If you’re considering switching from QuickBooks to accounting software with features that make rental property management easier, you’re in the right place. Here is a list of the best QuickBooks alternatives for real estate investors. We’ll cover their key features, advantages, drawbacks, and how much they cost.
Why Real Estate Investors May Need Alternatives to Quickbooks
QuickBooks is a leading accounting software for business owners, but it has limitations when it comes to managing a real estate portfolio.
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Baselane: Best Multifamily Property Management Software
QuickBooks is often too much for smaller landlords or investors who only need basic accounting functionality. Each property has to be set up as a separate class in a chart of accounts that requires an understanding of double-entry accounting and time-consuming manual data entry.
Limited Property Management Features
QuickBooks is primarily a business accounting software for invoicing and payment processing. It doesn’t have specific features for rental property management, such as:
- Online rent collection
- Maintenance tracking
- Security deposit accounts
- Landlord banking
- Lease agreements
- Tenant screening
No Tenant Portal
Although QuickBooks allows invoice payments, there’s no tenant portal to view payment history or options to set up automated online payments. Any notifications or payment reminders must be set up individually as a recurring invoice for each tenant instead of turning on a global setting like you can with rental property accounting software.
Cost vs. Free Alternatives
Monthly plans for QuickBooks Online range between $30 and $200, depending on the features. These costs can be significant for smaller landlords with one or two properties.
There are free alternatives to QuickBooks that offer dedicated accounting software for property investors and landlords. Even if you opt for a paid plan, you get dedicated accounting software for property investors and landlords rather than standard bookkeeping features.
10 Best Quickbooks Alternatives for Real Estate Investors
1. Baselane
Key Features
- Automated income and expense tracking
- Receipt upload and one-click transaction categorization by property and Schedule E category
- Real-time cash flow reports for and analysis (Schedule E, ROI, net operating income, net cash flow, and more)
- Income statement by property and portfolio
- Landlord banking and bank account integrations
- Online rent collection via ACH, credit or debit card
- Automated rent reminders and late fees
- Option for tenants to set up auto-pay
Why Use Baselane
Baselane is a free property management tool trusted by over 30,000 landlords, real estate investors, and property management companies. It’s designed specifically for managing rental property accounting and bookkeeping, online rent payments, landlord banking, and more.
Plus, Baselane integrates with QuickBooks, TurboTax, and other tools. Other premium features include security deposit accounts, lease agreement templates, and services for landlord and renters insurance, tenant screening, rental loans, and a line of credit for real estate.
Pricing
Pros
- All-in-one rental property management platform
- Auto-generates tax reports and Schedule E reports
- Allows unit-level revenue tracking
- 100% free, no hidden fees
- Virtual banking accounts to separate properties and security deposits
- 4.19% APY and up to 5% cash back on debit card purchases
- Free ACH rent payments for tenants, low 2.99% fee for debit and credit card transactions
- Fast payments in 2-5 business days
Cons
- No mobile app (coming soon)
- No feature for maintenance requests or tenant communication (coming soon in 2024)
- No built-in tenant screening tools (coming soon)
2. Stessa
Key Features
- Smart receipt scanning (Free Plan is limited to 5 per month)
- Generates reports for tax time
- Automated bank feeds and online payments
- Real estate document and receipt storage
- Lease templates and eSigning (Pro Plan only)
- Tenant screening through RentPrep
Why Use Stessa
Stessa is a property management accounting software solution for small and medium-sized landlords. The free plan is ideal for basic accounting requirements. Project expense tracking, budgeting, and pro forma analysis are available on the premium subscription plan ($20/month).
Pricing
Pros
- Organize transactions and 15+ reports
- Monthly plans include mileage tracking
- Mobile app available
- 1.1% cash back on purchases
- Integrates with popular accounting and property management software
Cons
- CapEx and Schedule E tax reports only available on Pro Plan
- Free plan limits accounting features and properties
- No auto-pay for credit and debit cards (only ACH deposits)
- Online rent collection requires a Stessa Cash Management Account
- Customer support complaints
3. Rent Manager
Key Features
- 450+ built-in reports
- Generate vendor and owner 1099 tax forms
- Create purchase orders and pay vendor bills
- Budgeting and financial planning
- Utility bill management and tracking
- Online leasing and tenant screening
Why Use Rent Manager
Rent Manager real estate software is ideal for property owners or companies with larger portfolios. Plans are priced per unit and include advanced tools for accounts payable and receivable, recurring bills, maintenance work orders, marketing, and leasing.
Pricing
Pros
- Customizable reports
- Supports electronic tax filing
- Mobile apps for property owners and residents
- Unlimited live support
- Easily calculate, distribute, and reconcile one-time and recurring payments
Cons
- Costs $1-$2.50 per unit per month
- Monthly plan minimums are $200-$450
- Bank syncing only available on Plus and Premium Plans
- Complex accounting features
- No free trial available
4. Rental Hero
Key Features
- Separate profit-and-loss reports (per unit or property)
- Auto-categorize income and expenses
- Digital receipt scanning
- Bank and credit card feeds
- Email reminders for tenants and landlords
- Save notes and history on each property
Why Use Rental Hero
Rental Hero provides accounting software for investors and landlords who only need basic features for managing rental property finances. It can handle simple accounting tasks for single-family homes, duplexes, multifamily properties, short-term rentals, Airbnbs, and storage units.
Pricing
Pros
- Splits expenses between categories and properties
- Integrates with over 15,000 banks and credit cards
- Works with Airbnbs and storage units
- 30-day free trial available
- Mobile app for iPhone and Android
Cons
- Annual subscription is expensive for new landlords ($129 per year)
- Rent ledgers not available
- No cash-flow statements
- No landlord banking features
- No online rent collection
5. Buildium
Key Features and Pricing for AppFolio
- Manage accounts payable
- 1099 e-Filing
- Customizable chart of accounts
- Online rent payments
- Maintenance request tracking
- Rental listings and online applications
Why Use Buildium
Buildium has essential accounting tools for larger businesses, such as online and cash payments, company and property financial statements, and bank reconciliations. Other tools for property management and real estate companies include property inspection reports, online rental agreements, and automated showing pre-qualification, scheduling, and follow-ups.
Pricing
Pros
- Automatic bank reconciliations
- 20,000+ PayNearMe locations for cash payments
- Mobile application for landlords
- 14-day free trial available
- Recurring ACH and credit card payments
Cons
- Expensive plans increase for additional units
- $99 for each landlord bank account
- $0.50 for outgoing EFT payments
- Limited reporting features
- Hidden fees for certain features
6. Yardi Breeze
Key Features
- Property and corporate general ledgers
- Prepare and e-file 1099s
- Escrow and trust accounts for all properties
- Debit, credit, and ACH rent payments
- Online applications, screening, and leases
- Maintenance request tracking
Why Use Yardi Breeze
Yardi Breeze accounting functions are designed for midsized multifamily property managers who can benefit from advanced accounts payable and general ledger controls. It also supports vendor payments, vacancy and prospect tracking, and online maintenance requests.
Pricing
Pros
- Pay vendors and owners via check or EFT
- Access transaction-level details from financial statements
- Recurring payables and paperless record-keeping
- Track maintenance history by unit or resident
- Live chat support
Cons
- No QuickBooks integration
- Custom financial reporting only available on Breeze Premier
- $100-$400 minimum per month
- Additional charges for extra support
- Steep learning curve for new users
7. AppFolio
Key Features
- Advanced reporting (cash flow statements, CAM reporting, delinquency records, and more)
- Bank integrations and reconciliations
- Smart bill entry reads PDF invoices
- Real-time performance insights
- Send and receive payments online
- AI leasing assistant for scheduling showings and responding to inquiries
Why Use AppFolio
Appfolio is a cloud-based platform for real estate professionals, investors, and landlords who manage more than 50 units. It uses AI to automate bookkeeping, work order and lease management, bill processing, and performance insights. Additional features include mobile inspections, virtual showings, online portals, and more.
Pricing
Pros
- Automates bill and invoice processing
- Manage multiple deposits and refunds directly from escrow
- Dashboards and charts to compare performance
- Supports bulk tenant charges
- Multiple customer service channels (chat, phone, email)
Cons
- Basic plan doesn’t include custom reports
- Requires a portfolio of 50 properties or more
- Online payment options only available as an add-on
- Monthly cost starts at $1.40-$5.00 per unit
- $400 minimum onboarding fee
8. Wave
Key Features
- Generate financial statements
- Unlimited bank and credit card connections
- Automatic transaction import
- Capture and organize receipts
- Online payment processing (bank deposits, credit cards, Apple Pay)
- Bookkeeping, tax, and accounting services available
Why Use Wave
Wave is a leading cloud-based accounting software known for its user-friendly bookkeeping and dashboards that organize income, expenses, payments, and invoices. It’s built for easy cash flow management, making Wave Accounting suitable for smaller real estate businesses with basic bookkeeping requirements and tight budgets.
Pricing
Contact MRI software for custom quotes.
Pros
- No monthly fees for accounting
- Automates basic accounting tasks
- User-friendly interface
- Unlimited income and expense tracking
- Quick payment processing in 1 or 2 days
Cons
- Not designed for real estate investors
- Basic financial reporting features
- Bank payments cost 1% per transaction
- 2.9% + $0.60 per credit card transaction (3.4% + $0.60 for AMEX)
- No property management features
9. Doorloop
Key Features
- 60+ built-in financial reports
- Sync transactions from bank accounts, credit cards, and debit cards
- Collect one-time and recurring rent payments
- Custom chart of accounts
- Communication tools for landlords and tenants
Why Use Doorloop
DoorLoop can be a useful real estate accounting tool for investors, owners, and landlords who need extra features for property management. Beyond financial management, DoorLoop can accept online applications, automate rent payment collection, send text message alerts, track lease progress, and more.
Pricing
Pros
- Quickbooks Online and Freshbooks integrations
- Chart of accounts, statements, and reports per property
- Create line items for custom reports
- Link vendors, work orders, and expenses
- Save files, documents, leases, pictures, and more
Cons
- Bank syncing only available on Pro and Premium Plans
- Only tracks payments made through DoorLoop (not outside software)
- No 1099 forms in Starter Plan
- Expensive monthly and annual fees
- No banking features
10.Landlord Studio
Key Features
- 15+ accountant-approved reports for taxes
- Real estate-specific categories for expenses
- User-friendly financial reporting templates
- Built-in mileage tracking
- Collect, pre-screen, and assess tenant applications
- Online tenant maintenance requests
Why Use Landlord Studio
Landlord Studio provides simple rental property accounting and tax reporting. It’s free for the first three properties and unlimited units if you enable and use online rent collection. The GO Plan also includes property listings and tenant screening. Real estate investors who want bank feeds for automated income and expense tracking will have to upgrade to the PRO Plan.
Pricing
Pros
- Xero integration (only available with advanced plans)
- Storage for receipts and documents
- Scan receipts to automatically enter expenses
- Share reports directly from the app
- Choose whether to allow partial payments or not
Cons
- No automatic income and expense tracking on GO Plan
- Paid monthly plans increase for each property
- Recurring reminders for rent and inspections only available on Pro Plan
- $2.50 per transaction for tenant payments (free for landlords)
- Only community support for free users
6 ways to reduce your rental property taxes
Use these tax-saving tips to keep more money in your pocket.
Final Thoughts
While you can use QuickBooks for rental property accounting, specialized property management software is often a better choice for real estate investors and landlords.
Baselane is a full-service solution built for rental property accounting, bookkeeping, banking, and rent collection, all 100% free with no hidden fees. Say goodbye to manual expense tracking and put all your finances in one place to maximize property performance and returns.
Ready to simplify your rental property finances? Book a free demo today!
Read More:
Rental accounting made easy
- Consolidated ledger of all transactions
- 1-Click Schedule E categorization
- Auto-generated financial and tax reports
