate contractors or realtors who manage a limited number of properties and mostly deal with simple lease agreements or proposals for maintenance services. Bonsai’s client management tool allows you to conveniently capture and concentrate client information in one place.

Pros pros

  • Free project collaborators
  • User-friendly interface with usable real estate templates
  • Transparent pricing
  • Hundreds of pre-made templates for documents

Cons cons

  • Fewer integrations compared to Xero
  • Limited scalability in managing financial aspects of a growing real estate company with numerous properties
  • Transaction fees can be pricey
  • Unexpected account cancellation
  • Customer service needs improvement

Read our full Bonsai review

The Best Accounting Software for Property Managers Compared

Here’s a brief comparison table of the top accounting software for brokers, rental property managers, and real estate agents:

Accounting Tools Best For Free Trial Starting Price Top Features
FreshBooks Small and Real Estate Startups Yes $19/month User-intuitive interface, Accounts Aging Report, Client Management
Zoho Books Rental Properties Unique Integrations Yes $15/month Real Estate-Specific Integrations, Users Management, Advanced integrations and extensions
Xero Real Estate Agencies Yes $29/month Unlimited number of team collaboration, Customer Reports, File Storage & Sorting
Intuit QuickBooks Income and Expense Tracking Yes $15/month Online Payments, Project Profitability, Workflow Automation
TurboTax Filing Taxes Yes Custom Guaranteed Accuracy, Expert Guidance, Final Review
Xendoo Best for Professional Bookkeeping No $395/month Multi-Entity Accounting, Collaboration Tools, Data Security
Sage Automatic Data Management Yes Starting from $11/month Budgeting and Forecasting, Customizable pricing, Time Tracking
Melio Rent and Lease Payment Simplification Yes Transaction-based Tenant Payment Tracking, Easy Bill Capture, Seamless Integration with QuickBooks and Xero
Oracle NetSuite Large Real Estate Businesses Financial Control No Custom-based Asset Tracking, Payment Processing, Cash Management
Bonsai All-in-One Solution for Real Estate Agents Yes $21/month Booking Page, Integration with Zapier, QuickBooks, and Calendly, Automatic Budgeting

Methodology

How We Review and Test Accounting Products

To provide our readers with accurate and well-informed recommendations, we test the most popular accounting products on the market to find the best options for you. Our methodology consists of the following criteria:

  • Features: We examine the features of each accounting software to determine what capabilities are offered- such as creating, editing, and deleting transactions.
  • Compliance: We evaluate accounting software based on whether it offers local compliance when it comes to payroll, taxes, documentation, and more.
  • Bank Reconciliation: We test the reconciliation process to ensure transactions match bank statements accurately.
  • Multi-Currency Support: We verify the accuracy of currency conversions and transactions in multi-currency environments.
  • User Experience: We get hands-on with each product and act as a new user, testing each platform to gain understanding if the platform is easy to use or not.
  • Reporting and Documentation: We verify the accuracy of financial reports generated by the software such as balance sheets and income statements.
  • Integrations: We evaluate the integrations of each piece of software to determine how well it fits in with other key pieces in a business’s software stack, and whether its functionality can be expanded as required.
  • Audit Trails: We ensure the software maintains comprehensive audit trails for tracking changes made to financial data.

Why do Real Estate Companies Need Accounting Software?

Similarly to every business software, real estate accounting software can assist you in managing property finances, tracking rentals, complying with property tax rules, reducing paperwork with physical papers or spreadsheets, and generating accurate financial reports.

These features help you minimize your administrative workload by automating repetitive processes like data entry. Also, with real-time data and automation, you can quickly understand your business’s financial health and make the right decision.

Benefits of Using Property Management Accounting Software

Property management software is regarded as your smart workplace ally, capable of increasing productivity, streamlining finance operations, and providing you with useful data to assist you make sound decisions. Here are some of the benefits of using property management accounting software.

Errors Reduction

Using manual financing or accounting management may expose your systems to human error. Accounting software can help you eliminate errors and save time by automating operations like rent payment recording, expense tracking, and report generation.

Record-keeping Simplification

Accounting solutions make it easier to keep track of payments and bills. In a single platform, you can pay vendors or suppliers electronically, manage numerous payments quickly, and keep a detailed audit record of all financial transactions. This aids financial management for tax purposes and regulatory compliance.

Budgeting and Forecasting

Accounting software allows you to effectively budget and forecast your business’s financial performance, assisting you in planning for future spending and optimizing your financial strategy.

Data Centralization

Accounting tools allow you to keep all of your financial data in one secure location, making it easier to access and analyze information while reducing paperwork errors.

How Much Does Real Estate Accounting Software Cost?

The cost of real estate accounting software is determined by your business needs, the number of properties you manage, and the plan you select. This is because some software provides extra integrations, sophisticated features, or add-ons for an additional fee.

Depending on the complexity of your business’s financial needs, you might anticipate spending between $9 and $1000 per month. However, you have to consider that some software is free with limited functionality, or low cost with basic functionality, and high-priced with advanced features.

How to Choose Accounting Software for Real Estate

Choosing the right real estate accounting software can help you streamline your business processes, stay organized in financial processes, and be compliant with property taxing. While most providers offer different features and user experiences, you should ensure your future accounting software has the following:

Expense TrackingFinancial ReportsUser-Friendly InterfaceCloud-Based AccessibilityInvoicing ToolsEase of UseIntegration Support

Real estate is a capital-intensive business model that requires constant spending monitoring. Look for accounting tools with robust expense-tracking capabilities that allow you to categorize and track different expenses in your business.

Ensure the accounting software offers a variety of customizable templates for generating income statements, balance sheets, cash flow statements, and other essential reports.

Property businesses should consider software with a modern and simple look that isn’t overly complicated and doesn’t require onboarding assistance or training.

Online accounting tools lets you access your financial and business data from anywhere, supporting collaboration and remote work.

Accounting software with customizable invoicing can simplify how you charge for your services, rental payments, and property sales. Look for recurring invoices, itemized billing, and expense inclusion features.

To reduce data transfer issues and delays in receiving relevant information when you need it, choose an easy-to-understand software that doesn’t require advanced technical expertise.

Consider accessible integrations if you need to scale your business in the future. Using accounting solutions that support a variety of integrations can help you avoid losing files during data migration to another platform.

Free vs Paid Bookkeeping for Real Estate

Free bookkeeping software for real estate can be a good option for real estate agencies that are on a strict budget but require basic accounting solutions. But before deciding which free accounting software is suitable for you, it’s important that you understand how each of them works.

Paid bookkeeping software, on the other hand, provides scalability and advanced property-specific features such as property management, as well as easy integration with other accounting or company software.

FAQs

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John Iwuozor
Tech Writer
John Iwuozor
Tech Writer

John Iwuozor is a writer at Techopedia with over three years of experience and expertise covering topics on HR, business software, IT security, and finance for small and medium-sized businesses. His work has been featured on reputable platforms like Forbes Advisor and EsecurityPlanet. Leveraging his background in mathematics and data analysis, he specializes in delivering original and high-quality content with a keen eye for detail and accuracy.