Which QuickBooks is Best for Real Estate

QuickBooks is a popular accounting software many real estate businesses use to manage their finances, track expenses, and handle other financial operations. However, with multiple versions of QuickBooks available, it can take time to determine which is best for your real estate business. This article will explore the different QuickBooks versions available and help you choose the best one for your real estate business.

QuickBooks Desktop vs. QuickBooks Online

The first decision you must make is whether to go for QuickBooks Desktop or QuickBooks Online. QuickBooks Desktop is the traditional version of QuickBooks, installed on a computer and accessed from there. On the other hand, QuickBooks Online is a cloud-based version that can be accessed from anywhere with an internet connection. Both versions have pros and cons, and you need to determine which suits your business requirements.

QuickBooks Desktop Versions

QuickBooks Desktop offers different versions designed for specific industries, including real estate. The two versions suitable for real estate businesses are QuickBooks Premier and QuickBooks Enterprise.

QuickBooks Premier

QuickBooks Premier is the perfect version for small to medium-sized real estate businesses. It includes all the features Which Quickbooks Is Best For Real Estate needed to manage a real estate business, including tracking expenses, creating invoices, and managing financial reports. QuickBooks Premier also has a specialized version designed for real estate, with features such as:

• Industry-specific reporting – QuickBooks Premier offers more than 150 real estate industry-specific reports, making it easier to track expenses and income.
• Create rent receipts – QuickBooks Premier enables users to create rent receipts and track rental income.
• Manage property sales – QuickBooks Premier lets users track property sales, commissions, and escrow accounts.

QuickBooks Enterprise

QuickBooks Enterprise is designed for larger real estate businesses that require more advanced features. It includes all the features of QuickBooks Premier but with additional functionality, including:

• Advanced inventory management – QuickBooks Enterprise includes advanced tools that allow users to track inventory across multiple locations.
• User permissions – QuickBooks Enterprise allows users to set different permissions and roles, ensuring that sensitive financial information is only accessible to authorized personnel.
• Customizable reporting – QuickBooks Enterprise includes customizable reporting features that allow users to create customized financial reports.

QuickBooks Online Versions

QuickBooks Online also offers different versions designed for specific industries, including real estate. QuickBooks Online Plus and QuickBooks Online Advanced are the two versions suitable for real estate businesses.

QuickBooks Online Plus

QuickBooks Online Plus includes all the features needed to manage a real estate business, including expense tracking, invoicing, and managing financial reports. It also includes features such as:

• Track rental income – QuickBooks Online Plus allows users to track rental income, create rent receipts, and manage tenant information.
• Manage property sales – QuickBooks Online Plus lets users track property sales, commissions, and escrow accounts.
• Customizable reporting – QuickBooks Online Plus includes customizable reporting features that allow users to create customized financial reports.

QuickBooks Online Advanced

QuickBooks Online Advanced is designed for larger real estate businesses that require more advanced features. It includes all the features of QuickBooks Online Plus but with additional functionality, including:

• Advanced user permissions – QuickBooks Online Advanced allows users to set different permissions and roles, ensuring that sensitive financial information is only accessible to authorized personnel.
• Customizable user dashboards – QuickBooks Online Advanced includes customizable user dashboards that allow users to view financial data in a way that suits them.
• Priority customer support – QuickBooks Online Advanced includes priority customer support, ensuring that users can get help when needed.

Conclusion

Choosing the right QuickBooks version for your real estate business depends on your specific needs and the size of your business. QuickBooks Premier and QuickBooks Online Plus are suitable for small to medium-sized real estate businesses, while QuickBooks Enterprise and QuickBooks Online Advanced are designed for larger ones. All versions offer expense tracking, invoicing, and financial reporting features. However, the specialized real estate versions offer industry-specific features such as tracking rental income and managing property sales.

In conclusion, evaluating your business needs and budget is essential when selecting the right QuickBooks version for your real estate business. Additionally, consider whether you prefer a desktop or cloud-based version and the level of customer support offered. By carefully considering these factors, you can select the QuickBooks version that is best for your real estate business and manage your finances more efficiently.