QuickBooks is simple accounting software that can be used by people who don’t have an accounting background.
Using QuickBooks for property management
Date Published: September 25, 2020
Property management companies have their own set of special needs and requirements when it comes to accounting. They may have to process thousands of payments from dozens of different communities, document different invoices from multiple vendors, and let’s not even start on the amount of time it takes to organize and file taxes.
It’s a lot work, but it’s important work, too. Property managers must understand the financial health of each of their communities in order to ensure their well-being and longevity. Like any business owner, they need to know how much revenue is coming in, and how much money is being spent. If the books don’t balance, then owners ultimately pay for the deficit. Consistent mismanagement of money is one of the quickest ways to lose clients, so property managers need to stay on top of the numbers at all times.
As we said, accounting isn’t easy, especially if you don’t have an accounting background. For that and other reasons, many property managers and property management companies choose QuickBooks to help them tackle accounting with greater precision and efficiency.
Why do so many property managers use QuickBooks?
The primary reason why so many property managers use QuickBooks is the same reason why other business owners prefer it: It is simple accounting software that can be used by people who aren’t accountants.
Another great QuickBooks feature is that it’s appropriate for small and mid-sized businesses. If your company is not quite big enough to invest in a specialized accounting system, QuickBooks can help. While the software isn’t cheap, it isn’t absurdly expensive either, and it will save you time (and ultimately money) in the long run. You are encouraged to sign up for the 30-day free trial to get a sense of what the program can do for you, and Intuit, the company that developed QuickBooks, often takes 50% off of the price for the first three months.
QuickBooks Online works particularly well for property managers. The cloud accounting software allows you to access your data from anywhere, including your phone, and updates are synced across all of your devices. QuickBooks takes security and privacy seriously, and follows high encryption standards. Data is also backed up automatically, so you never lose all of your work if you suddenly lose your connection. Working in the cloud enables managers to connect to a wide variety of third-party apps and business services that they may already be using to help them boost productivity. They can experience the best of their favourite platforms or services, working collaboratively.
Using QuickBooks for property management
QuickBooks wasn’t designed exclusively for property managers, but the program does cater to this group of professionals quite well.
Management can set up each property or home that they care for as a unique customer. By doing this, they are able to set expenses, such as association fees, as billable, and charge them back to residents. They can set up pre-authorized payments so they never have to worry about missing a payment. Best of all, you don’t have to make so many trips to the bank to deposit cheques. The money gets to the association’s bank account in less time, with less hassle.
Property managers can easily pull a profits and losses report by property or unit on a monthly, quarterly or annual basis as needed, and easily see who has outstanding payments to take care of.
You also have the option of recording income and expenses manually, syncing with a cloud accounting app, or using a combination of both. You may want to sync the property’s bank accounts and credit card accounts so that transactions are automatically recorded and organized for you. For added control and customization, you can set up rules so that certain items are organized under a specific category.
You can easily set up recurring bills and pay multiple vendors all at once. Set automatic payment reminders and review bills by supplier, due date or payment status. When paying vendors, property managers can use the split function if the service provider completed multiple tasks, such as cleaning and waste removal.
If you also have a sizable team of staff working onsite, you can opt to purchase the payroll add-on. QuickBooks does the math and stays on top of tax rates to help you keep payroll accurate and your employees happy. The software can even prepare and file T4s, T4As, and Relevé 1s for your employees and contractors.
To learn more about how to set up QuickBooks specifically for property management, click here.
Pro tip: Keep the profits and losses for the actual property management company separate from the properties that you manage. With QuickBooks, it is possible to do both in one file if you map certain fields in specific ways.
Most people who use QuickBooks can’t say enough good things about the accounting software. It does its job very well, and automates tasks that generally require a great deal of attention and time. However, there is much more to property management than accounting, which is why property managers should consider using QuickBooks with property management software.
QuickBooks plays well with other software systems, including Condo Control Central, which comes in handy for busy property managers. Only one login is required, and there is no switching between programs when you integrate one with the other.
Property management software helps improve communications and day-to-day operations for condos and HOAs. It automates repetitive tasks and streamlines processes so that you can accomplish more in a day. Condo Control Central’s software is highly customizable, it is flexible, and it will grow along with your community. New features are added regularly, and are designed based on real feedback the company receives from clients.
Some of the most popular features include:
Announcements – Send new messages and updates to your community instantaneously. Send information to a select group, or everyone on the property. You can add attachments such as photos or newsletters as well. Announcements can be created and sent through a laptop or your mobile phone using the CCC app.
File Library – Every important document can be properly organized in the online File Library. Create a unique folder for board documents, another for forms, and a separate folder for governing documents. You can control who has access to folders, so sensitive information remains private.
Amenity Booking – Give residents the ability to book and pay for amenity fees and deposits online. You can control how long an amenity can be used for, how many people can use an amenity at the same time, and even create timeslots for the gym, pool, or barbeque area.
E-Voting – Owners love having the ability to vote from the comfort of their homes. E-voting simplifies the entire voting process for management, and lets owners vote in advance of a meeting. With this added convenience, many communities find that they reach quorum on the first attempt.
Violation Tracking – Send violation notices to offenders online. You can manage every violation from one place, and easily see the status of each issue. Create as many violation templates to reuse as you need, or use our preload templates. Owners can even pay fines associated with violations through CCC.
Property managers who take advantage of smart software like QuickBooks and Condo Control Central generally have more success attracting new clients and keeping their current communities happy. They don’t have to devote as much of their time to paperwork, and can complete accounting and administrative tasks with more speed and confidence. As property managers are expected to do more, these tech solutions will only become more essential.