The accounting processes of your business for your income and expenses are like the inhaling and exhaling of your lungs for your body. You can't run your business without solid accounting, just like you can't live your life without breathing. That’s how important great accounting software is for this industry. If you don’t budget well, you’re dead.
Quickbooks Online is great for property management in particular allows you to do vital tasks.
- Bill your clients electronically
- Track your income
- Track your expenses
- Account for the business side of owning a company
This application is cloud-based. Nothing is native, because it makes things flexible and accessible wherever you are.
AppFolio is accounting software you need to track the actual operations of the property. My recommendation is to start with QuickBooks (directly above) and once you’ve grown some, move to AppFolio. Because AppFolio is offered at a higher price-point, you’ll want to graduate to it as you need more sophisticated features—those which they offer. This app allows you to carry important functions seamlessly.
-Receive rent electronically
-Track resident/management communications
- Send invoices
- Pay bills
Buildertrend is a cloud-based construction software specifically designed for residential builders and remodelers. Buildertrend predetermines and itemizes every item you need for the renovation and repair side of your business. A spreadsheet will suffice when you’re starting out, but it can quickly get overwhelming without sophisticated tools designed to consolidate all of your billing, change orders, scheduling, bids, purchase orders, etc. QuickBooks has templates for basic construction cost codes, but this feature, along with using spreadsheets, requires a lot of manual data entry. That's why we recommend an application like Buildertrend.
Furthering the mantra of running a paper-free operation, DocuSign gives you the ability to electronically sign documents. This is critical because (we believe) time kills deals, 90 percent of decisions are emotional, so you need to capitalize on momentum and enthusiasm as soon as it presents itself., If you can meet a tenant and they’re excited about what they're potentially renting/buying and you can provide a solution to their housing needs, have the ability to let them sign the documents as soon as they like; don’t let the deal fall through because of a delay on your end.
DocuSign allows for a few clicks to create legally binding documents with no delays. Talk about efficient!
Need I mention the lack of paper needed with DocuSign? Have the document auto-emailed to your task in Asana or your assistant and really crush your efficiency!