Although you can technically use QuickBooks as a stand-alone solution, it won’t do the job. It lacks features and flexibility, forcing you to adopt a third-party tool to get the job done. Getting commercial property management software that integrates with QuickBooks can save you time and improve visibility into your finances.
You need software that offers direct integration to make data entry seamless. Integrating QuickBooks into your platform of choice enhances its core bookkeeping functions, simplifying and streamlining the financial side of commercial property management. What else could you get from incorporating this accounting solution into your current setup?
1. Lowers Management Expenses
Since this accounting software charges a few hundred dollars monthly—one that acts as an advanced accounting hub—for its highest tier and less than a hundred dollars monthly for lesser tiers, you will need to determine which plan is right for you.
Although QuickBooks isn’t a stand-alone property management solution, it has several vital financial functions. Instead of paying for its advanced, expensive features, you can fill in the gaps with your management platform. Ensure the commercial property management software you choose has a two-way integration with QuickBooks Online. Some residential first property management software solutions do not integrate with QuickBooks, and others offer a one-way integration. This adds cost and extra manual work when running your business.
2. Streamlines Data Entry
Tallying expenses, reviewing invoices, and aggregating financial reports by hand is time-consuming. A QuickBooks integration synchronizes information you enter in near real-time, depending on your platform’s features, eliminating the need for manual data entry.
Your property management software’s automation features can prevent human error, improve accuracy, and streamline administrative processes, which speeds up QuickBooks accounting functions. This way, you’ll be able to spend much less time on data entry.
For instance, STRATAFOLIO, with its automation capabilities, can eliminate 80% of your manual workload. It’s among the best commercial-focused property management software integrated with QuickBooks because it was designed specifically for people using this accounting platform and commercial real estate.
3. Enhances Administrative Efficiency
Property management software that integrates with QuickBooks centralizes your financial data, reducing the number of disparate third-party solutions you need to use. This way, you won’t have to memorize dozens of logins and constantly switch between apps.
Integrating with QuickBooks lets you automatically generate records or send notifications whenever money changes hands. This enhances your administrative efficiency, whether you’re paying a contractor for lawn care or receiving lease payments.
While setting up an integration like this can take time, your administrative processes are mostly hands-off afterward — everything from sending invoices to tracking spending becomes more efficient. Moreover, financial compliance becomes more straightforward as a result.
4. Magnifies Financial Visibility
While most stand-alone solutions let you track earnings and organize invoices, you still need insight into budget-line-level spending. Property management software integrating with QuickBooks can give you better insight into your finances.
Importing transactions, automatically sorting recurring expenses, and remotely uploading receipts—and then accessing that data wherever you are—magnifies your financial visibility. Integrating with QuickBooks could give you the comprehensive financial oversight you need.
Two-way integration lets you enter information into your accounting or management platform and upload it. Either way, there’s no risk of creating duplicates or losing track of important financial information, and having fewer errors improves clarity.
5. Modernizes Accounting Tasks
While 61% of real estate firms have admitted their core infrastructure relies on legacy systems, almost 50% want to modernize. If you’re anything like them, you likely use old technology — or maybe even a pen-and-paper setup — for daily administrative and accounting tasks.
Integrating with QuickBooks enables you to manage your finances from one digital location. Better yet, it lets you access or share invoices or lease payments regardless of location. Even if you’re away from your office, you can check-in.
Reconsider Your Current Approach to Accounting
Property management software integrating with QuickBooks could elevate your accounting approach, whether you own a single commercial property or dozens nationwide. Even if you don’t currently use a pen-and-paper system, it could significantly boost your efficiency and cost savings. Remember to check whether or not you can incorporate this accounting platform into your current system — only some solutions offer direct integrations. Setting up a third-party connection is possible but requires technical know-how and time. Even then, whether it works with the desktop or online version can affect compatibility and feature availability.
