Real estate agents and managers need specialized accounting tools and features to help them collect payments from their clients and tenants and track profitability by location and properties. While QuickBooks Online Advanced has no real estate-specific management features like leasing and tenant evaluation, it can be used to manage the accounting side of your real estate business.
We’ll discuss some of the most important features and benefits of QuickBooks Online Advanced for real estate businesses.
Track Important Data
As a real estate broker, you may need to track some real estate-specific transactions, such as license renewal dates, multiple listing service (MLS) numbers, and agent listing. QuickBooks Online Advanced provides Advanced Custom Fields that allow you to track these important pieces of information. For instance, if you are a real estate broker who works with many agents, then you may use the Advanced Custom Fields to track your agent’s license renewal dates so that you can alert them of their license expiration.
Track Profitability by Location & Building
QuickBooks Online Advanced’s location tracking is an important feature for tracking profitability, as it helps you track your profit and loss separately for each of your properties. If needed, you can also set up sublocations for units in the same location. Location tracking allows you to generate reports by location so that you can determine which property or building makes you the most money.
QuickBooks Online’s location tracking is available only in Plus and Advanced. With Plus, you can only create up to 40 locations, whereas Advanced lets you set up an unlimited number of locations. This makes QuickBooks Online Advanced a great choice for real estate agents or owners who manage many buildings in various locations.
Whether you are a real estate agent that needs to bill clients for sales commissions and payments on commercial deals or a landlord that collects payments from tenants, you can use QuickBooks Online Advanced to simplify your invoicing workflows. QuickBooks has always been known for its powerful invoicing, but Advanced sweetens the deal with its batch invoicing feature that helps speed up invoicing by 37%. With batch invoicing, you can create and send multiple invoices all at once, removing the need to fill out sales forms and email invoices individually.
Work with Multiple Team Members
Real estate businesses or teams can be comprised of multiple agents, brokers, partners, and dedicated accountants. With QuickBooks Online Advanced, there’s more room for collaboration as you can add up to 25 accounting users to your accountant. The good news is that you can customize each user’s access so that only the right person can access and work on the right data and tasks.
Collaborate from Anywhere
As a cloud-based program, you can access your real estate accounting data anytime and anywhere with an internet-enabled device. As a result, property managers, landlords, agents, and brokers can create tasks and assign them to their team members. The mobile device can be used to send invoices and accept payments.
Integrate with Real Estate Management Software
QuickBooks Online Advanced integrates with some of the most popular real estate management apps, including Rentec Direct, Propertyware, and Visual Lease. With Advanced’s strong general accounting features combined with real estate-specific management functionality, you can develop a powerful toolbox for your real estate business.