OMG too many choices on Accounting Software...someone experienced please tell me the best one

Christina142
Level 4
California, United States

OMG too many choices on Accounting Software...someone experienced please tell me the best one

I'm new to this Airbnb thing.  I have three (3) residential units.  I'm having trouble keeping track of money coming in and going out (for gardener (really more of a mow-and-blow guy,) housekeeping, utilities etc.)  I want to run reports to see if I'm even profitable in comparison to just renting by the year.  I can take my bank account and eye-ball things but I'm wondering if there is a better way.  

 

We also have a couple other seperate businesses; a family business and a small commercial building, where we occupy some of the space and we have commercial tenants in the other spaces.  I'm hoping to find Software where I can see all three businesses because there are so many transactions between all three businesses.

 

What do you use for Accounting Software and why?  I've looked at Quickbooks (which looks good because it looks like I can have all three businesses on the same Quickbooks license), Quicken, Guesty, Hurdlr, and Xero.

 

I'm sorry to sound so needy, but I'm just clueless as I've actually never used Account Software and realize I probaby should because it's just too much to do this with paper and pencil.  

 

Thank you so much for any advice!

6 Replies 6
Jessie119
Level 2
Adelaide, Australia

If you end up using Xero, check out our integration to bring all your Airbnb transactions in. https://www.bnbsync.io

 

You can toggle between Property Manager or Owner / Investor.

I use QuickBooks but I like Xero as well. Over a year ago my accountant set me up with QuickBooks and connected my Airbnb accounts using Bnbtallyhttps://www.bnbtally.com/ 

 

I operate several listings on Airbnb and the software automatically imports everything from Airbnb flawlessly into my books. I no longer spend any time on manual data entry of Airbnb reservations, I don't need to upload any CSVs and all my reports are generated easily for owners each month. My accountant and I just set up everything once and it automatically processes all commission splits and division of income. They have great reviews on both the QuickBooks app store and the Xero app store.

 

My accountant set me up, but I found Bnbtally isn't very hard to set up new listings on my own as they provide a lot of support docs. Pretty much every business model has a different way of doing bookkeeping, but it's really a matter of selecting the correct template based on your scenario. You can check out the different templates here... 

 

Airbnb QuickBooks Templates: https://www.bnbtally.com/airbnb/quickbooks/chart-of-accounts-template 

 

 

Jason114
Level 3
Mountain View, CA

Hi @Christina142 , Guesty is more of a property management system, rather than an accounting software. Hurdlr is good for smaller/self-employed businesses. However, since you have multiple streams of income and a few different businesses going on, it's definitely appropriate to have a good accounting software to tie your numbers into one place and track performance. Xero is a good option. However, Quickbooks Online is currently the most widely used in the United States and it is supported by more accountants. There's also a tool that will connect your Airbnb accounts directly into Quickbooks Online for automatic accounting of Airbnb reservations. See BNBTALLY: **

 

**[Link removed due to safety reasons - Community Center Guidelines

 

If you go with Quickbooks Online, be sure to get the subscription tier that supports Class tracking categories so that you can run Profit & Loss reports on your separate businesses streams as well as any separate Airbnb listings. I know the frustration of finding the right software and I sincerely hope this helps!

 

Respectfully,

Jason

Julie3354
Level 1
Rome, GA

Jason thank you for the info!  I am managing 4 properties now and was at a loss on which way to look for software/book keeping!

James497
Level 2
Sedona, AZ

I find myself in a similar situation as @Christina142.  Hope your rentals are thriving!

Now that significant time has elapse since your original post curious to hear how things have gone for you.  Which accounting software service(s) do you recommend?  Thanks in advance!   

Wendy1072
Level 2
Wilsonville, AL

@James497 I manage 4 properties for 3 different owners. Currently I use 1 subscription on QB Desktop.  Each property has a company file. I have been on a call with QB Online and they tell me that I have to have a subscription for each company file.  That is $120/month!  I need guidance!  How do property managers afford this?