What accountancy software do landlords use?
Hi all,
I’m fairly new to property investing and brand new to this site. Thanks Property Geek, Rob Dix, for your podcast on Mark Alexander that pointed me here.
Quick question; what accountancy software does this community recommend?
I currently only have three properties, but plan to scale to a lot more. I use spreadsheets for now, but it may be nice to use something with cool, pre-customised reporting and dashboards.
I’m going to use odesk to find a Virtual Assistant to do the book-keeping for me: they could use excel, but again, I want to know if there is something better out there. I’ve checked out Xero, but it seems more relevant to a trading company.
Any recommendations?
Thanks
Martin
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
Previous Article
Consent to Let - Should I tell my residential lender I am now letting the property?Next Article
HMO Internal locks 'deal breaker'?
Member Since December 2015 - Comments: 452
2:36 PM, 18th January 2016, About 10 years ago
After reading this aged discussion, are there any new packages that sway the arguments, Xero seemed to be one of the best choices then, but to s move. Also I guess the accountant should be asked to have an input.
Member Since May 2014 - Comments: 201
4:33 PM, 31st August 2019, About 7 years ago
Reply to the comment left by Fiona Macaskill at 07/11/2013 – 12:25
Yes, Fiona, I use Quicken 2002 as I haven’t found anything better or more powerful. The only trouble is that I have to run it on Win XP as it’s not compatible with anything later. Also HMRC won’t accept it after April 2010 they’ll require MTD-compatible software. I’m really not sure of the solution here.
Member Since March 2017 - Comments: 5
11:51 AM, 10th June 2021, About 5 years ago
Good morning all, this really is an old feed but the question of what accounting software is best for landlords is even more relevant now.
Xero seems to be favoured from the discussion above. Is this still the case?
What other software do you use to help you manage your property business? For example, I use Docusign for all the tenancy agreements, and DPS and TDS for all the deposits.
One thing I would like to do better is manage my ‘to do list’, which seems to get longer everyday! This includes marketing and advertising, managing potential tenants, viewings, contracts, inventory, property maintenance tasks, compliance tasks, managing tenant exit etc
Member Since March 2019 - Comments: 3
2:09 PM, 15th October 2021, About 5 years ago
Reply to the comment left by Peter Jennings at 10/06/2021 – 11:51
Hi Peter,
I was using Wave Accounting which was great but now has ceased support outside North America. I’m in the process of trying to find a new one.
For To Dos, try Google Tasks (https://tasksboard.com/app). If you set a date, it will appear in your Google Calendar as an orange event. For any detailed information Google Keep is very good for shortish notes and then there is Google Drive for the larger documents.
Member Since March 2019 - Comments: 3
2:18 PM, 15th October 2021, About 5 years ago
Reply to the comment left by Nigel Fielden at 04/12/2013 – 20:21
Its discontinued, now its
http://www.renthq.net/
Member Since July 2013 - Comments: 754
3:56 PM, 15th October 2021, About 5 years ago
Reply to the comment left by Peter Jennings at 10/06/2021 – 11:51
I use:
Xero Accounting package
Signable e-signing (PAYG or monthly subscription options)
Trello for the To do List (also free and paid options)
Hope that helps!
Member Since September 2018 - Comments: 3538 - Articles: 5
2:53 PM, 18th October 2021, About 5 years ago
clearly I’m very old fashioned! A good old spreadsheet for me listing everything, then a memory stick with the actual invoices etc in a folder to the accountants once a year when he needs them.
He knows what he’s doing and advises me as and when.
I don’t like the idea of paying a fee or subscription for anything and as for a to do list….its never ending for a LL so a notepad, pen and diary and time management is essential!
Member Since May 2014 - Comments: 201
7:40 PM, 18th October 2021, About 5 years ago
I use Quicken 2003 which has been wonderful,
but what are your plans for when Tax becomes digital? I don’t have any just yet.
Member Since March 2019 - Comments: 3
8:54 PM, 18th October 2021, About 5 years ago
Reply to the comment left by neilt at 18/10/2021 – 19:40
An approach would be to transfer over to one of the systems mentioned by the HMRC:
https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-income-tax