5 Best Accounting Software for Real Estate Agents and Brokers in 2023 Tested & Reviewed

Lofty is a comprehensive real estate CRM and management platform designed for brokerages, offering tools for lead generation, transaction management, agent performance tracking, and marketing automation. It integrates AI-driven features like lead nurturing and predictive analytics with brokerage-specific functionalities such as commission management and compliance tracking. The platform supports scalable team operations through custom websites, IDX https://glowtechy.com/why-professional-real-estate-bookkeeping-is-essential-for-your-businesses/ integration, and centralized dashboards for brokerage oversight. It streamlines brokerage operations by centralizing agent productivity, deal tracking, commission management, and regulatory compliance in one ecosystem.

NetSuite for Real Estate Accounting

The foundation of a thriving real estate business lies in maintaining an immaculate balance sheet and streamlined financial processes, both of which can be realized with the appropriate accounting software. Over the next 6 1/2 years he went on to sell 437 homes with a small team. Jim currently does real estate team development and coaching for some of the largest real estate teams in the country. FreshBooks is great if you’re juggling multiple projects and need to stay on top of payment, expenses and client management. It’s an intuitive platform where you can take pictures of your receipts, track mileage, and manage projects—all in one place. Mid-to-large real estate brokerages needing scalable CRM, transaction, and agent management in one platform.

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The system also includes automated invoicing, reminders, and late fee settings, ensuring a smooth process for landlords and tenants. Tenants benefit from a dedicated portal where they can make payments from any device, set up auto-pay, and track their rent history. FreshBooks automates daily accounting activities namely invoice creation, payment acceptance, expenses tracking, billable time tracking, and financial reporting.

Over 300,000 small businesses trust Wave

• Xero allows its users to input expenses or revenue related to their transactions using labels classified into different categories, which can be organized into company units.
• Most of our users spend less than 10 minutes a month on what used to take them 1-2 hours.
• Whether managing invoices, tracking cash flow, or handling fixed assets, Xero is an invaluable tool for real estate professionals aiming to optimize their financial management.
• As the world of property turns, there’s a whirlwind of transactions, expenses, and receipts to keep track of.
• Accounting software includes tax preparation tools that automatically adjust for property taxes, depreciation, and other real estate-specific tax rules, reducing the risk of errors and penalties.
• This helps allocate costs like maintenance, taxes, and utilities accurately, ensuring that each property’s financials are tracked individually.

Users can also create custom reports to gain deeper insights into their business operations. This ability to access vital information empowers users to make informed decisions and enhances profitability. Additionally, Sage provides powerful add-ons like MyAssistant and Office Connector, which further streamline processes and optimize productivity.

Scan receipts

Fiskl handles real estate-specific taxes, tracks deductible expenses, and ensures compliance with local regulations. If you are a real estate agent, you might wonder what computer skills do real estate agents need. First, if you don’t know how to operate a computer, it is important that, at the very least, you know how to turn it on and get online. With 28 years of experience in business software, Intuit helps businesses in 190 countries around the world run better, smarter, and faster businesses. They have products and services that can help your business simplify accounting, pay employees, make customer payments, manage inventory and accept payments online.

Used by agents to track $3.94 billion of income and expenses …and counting.

• Your business is unique, and every job is different—create custom categories for gas, equipment, rentals, uniforms, or whatever keeps your business running.
• Entrata’s AI-driven automation reduces manual workload by streamlining rent collection, maintenance requests, and tenant communication.
• Additionally, its open API facilitates integration with thousands of applications, making it versatile and adaptable to various workflows.
• The software offers a variety of features that enhance operational efficiency.
• Accounting software provides dashboards and real-time data, allowing businesses to track cash flow, expenses, and revenue as they occur, improving decision-making.
• Starts at $125/month for Starter plan (up to 10 agents); Pro at $250/month; custom Enterprise pricing for larger brokerages.
• The main reason is that it requires less effort than accounting as stated above to track the other methods.

The MRI Accounting Suite is a comprehensive solution for real estate firms and developers. It offers advanced accounting tools that cater to the financial complexities of managing large portfolios and development projects. This software integrates seamlessly with other MRI solutions, providing a unified operational and financial management platform. With robust reporting capabilities and compliance-focused features, MRI Accounting Suite ensures that real estate companies can maintain accurate financial records while adhering to industry standards. In the fast-paced world of real estate, efficient financial management is essential to success.

• Accounting software offers scalability, allowing the management of more properties, integration with other business tools, and generation of detailed reports reflecting business growth.
• Lead response and CRM system designed for real estate brokerages to manage communications and team performance.
• Starts at $29 per user per month for basic plans, with Pro and Enterprise tiers up to $59/user/month including advanced compliance and unlimited storage; custom quotes for large brokerages.
• It enables teams to track deals visually via customizable Kanban boards, automate communications and tasks, and integrate with MLS systems and marketing tools.
• Clean, timely financials turn real estate decisions from reactive guesses into confident moves.
• The right accounting software logs commissions, calculates deductions, and tracks pending payments, keeping every transaction transparent.

In the vast realm How Real Estate Bookkeeping Drives Success In Your Business of real estate, there’s more than just buying and selling. Behind each deal is a network of communications, negotiations, and finances. While each offers its unique bouquet of features, the core value remains – simplifying the complexities of wholesaling. Similarly, the right software holds the promise of transforming how you manage the business side of your ventures.