QuickBooks For Rental Property Management

Bookkeeping for rental income and expenses

Keeping records of your property, from income to expenses and more so accurate ones is very important for a landlord. They are handy when filing property taxes or Rental Income Tax and generally when monitoring your property.

Advantages of Using QuickBooks for Rental Property Management

QuickBooks make work easier for landlords and property managers. Here are some benefits;

1. Tracking income

Tracking your income and expenses becomes easy because you don't have to enter data manually. Your transactions are imported manually and you do not have to do the tedious work. It also makes it easy for you to track your expenses and expenditures in general.

2. Generating reports

With QuickBooks, you don’t have to compile financial reports manually. With just a click, you can get your cash flow statements, profit and loss statements, balance sheets, etc.

3. Accuracy

Using QuickBooks helps you avoid human errors. You don't have to do manual calculations because they are generated automatically. This makes your financial records accurate and very reliable.

4. Organization

You also do not have to have scattered paperwork anymore. QuickBooks organize your reports into categories. It also makes it quickly accessible to find specific reports when needed.

5. Time-saver

With all these tasks being done for you automatically, you save a lot of time. Not having to do financial transactions and other reports can give you so much freedom and peace of mind as a landlord.

QuickBooks is designed to be used with ease and efficiency. QuickBooks is user-friendly and you can easily navigate features.

QuickBooks is very popular. Research shows that it has over 80% of users in the accounting market in the United States of America and over 60% in the global accounting market. Most QuickBooks users are small businesses. QuickBooks is also known for its online accounting software known as QuickBooks Online.

Limitations of QuickBooks for Rental Property Management

While QuickBooks can be of great help when it comes to managing rental properties, it is important to note that it is not meant to exactly cater to rentals.

You may not find features such as tenant screening, lease agreements, or general tools built for landlords to track their income. It would also be tedious to track records such as maintenance records because they are stored across different categories. To store data such as Tenants’ personal or lease information, you might need external storage.
For landlords with multiple properties, it might be hard to separate their finances from their properties. This would require extra accounts or for them to find a way to work around it as their portfolio continues to grow.
Even though QuickBooks are capable of generating reports, they are not exactly tailored for use by landlords. It might be hard for them to track property performance and get metrics such as vacancy rates, returns, and other tenant screening services.

To use QuickBooks for rental properties efficiently, you have to integrate it with other software. This is however unnecessary because there is software specifically designed for rental property management.

Introducing Bomahut: A Specialized Solution for Rental Property Management

If you’re a landlord or property agent who finds that QuickBooks is not for you, then let me introduce you to Bomahut. Bomahut is a property management software that is designed to help manage rental properties. With Bomahut, you can manage as many rental units as you want. Bomahut offers fair prices for different rental units. From as low as KES 0 for 0-10 units, KES 3000 for 21-50 units to tailored prices for units above 100, Bomahut takes away your management stress.

Key Features of Bomahut

Bomahut generates SMS invoices and receipts automatically and you can send them directly to tenants through SMS.
With just a click of a button, it generates property, landlord, and tenants’ statements. You can automatically send reminders to tenants to pay rent as well as record tenants’ rent payments.
Bomahut offers accurate and digitized tenants’ records and account balances. It keeps track of all tenant invoices and payments.
Bomahut is an advanced software that integrates with all Banks and popular payment services such as Mpesa. Payments are automatically recorded in the system and it alerts you on tenants who have not paid.

“Before Bomahut, I used QuickBooks to manually invoice every tenant. With Bomahut, tenant invoicing has been simplified. I can easily create rent and utility invoices in bulk”, said Landlady Juliah Kibiru.

Bomahut keeps advancing and the good thing is that you do not have to pay for any upgrades in the system. All data transmitted through Bomahut is SSL encrypted hence it’s safe. You are also guaranteed privacy since only authorized users can access your data. Begin your journey to stress-free rental management with Bomahut today. Contact us through email (support@bomahut.com) or contact (0717 512 483).

Choosing the Right Tool for Your Needs

As a landlord, it is good to invest in software that makes your work less tedious and easy to navigate. Here is a brief comparison between Bomahut and Quickbooks. While QuickBooks can generate financial records, balance sheets, financial statements, etc., and make your work simpler, it would still require you to invest in other software to work alongside it, for it to give you maximum results as a landlord. That doesn't sound like a fair deal. It is good to find an all-in-one software that is designed to cater to your needs exactly, like Bomahut. With Bomahut, you don’t have to find other software for you to have excellent results. Not only is it affordable, but also very efficient to use. You can export your data to platforms such as spreadsheets safely. You also get to access SMS services directly which saves you the work of typing reminders to all your tenants. When payments are made, the software records automatically since it is integrated with Banks or whichever means of payment you use for your property. You also don't have to keep up with tenants who have not paid rent because the system alerts you.

You also have to consider the number of units you have. Many units mean lots of tenants, their data, and therefore a bigger load of work. Bomahut caters to all your units and properties, with different packages, depending on the number of units. All packages have the same features and there is no need to worry about that.

Conclusion

Key points

QuickBooks is an accounting software that helps you track financial records such as rental income and expenses for landlords.
QuickBooks help you; track income, generate reports, be well organized, and save a lot of time since you no longer have to do that manually.
However, QuickBooks is limited. It is not specifically designed for landlords and therefore lacks key features such as tenant, property, and landlord information, lease agreement details, tenants' day of commencement, tenant screening data, etc. It is also not integrated with payment services which can limit your tenants to luxuries such as online rent payment. In most cases, landlords would have to use it alongside other software to get efficient services.
With QuickBooks not being efficient for landlords, it is important to consider property management software that caters to your needs such as Bomahut. Bomahut is a property management software that manages rental properties with as many units. It generates property, landlord, and tenants’ statements. You can also send automatic reminders to tenants to pay rent as well as record tenants’ rent payments. Bomahut offers accurate and digitized tenants’ records and account balances and also keeps track of all tenant invoices and payments

If you’re a landlord or property agent who is looking for something more than what QuickBooks has to offer, then Bomahut is the best solution for you. It is good to have a system that you can rely on to give you the best results for your property, which is exactly what Bomahut does.

FAQs

Q: Is QuickBooks available to use for free for rental properties?

A: QuickBooks offers free trials but you have to pay eventually for it to function.

Q: What are some alternatives to Quickbooks for rental property management?

A: The best alternative to Quickbooks is property management software since it offers more. Examples of property management software in Kenya include; EazzyRent, Rent Rahisi, and AppFolio.

Q: Is Bomahut difficult to use as compared to QuickBooks?

A: No, Bomahut is easy to learn and use and has been designed with the best user-experience standards. Bomahut also offers free training on how to use the software.