Bookkeeping For Rental Property – Our Favorite Bookkeeping Services For Rentals

bookkeeping for rental property

If you have rental properties, you need to take care of bookkeeping for rental property. After all, it is vital that you know the factors which contribute to your ROI.

Factors associated with return on investment include appreciation, monthly cash flow, as well as tax benefits/write offs. Here is a list of the leading benefits of rental bookkeeping:

    • Keep track of how much cash flow you are earning each month, what your expenses are, as well as clearly view your net income.
    • Assess how your properties are doing from one year to another.
    • Compare properties to check if some are doing better than others.
    • Keep all your records for every property organized, so you do not become overwhelmed as your portfolio expands.
    • Pay bills and additional financial obligations on time.
    • Gain a head start on your annual tax returns, as well as avoid last minute stressors.
    • Save funds on tax prep services and make your Certified Public Accountant love you. They will not need to spend time organizing and gathering all your information, meaning you will not need to pay for that time.
    • Avoid making errors which might cause you to get audited by the Internal Revenue Service.
    • However, if you do become audited, it’s possible to avoid paying back-taxes and penalties to the IRS. And why is that? Because you easily will have the ability to defend deductions that you claimed.

bookkeeping for rental propertyAs a landlord, it’s likely that your days are filled up to the brim with activities which you’re required to perform. You likely have a family, full-time job, and house of your own. And on top of everything, you have a rental property in addition to tenants to take care of, as well. It may be extremely hard to manage the bookkeeping for rental property, and if you lack good organizational skills, it might feel extremely stressful. No matter how busy you actually become, it’s very important to keep updated with the rental bookkeeping. It’s a factor which may determine failure or success of the business. On a smaller scale, you might be missing out on getting money. But the larger consequences might result in accusations of tax evasion and fraud. This may cause irreparable damage to the reputation of your company.

Thankfully, as it’ll come to the financial aspect of a rental business, there are many fantastic accounting software tools that landlords may use to support a variety of business aspects. They may assist you in saving money and time as well as remain organized. In this post, we assess the various options that are available to you, specifically looking into them from the viewpoint of a landlord.

Positives you ought to be on the lookout for are:

    • Security of the platform
    • Ease of use

Beyond these, you’ll discover that the majority of the accounting software choices slightly differ. There are options available for a variety of budgets – we’ll break each one down here.

Top Related: Truckers Bookkeeping Service

Essential Accounting Bookkeeping for Rental Property Features

We’re going to look into four of the top accounting software options and review which are the most helpful for landlords.

The 4 accounting choices all include the following three features:

    • Reporting (which includes ongoing tax overviews and sales reports)
    • Syncing with bank transactions
    • Basic expenses management and invoicing

  1. Wave for Rental Bookkeeping

bookkeeping for rental propertyOne of the most loved and well-known accounting software solutions online is Wave. Here’s what they’re saying about their service:

Operating a small business is different. And we get it.

The more successful you actually get, the more distractions there are: tracking expenses, chasing payments, managing taxes and employees.

Wave makes it easy at each step.

Wave is fairly free, except for their payment and payroll options. The software permits users to easily and quickly send and create slick-looking, professional receipts and invoices. It’s possible to collate your transactions into convenient, digestible reports, providing that your payment provider or bank supports it. That also includes PayPal, which seamlessly connects with Wave.

Notable time savers involve the choice to establish recurring invoices, receipt scanning and automated reporting, which pretty much eliminates manual data entry. This software is ad-supported; however, they do not impact the service all that much.

Wave is good for landlords because it permits users to track bills, expenses, and payments at a glance. You’ll quickly know if your rent hasn’t been received in a timely manner and take fast action.

Wave is cloud-based and provides fabulous business support on the internet with articles, blog posts, and entrepreneurial tips.

  1. FreshBooks for rental bookkeeping

bookkeeping for rental propertyFreshBooks is one other easy-to-use option for accounting software that’s amazingly popular with small businesses. Here’s what they’re saying about their service:

    • Start to send invoices, track time and capture expenses in minutes.
    • FreshBooks makes all accounting tasks secure, fast, and easy.
    • Designed for you
    • Small business accounting software

It’s possible to try FreshBooks free for one month. After that, it’ll cost you about $20 for their basic package. It provides everything that Wave does, which includes a payroll add-on if necessary. The primary differences are that transactions must be manually imported from your payment provider or bank while utilizing FreshBooks.

The primary benefit FreshBooks has over Wave is its time tracker. That might not be helpful to you as a landlord, yet if you have an additional business and wish to keep a close eye on where you spend the majority of your time, this might be what you’re searching for.

With smooth connection between the desktop and mobile versions, it’s possible to keep track of your time all throughout the day and attach chunks of productivity to a certain client or task. As it’ll come time to draw an invoice up, it’s easy to attach in-depth time records.

One other add-on provided by FreshBooks is printed invoicing for tenants who ask for this feature. FreshBooks takes good care of everything for you; therefore, there isn’t any need to be concerned with making it to the United States post office on time.

Their website is very informative with webinars and additional free information that’s helpful for entrepreneurs.

  1. QuickBooks for rental bookkeeping

bookkeeping for rental propertyQuickBooks likely is the best-known accounting solution online, as it’s well established and has been in existence for a long period of time. So, it isn’t any shock that it virtually provides a one-stop shop for all of your accounting needs, most of which are helpful for landlords. Here’s their quote:

    • Approved by accountants.
    • Built for your small business.
    • Easy accounting software.

This choice is wonderful if you’re searching to expand your business. QuickBooks imports transactions from your payment provider or bank and continually and quickly checks for new transactions to process. Its reports are easy to read and slick.

Features involve taxes, invoicing, and bill management. While it’s possible to try it out for free for one month, you’ll have to move onto one of their numerous payment plans, which varies depending upon the features preferred. Plans usually run from $10 – $40 a month.

QuickBooks provides a small business center that shares advice, tips, and hints. QuickBooks has proven extremely popular with business owners who use the service.

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bookkeeping for rental propertyAt Landlordstation, they customize their accounting software especially to the needs of landlords, and they concentrate specifically on receiving rental payments – which is an extremely critical part of a rental business.

Their rent payment solution online electronically collects application fees, rent payments, and much more. It’ll streamline the process of having to collect money for you and additionally automatically maintain records. Their software is simple to set up, and integrates with your current account dashboard, in order for you to remain organized even if you have several properties. Their main goal includes saving you money and time. No longer is there a necessity to send rental reminders to tenants or line up at the bank to make deposits.

As you’ve set up a secure bank account on their secure system, every tenant is provided a special login and they’re able to make payments right to the system. They also have the choice to set up recurring payments, which means they no longer have to remember to make rental payments.

However, they cover all eventualities, and send email reminders to tenants when the rent is due. They’ll be automatically notified when the payment is received. If a payment is late, they’ll tell them, as well. Besides the rental payments, their system is also helpful for miscellaneous deposits and payments, for instance.

Top Related: Online Bookkeeping

In addition to the four above, we’ll list more honorable mentions below.

Rental Property Management Software

bookkeeping for rental property


This one is the only property management software made by property managers for property managers. Their cloud-based, all-in-one solution permits property managers to be more effective and take control of all aspects of their business – from leasing and accounting to maintenance and operations. They service over 14,000 managers of rental properties, as well as associations in forty-six countries – which totals more than a million units under management.

AppFolio Property Manager

Built and designed for property managers, this one is a cloud-based, user-friendly property management option that is available for a low monthly charge, including: online rent collection, easy vacancy posting, online lease agreements and applications, professional websites, accurate accounting, built-in screening, mobile inspections, and additional time-saving features.


Hemlane is an affordable property management system for long-range rentals: it’s the latest and smartest technology which performs management via intelligent software and accessibility to on ground agents. Hemlane is ideal for and designed for owners who have from 1 to 100 rental properties.


This is a top rental bookkeeping software for property managers and landlords. Its integrated communication system ties all their functionality (Maintenance Requests, Payments, Accounting, Leasing) together into a single powerful automated system. Their system is for those who know the importance of decreasing vacancies, cutting risk, as well as improving cash-flow through solid tenant relations. It’s best for portfolios above fifty units.


This one is a property management platform that is built by operators and property owners who saw a chance to offer an innovative technology option which generates steady NOI growth and amazing resident experiences. Lastly, there’s a property management software which makes resident engagement, accounting, and integration simple, whether you are in the field, on-site, or in the corporate office.


Its end-to-end, cloud-based property management system empowers operators and property managers to efficiently scale their company with ease. Its comprehensive platform permits users to market and post vacancies, which includes lead-to-lease functionality, as well as fully integrated tenant screening, owner and tenant portals, which includes cash and accrual accounting, online payments, instant accessibility to customized reports and statements with flexibility to add customized fields.


Introducing the new standard in short-range rental management software. This one offers booking agents and managers a single platform to simplify their multi-channel operations and marketing. It has direct integrations with HomeAway, Airbnb, TripAdvisor,, and other ones – and assists you in building your presence online to increase your direct sales. Their core software automates daily tasks and integrates with additional best-of-breed services to improve guest experience, reduce errors, and save time.

Rentler Landlord Software

Their rental bookkeeping software is a solution online that help users automate the management of their rental properties. It’s possible to advertise and list your vacancies, screen tenants, collect applications online, collect rent payments online, and track and submit maintenance requests. For an extra charge, it’s also possible to have access to a library of legal forms. It is free to sign up and check out how Rentler may be of assistance.


This one makes it simple for property investors to manage and track, as well as communicate the performance of their real estate portfolio, free of charge. More than 10,000 investors utilize Stessa to save time, as well as optimize their multifamily buildings and single-family units with visual performance dashboards, automated expenses and income tracking, as well as tax-ready financial reports. Users can get started in minutes: add their properties, link financial accounts, and everything actually updates in real-time.

Landlord Studio

This one is the most sought-after property management application for desktop, Android, and iOS. It has the goal of automating as much of your manual workflow as it can. Landlord Studio provides a comprehensive property management option which may be accessed through native mobile applications and desktop. Keep track of all your rent deposits and payments. Log all expenses and snap a photograph of your receipt. Store all of your rental documents. Set reminders up. Email tenants automatically, and screen all potential tenants.


Low cost and fast rent collection (same-day setup – begin to collect rent today online); tenant screening (national eviction and national criminal report, Experian credit report); track and analyze expenses plus so much more. TrueRent is property management software for property managers and landlords. It’s the only property management software which analyzes and tracks your real estate portfolio’s financial performance.


TRACK PM is feature rich, user-friendly, and ideal for multi or single-site property managers and supporting companies from ten to over 5,000 units. Connected with TRACK Pulse and TRACK CRM, this software generates industry-specific functionality and features for the whole array of revenue, reservations, accounting, housekeeping, maintenance, front desk, guest relations, and owner management. Manage owners, properties, and reservations easier and faster than ever using TRACK.


Are you renting out five or more properties for vacation on Booking, AirBNB, TripAdvisor, Expedia, HomeAway and unlimited additional sales channels? This vacation rental software is a must-have. You can auto-sync reservations around several channels, manage all reservations, cleaning, communication, and much more with a single software. Use it on mobile iOS and Android apps, tablet, or Desktop.


It’s everything you need in your rental bookkeeping to craft a vacation rental site and manage all of your bookings. Their advanced vacation rental system offers property managers and owners the tools necessary to build a gorgeous website, accept bookings online with credit card payments, as well as manage all of your reservations from a single place. Their sophisticated system permits synchronization of property information with outside booking channels like and Airbnb.


Property operations and make-ready software that is built for medium-sized to large property management businesses that have more than 5000 units. Utilized by field staff for managing and performing the full make-ready process, mobile documentation and inspections, and mobile work orders ultimately saving money and time and offer more visibility into the performance of staff and assets. Includes workflows, built-in rules, and templates, as well as interfaces with current property management solutions.


This one is a free cloud service that has personal portals for tenants, landlords, and ServicePros in which they can collect and pay rent on the internet, communicate, store rental data, upload move-out/in photos, manage maintenance requests, and much more. It permits renters to locate a new house, as well as manage visual maintenance requests. Landlords, at the same time, may enjoy managing as many as 75 units for free, rent collection online, as well as advertise listings on over twenty-five platforms.

Rentec Direct

This is property management software for landlords and managers that have 10 to 5,000 properties. You will find all of the tools that you need for full tenant, property, as well as trust accounting. Publish vacancies to your very own property management site, collect rent online, keep track of maintenance requests, process rental applications online, as well as order tenant screening reports. The price is based upon unit size, so it’s easily possible to scale to match your needs. You always will get free United States-based customer support.

Tenant Ledger

This is an all-in-one property management system which easily tracks your accounting, leases, and properties. The powerful residential/commercial lease automation tool keeps users updated with late fees, payments, and rent charges. Always know who is paid and still owes money. Never allow your tenants to fall behind. Make it more convenient for them, using Tenant Ledger’s tenant portal online tenants are able to see their rental history and pay rent with credit card or ACH.

Total Management

Their web-based property management system offers residential, cost-effective student and commercial housing property management businesses the capability of more effectively managing and growing their companies. Its web-based property management solution offers full accounting and the capability of emailing work-orders, owner statements, as well as tenant and resident communications.


This is a property management software based in the cloud that is appropriate for property managers and landlords that have multiple or single properties of all sizes. This platform provides listing syndication online on fourteen different websites like and Zillow. It assists with processing rent payments, tenant screening, document storage, security deposit accounting, maintenance management and more. Support is offered through email and phone. Annual and monthly price plans are available. Pricing is per unit.

SimplifyEm Property Management

This one is a lot easier to utilize than financial applications and spreadsheets. It’s possible to avoid vacancies and be paid on time with lease and tenant management, save money and time with automated tracking of rent finances, as well as make tax season a breeze with one-click tax preparation. Are you tired of filing cabinets that are overflowing with complex spreadsheets, paper receipts, and costly property management software? SimplifyEm Property Management is your rental bookkeeping solution.

Online Property Management Software

This one makes managing rental property easy. From accounting, lease tracking, and work orders to rent collection online, managing your properties within RentPost won’t just save you money and time and permit you to scale your business, yet it also is enjoyable to use. Save your precious money and time – begin with a free 30-day trial.

Rent Manager

This one is advanced property management system, made to manage all facets of your unique operation. From accounting to leasing, marketing to maintenance, your portfolio runs on this software’s 30 years of proven technology. Boasting an impactful property management database; intuitive contact management, fully-integrated accounting system, work order, maintenance, and marketing solutions; open API portal for special customization and more.


Its all-in-one vacation rental property management solution assists users in managing and growing your business list upon all major booking portals, which includes, Airbnb, TripAdvisor, and HomeAway, as well as keep your calendars always updated. Take credit card payments, as well as automatically generate professional owner reports. Their guest relationship system, as well as e-concierge app Guidal¿ make you return bookings and additional revenue.

The Closing Docs

This one is an income verification automation tool which enables landlords to make the best tenant approval choices. Utilizing The Closing Docs allows landlords to expedite the process of approval and review, while boosting the accuracy of their reported income. Plus, it’s free for landlords.


Desktop property management system for managers or owners of rental properties. This software is desktop-based for speed and security yet has the ability to email statements to owners and tenants alike. The Tenant File is priced at a fraction of the competition, is convenient to use, and has the features of more expensive software. That includes separate ledgers for properties, owners, tenants, and units a reminder system, check reconciliation, as well as a number of reports.

LandlordTracks Management Software

Their web-based property management system for commercial and residential properties automates all aspects of property management for condos, apartments, retail centers, and houses. With their vacancy, lease, and work order management solutions, you’ll be more productive and efficient as a property manager. This fully-automated and integrated accounting suite saves you lots of time by using automated invoicing, automated rent collection, as well as automated late charge tracking tools.


This is an application which scales from individual landlords to property management companies with features for financials, tenants, and units.


This rental bookkeeping software is simple to use. RemoteLandlord does everything. It offers a complete, outstanding solution to all of your property management requirements. Made to be mastered with very little training, Remote Landlord will assist you in keeping track of commercial and residential property alike. Its rich accounting permits users to always know the bottom line, and crucial alerts make sure that nothing falls through any cracks. Contact them today to set your free demo up.


This one is the best software platform for the management of vacation rental operations and staff. Are you prepared to streamline labor, save time, and minimize expensive mistakes? It works with VRBO, AirBnb, LiveRez, Escapia, and a majority of other booking platforms in order to improve your workflow. Features are a drag-and-drop calendar, automated scheduling, maintenance tracking, employee dashboards, and much more.

Property Matrix

Property Matrix is fully customizable, user-friendly, and powerful. For years, PMs have been forced to select between a powerful system which is able to do everything needed, or a user-friendly system their staff actually can use. Those days are gone. Using Property Matrix, you do not need to choose. You’ll get it all.

TSS Rhea

Since 1998, TSSI has been offering exceptional service to resorts in Canada, the United States, and Mexico. TSS Rhea is web-based, enterprise-level, powered by Oracle, and fast. It’s infinitely scalable and highly customizable. It is affordable and offers an all-inclusive monthly charge for a full-feature hosted system which includes credit card payments, maintenance fees, deposits, rentals, sales, reservations, bulk billing, marketing, owner portal, front desk, accounting, extensive reporting, integration with, Expedia, and RCI. Contract goes month-to-month and users can cancel at any time.


This is a cloud-based community management system for self-managed associations and PMCs. Manage several communities with one login and search around all communities using global search. Manage owners and units (CRM), invoicing, accounting, online payments (credit card and ACH), documents, communications, as well as event registration. Unlimited admin seats, as well as customized module permissions are available for all users.

Quicken Rental Property Manager

Personal finances and rental property management solution that has tenant data tracking, expense tracking, and income management.

Wheelhouse Pricing

This is the most dynamic, complete pricing rental bookkeeping software within the short-range rental industry made to help users save time and make more revenue.


This one helps users save money and time by having more simpler workflow processes and effective reservation management.


Web-based booking engine and channel manager that features like real time synchronization and performance monitoring.


Residential property management instrument that has smartphone integration, as well as built-in business intelligence for property managers and agents.

Booking Automation

Users can automate their short-term rentals with this top-of-the-line channel manager, customize pricing strategies, and automate communications.


This free-to-use rental property management software is loaded with features which includes tenant screening, online payments, and much more.

Property Meld

Property Meld automates the follow-up on maintenance process, which includes reminding, scheduling, verifying completion, and much more.


Institutional-grade property management system that provides features for screening, listing, full portals, payment processing, and application.

A full-featured, web-based, and easy-to-use system. Users can manage their tenants and properties, track work orders, and collect payments.


It’s a cloud-based property management system which helps small and medium-size property managers with payments and bookings.


Match and collect all rent portfolio payments, send reminders and invoices, generate reports and make outgoing payments in a couple of clicks.

Booksi – Property Rental & Directory Management CMS

This one offers everything needed to boost your property rental business and is provided with a number of functionalities.


Free property management rental bookkeeping application which allows landlords to track expenses, collect rent, screen potential tenants, and list their property.


It’s a tool for property managers of homes or apartments. Manage payments, bookings, and communication all under one roof.


Assists in accounting, communication, management and security of a gated apartment, society, or condominium community.


This is a European Housekeeping hub for vacation property managers who are willing to standardize their guest experience

Fixflo Lettings

This is a rental property maintenance and repair management software for concise communication between resident, contractor, and manager.

Landlord Vision

Landlord Vision is a cloud-based property management system which allows landlords to manage tenants, contracts, and property expenses.


This is an easy-to-use real estate CRM software, as well as responsive site solution for international estate agents. It features many currencies and languages.


Offers on-demand utility data accessibility so property managers and owners may make wise decisions, as well as save money on energy bills.


Acturent offers tenant portal, expenses and income tracking, vacancies advertising, preloaded legal forms, as well as website design abilities.


This online apartment information management solution is for landlords, property owners, leasing agents, and property managers.


This rental bookkeeping software is a convenient to use option which assists landlords in finding possible tenants, see their credit history, collect rent, and sign leases.

Centra REMS

This is a real estate management system that has a 360° view of all leads, opportunities, and assets.

RentAware Property Manager

This one is a cloud-based property management system for small property management businesses and individual landlords.


This is a rental management software that has a tenant portal, payment tracking for property managers, and property maintenance tracking.


RentGroove is web-based property management solution. RentGroove assists landlords and PMCs manage several units and properties from one login.


It’s a cloud-based property management option that offers maintenance, rent collection, and vacancy management, as well as tenant communication.


RentingSmart is a web-based rental property management solution for landlords in Australia.


Whether you are a seasoned landlord or PM, or are just starting out, RentMe is the ideal end-to-end property management solution.


Customized option that manages rental properties with various functions that all can be customized.


This rental bookkeeping option is for landlords that have one or more rental properties, which features accounting, performance reports, tracking and much more.


There are a number of rental bookkeeping software accounting choices that are available to you, and oftentimes the selection will boil down to your personal preferences concerning the offered features. The aforementioned solutions we’ve reviewed in this guide today are affordable for the majority of budgets and undoubtedly will save you money and time in the long-term. It might be beneficial for you to take advantage of their free trials to check which one works better for you and which is better suited to the needs of your business. As a landlord, your needs are going to be very specific, with rent collection being the highest on your wish list.

One red flag you should be aware of is bookkeeping for rental property systems that require time-consuming data entry. Here’s the good news: any of the above accounting software tools are going to be able to help you keep an eye on the movement of money out of and into your rental business. It’ll prove to be useful not just when the time comes to file taxes, but also if you’re thinking about expanding. The financial data may be used and analyzed to determine if you’re in a position to take on more loans to buy more property and grow. Even if that isn’t your goal, it’s important for the seamless running of a company of any size to stay organized as it’ll come to finances.

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