Running a property management business is no small task, especially in commercial real estate. You have to juggle tenant requests, lease escalations, tenant certificates of insurance (COIs), common area maintenance reconciliation (CAM), maintenance issues, and finances. Thankfully, technology has made this job easier with right property management and accounting software. Tools like QuickBooks and STRATAFOLIO help streamline tasks, improve efficiency, and make your life a whole lot easier. Let’s dive into how these tools can transform your property management processes.
What is Property Management and Accounting Software?
Property management and accounting software combine two essential functions: managing properties and keeping track of financial activities. These tools allow property managers, landlords, and real estate professionals to automate rent collection, maintenance requests, and financial reporting tasks. With software like QuickBooks, you can easily manage accounting for property management. This lets you focus on what matters—your tenants and your properties.
The Rise of QuickBooks in Property Management
As of 2023, about 7 million people use QuickBooks Online. This shows how popular and reliable it is. This accounting software is designed for ease of use, making it perfect for anyone who may not have a financial background. In property management, especially commercial property management, you need to manage finances efficiently, and QuickBooks excels at this.
With QuickBooks, property managers can do simple transactions like collecting rent, making payroll, paying debt service, and tracking expenses. The platform organizes all this information in one place, so you never have to scramble to find receipts or invoices again. Moreover, the program allows you to create financial reports quickly, giving you powerful insights into your business operations.
Benefits of Using QuickBooks for Property Management
One major benefit of using QuickBooks as your accounting software is its user-friendly interface. It’s designed to simplify accounting tasks, making it accessible even for those new to finances. QuickBooks is the preferred accounting solution for most accounting firms because of its ease of access and knowledge of the system. Additionally, QuickBooks integrates seamlessly with commercial property management solutions such as STRATAFOLIO, ensuring you can track and manage all aspects of your portfolio effectively.
STRATAFOLIO allows you to connect as many bank accounts as you have in your portfolio. Many property management software programs are built for property management firms (firms managing properties for others) and only allow one bank account per client. STRATAFOLIO was designed for owners and managers of commercial real estate.
Moreover, QuickBooks allows for easy transaction entries, whether you need to record rental income or expenses related to property maintenance. The built-in invoicing feature automatically sends invoices to tenants, saving you time. When integrated with STRATAFOLIO, invoicing can be streamlined even further, including lease escalations, reducing the risk of human error. This way, you can ensure that your accounts are always up to date without a lot of manual work.
Streamlining Operations with STRATAFOLIO
While QuickBooks shines in accounting, STRATAFOLIO offers a variety of property management features that complement it beautifully. STRATAFOLIO enables commercial property managers to manage multiple properties efficiently. The platform provides tools for tenant management, NNN or gross lease tracking, facilitates invoicing across multiple company files (with the correct lease increase), CAM reconciliation in 1-click, and maintenance requests, all in one system.
When paired with QuickBooks, STRATAFOLIO helps eliminate the hassle of managing two separate systems. You can automate rent collections through STRATAFOLIO to include all tenant lease escalations as they occur, which then syncs to QuickBooks. With this tool combination, you will never miss a lease escalation again. At the same time, you can still use QuickBooks for accounting tasks. This partnership streamlines your workflow, allowing you to focus more on strategic decisions than administrative tasks.
Enhanced Reporting and Analytics
In today’s data-driven world, having access to detailed reports is critical for any property management business. Both QuickBooks and STRATAFOLIO offer robust reporting tools. You can generate insights that help you understand your property’s performance over time or in comparison to one another or by asset type.
For instance, QuickBooks allows you to create profit and loss statements or cash flow reports with just a few clicks. These insights enable you to assess your business’s financial health and make informed decisions. Meanwhile, STRATAFOLIO reports tenant occupancy rates, rent rolls, CAM tracking, and debt metrics.
Simplifying Financial Management
Managing finances in property management can be daunting, but with the right software, it doesn’t have to be. QuickBooks is designed to handle common financial tasks for commercial property managers. From setting up a chart of accounts specifically for your properties to tracking expenses associated with each tenant, QuickBooks makes accounting in commercial property management straightforward.
Additionally, the integration of bank accounts allows for seamless transaction tracking. You can automatically import bank transactions and reconcile them with your records in QuickBooks. This feature not only saves time but also increases the accuracy of your financial data. When integrated with STRATAFOLIO, clients can also offer a tenant portal to streamline monthly tenant rent payment processes. Each property can have its own QuickBooks and bank accounts to make financial reporting clean at tax time. Check out this article on the Importance of Separate QuickBooks Accounts for Real Estate.
Ensuring Compliance and Security
Commercial property managers must also comply with state tax laws regarding rental income tax (such as in Florida and Arizona), tenant management, and financial reporting. QuickBooks and STRATAFOLIO help you maintain compliance through built-in audit trails and easy document access. With QuickBooks, you can keep accurate financial records, which is essential for tax purposes and any potential audits.
Moreover, both software platforms prioritize security. With sensitive financial and tenant information stored in these systems, protecting that data is crucial. They use encryption and other security measures to keep your information safe, allowing you to manage your properties with peace of mind.
Move Forward with Confidence
In summary, using property management and accounting software like QuickBooks and STRATAFOLIO can revolutionize how you run your property management business. With QuickBooks’s powerful accounting features and STRATAFOLIO’s commercial property management capabilities, you can maximize efficiency and productivity.
If you’re interested in purchasing QuickBooks, STRATAFOLIO offers a partner discount on QuickBooks subscriptions; for those needing more than one account, contact our STRATAFOLIO support team at [email protected] for a deeper discount.
Consider incorporating these tools into your workflow if you want to simplify your operations and improve your financial management. By making the switch to software solutions for your commercial property management, you’re not just staying organized—you’re paving the way for growth and success in your property management business. Schedule a demo!
