Accounting Software for multiple rental properties

[Mike2603]

Hi There, I own over a dozen short term and long term rental properties in multiple cities and am looking for advice on accounting software that can help manage and track expenses and revenue.    Any suggestions?

I'm currently using Hospitable as a PMS system and it works great, it's just not well setup for financial management.

Thanks!

Mike

[Herbert39]

Mike,

I find myself with the same predicament. Having both rental and lodging properties has been an onerous task. The software I use is not conducive to both the lodging requirements with different rates that vary by the season, are charged by the night and don't have a balance due. Whereas rentals have fixed contracts, set monthly rates and balances to keep and allocate. 

Surely someone has done the work of finding or developing a flexible and effective accounting system. 

H.

[Helen3]

Have you asked your accountant for a recommendation @Herbert39 ?

[Herbert39]

Helen, 

I have an extensive accounting background and have installed high-end accounting systems. But my experience with software is not in the hospitality industry. I'm a systems analyst but my experience is not directly tied to the hosting or hospitality industry. But I have a good idea of the features that are a "must have" vs those that are nice to have but not truly required. 

So, I am taking the role of being my own consultant in finding and reviewing the software available. It's a huge number of products and I have at least 25 that I am reviewing so far. 

The consulting groups like Capterra offer evaluations, but they all seem to get 4+ stars with little in terms of downside. It looks like the software developers are paying to be included in the selection. It's the downside that is important. Anybody can give a rave or positive review, but software companies won't do a negative assessment on themselves. 

Accountants and accounting firms have limited experience and may not be a reliable source if I don't get the negatives or the weaknesses of the software. Accountants have experience with one or two software packages at the most. So, they are generally not a good source. 

It's crazy for Airbnb not to have either developed their own package or partnered with an accounting software developer to add-in the features we need. Someone must have done a careful review of at least one software package that is applicable for hosts with a candid assessment of the downside of the software.