15 Best Accounting Software for Property Management in 2024

Property management software has become an invaluable tool for landlords and property managers. It helps streamline all aspects of managing rental properties by centralizing information and automating tasks. 

The right property management software can save countless hours otherwise spent on manual processes. It also reduces the risk of errors that occur with paper filing systems. 

The key benefits of property management software include:

• Collecting and tracking rent payments
• Posting vacancies and screening applicants 
• Creating and managing leases and tenant documents
• Scheduling maintenance requests and tracking property issues
• Generating in-depth accounting and financial reports
• Improving communication with tenants 
• Ensuring compliance with regulations 
• Integrating with other software systems

With so many options on the market, it can be tricky to determine which solution is the best fit. 

This guide provides an in-depth look at 15 top property management and accounting software tools for 2024. It examines the features, strengths, and potential drawbacks of each to help identify the right platform for your business needs.

Best Accounting Software Tools for Property Management

1. Hemlane

Overview

Hemlane is an all-in-one property management software designed specifically for individual landlords and small property management companies. It streamlines operations by centralizing rent collection, accounting, maintenance requests, and lease management. 

With an intuitive dashboard, Hemlane provides a unified view of your entire rental business in one place. It's easy to onboard new properties and tenants and manage them from any web browser.

Key Features

• Online rental applications and e-signing 
• Customizable lease agreements
• Online rent collection via ACH or credit cards
• Accounting and financial reporting 
• Maintenance request tracking
• Tenant and owner portals
• Automated rent reminders and late notices  

Pros

• Very affordable pricing for small landlords
• No long-term contracts required
• Ability to manage your property remotely
• Leasing, repair coordination, eviction services
• User-friendly interface
• Robust tenant screening features
• Integrates with Cozy for maintenance requests

Cons  

• Limited payment options (no PayPal)
• Less property and tenant scaling capabilities vs. larger property management software
• No built-in maintenance worker management 

Pricing

Hemlane users can have unlimited units on the free plan and connect one financial institution to any unit. For additional features, paid plans start at $30 / month. Learn more about Hemlane’s pricing.

2. Doorloop

Overview

Doorloop is a cloud-based property management software that helps real estate professionals manage rental properties and tenants. It streamlines operations like collecting rent, tracking maintenance requests, and managing leases and documents. 

Features

• Online rental applications and tenant screening 
• Rent collection with online payments  
• Maintenance request tracking
• Accounting tools like ledgers and financial reporting  
• Lease creation and digital lease signing
• Tenant and property management databases

Pros

• User-friendly interface and intuitive workflows
• Mobile app for on-the-go property management 
• Automations for tasks like rent reminders
• Robust accounting features
• Customizable reports and data exports 

Cons  

• Can be pricey for smaller property managers
• Limited integration with other software 
• Steep learning curve 

Pricing

Doorloop has 3 pricing tiers:

• Basic $99/month for up to 75 units
• Professional $199/month for 150 units 
• Enterprise Custom pricing

Additional fees for services like screening reports and payment processing may apply.

3. QuickBooks

Overview

QuickBooks is one of the most popular accounting software solutions for small businesses. It's made by Intuit and offers a wide range of features for managing finances, accounting, invoicing, and more. 

QuickBooks can be an excellent option for property managers who want an all-in-one solution for accounting and essential property management. It has specific tools to help track rental income and expenses.

Features

• Accounting
• Rental tracking
• Tenant screening
• Maintenance tracking
• Mobile app

Pros

• Very user-friendly and easy to learn
• Lots of helpful guides and customer support resources 
• Integrates with other software like tenant screening services
• Widely used accounting platform, easy to find accountants familiar with it
• Scales well for businesses managing small to mid-sized portfolios

Cons  

• Not a full-featured property management solution, lacks some specific property management tools
• Can require manual data entry between PM systems and QuickBooks
• Relatively weak tenant portal and rental listing features
• Additional fees for add-ons like tenant screening

Pricing

QuickBooks starts at $25/month for simple accounting needs. The QuickBooks Online Advanced plan with payroll and other features is $70/month. There are often discounted annual subscription options as well.

4. TenantCloud

Overview

TenantCloud is a cloud-based property management software designed specifically for individual landlords and small-to-medium-sized property management companies. It provides tools to manage properties, tenants, maintenance, accounting, and reporting all in one place. 

TenantCloud aims to help property managers save time and money by streamlining operations. It provides an easy-to-use interface to manage day-to-day property management tasks.

Features

• Online rental applications and tenant screening 
• Online lease agreements and e-signing
• Rent collection with recurring ACH payments
• Accounting and financial reporting 
• Maintenance request tracking
• Tenant and owner portals
• Customizable workflows 

Pros

• Affordable pricing starting at $99/month
• User-friendly interface 
• Automates manual processes like rent collection
• Mobile apps for on-the-go property management
• Integrates with screening services and payment processors
• Scales as your portfolio grows

Cons  

• Less property and unit customization than some software 
• Limited support for commercial property management
• Third-party integrations can be limited compared to competitors
• Reporting functionality not as robust as higher-end systems

Pricing

TenantCloud offers four pricing tiers:

• Basic $99/month up to 75 units 
• Professional $149/month up to 200 units
• Premium $199/month for unlimited units
• Enterprise Custom pricing

It also offers discounted annual pricing. Additional fees apply for screening services, payment processing, and other integrations.

5. LandlordStudio

Overview

LandlordStudio is a cloud-based property management software designed for individual landlords and small-to-mid-sized property management companies. It offers tools to manage properties, tenants, maintenance, accounting, and reporting all in one place. 

Features

• Online rental applications and tenant screening 
• Online rent collection via ACH or credit cards
• Accounting tools for managing income and expenses
• Maintenance request tracking 
• Tenant and owner portals
• Customizable reports and statements  
• Integrations with background check services and accounting software

Pros

• All-in-one platform for property management
• User-friendly interface
• Custom pricing based on number of units  
• Mobile apps for on-the-go access
• Solid accounting features and reporting

Cons  

• Less suited for large property management companies
• Limited customization compared to enterprise systems
• Can't handle some complex accounting needs

Pricing

LandlordStudio starts at $150/month for up to 15 units. Pricing scales up based on the number of units, with enterprise pricing available for 250+ units. It does not charge per-tenant fees.

6. Rentec

Overview

Rentec is a cloud-based property management software designed for residential and commercial real estate. It allows property managers and landlords to manage properties, tenants, maintenance, accounting, and reporting all in one place. 

Features

• Online rental applications and tenant screening 
• Rent collection with automatic reminders and late fees
• Accounting tools for managing income and expenses
• Maintenance requests and tracking
• Reporting and analytics 
• Mobile app for on-the-go access

Pros

• All-in-one platform for managing every aspect of properties
• Customizable reports and dashboard
• Integrates with popular accounting software 
• Mobile access for remote management
• Scales for large portfolios

Cons  

• Steep learning curve  
• Mobile app lacks some functionality of web platform
• Limited integration with other software 
• Can be pricey for smaller landlords

Pricing

Rentec offers tiered pricing based on the number of units, starting at $200/month for up to 150 units. Enterprise pricing is available for portfolios over 500 units.

7. Buildium

Overview

Buildium is a cloud-based property management software designed specifically for residential and commercial real estate. It's an all-in-one solution that includes accounting, maintenance, and communication tools to streamline operations. 

Features

• Accounting Built-in general ledger, accounts payable, accounts receivable, budgeting tools
• Maintenance Online maintenance requests, preventative maintenance schedules
• Communication Email and SMS messaging to tenants 
• Reporting Customizable reports on financials, occupancy, maintenance
• Mobile App Manage properties on-the-go

Pros

• Intuitive and easy to use 
• Robust accounting and financial reporting 
• Customizable workflows and branded portals
• Scales for large portfolios
• Integrates with other software systems

Cons  

• Can be pricey for smaller property managers
• Limited integration with screening services
• Mobile app lacks some features

Pricing

Buildium has 3 pricing tiers based on number of units managed:

• Up to 100 units: $219/month 
• 101-250 units: $319/month
• 251+ units: $419+/month

8. Yardi Breeze

Overview

Yardi Breeze is designed for property management businesses ranging from small to mid-size and offers comprehensive tools that make managing rental properties and finances simpler. It automates many routine tasks including leasing, rent collection, and maintenance management.

Features

• Rent collection online through various payment methods.
• Automated marketing and leasing tools to quickly fill vacancies.
• Maintenance management with the ability to assign tickets to staff and track progress.
• Robust accounting features, including ledgers, expense tracking, and custom reporting.

Pros

• A highly intuitive interface simplifies daily tasks.
• Extensive customer support and training resources.
• Strong compliance management features to ensure regulatory adherence.
• Comprehensive property management features suitable for both residential and commercial properties.

Cons

• Some features may be excessive for very small property managers.
• Initial setup and training can require more time and resources.
• Pricing can be higher compared to simpler software options.

Pricing

Yardi Breeze offers pricing that starts from $1 per unit per month, with a minimum monthly fee applicable. Pricing may vary based on additional features and services required.

9. AppFolio Property Manager

Overview

AppFolio Property Manager is a comprehensive property management software that caters to both residential and commercial real estate managers. It provides a wide range of features to help streamline property management tasks and improve efficiency.

Features

• Online rent collection and automated late fees
• Maintenance request management and tracking
• Accounting and financial reporting
• Marketing tools for vacancy postings
• Tenant and owner portals
• Lease management with e-signatures

Pros

• User-friendly interface with mobile app support
• Robust accounting features tailored for property management
• Strong customer support and training resources
• Customizable workflows and reporting
• Scales well for growing portfolios

Cons

• Pricing can be high for small property managers
• Limited customization options for reports
• Some features may require additional fees

Pricing

AppFolio charges a base fee of $1.25 per unit per month for residential properties, with a minimum monthly fee of $250. Pricing for commercial properties varies.

10. RentRedi

Overview

RentRedi is an affordable property management software designed for landlords and property managers. It offers a variety of features to help manage rental properties efficiently, from tenant screening to rent collection.

Features

• Online rent collection and automatic payment reminders
• Tenant screening and background checks
• Maintenance request management
• Accounting tools for tracking income and expenses
• Mobile app for landlords and tenants
• Lease management with e-signatures

Pros

• Cost-effective solution for small landlords
• Easy-to-use interface with mobile app access
• Integrates with various payment processors
• Strong tenant screening features
• No long-term contracts required

Cons

• Limited advanced features for larger portfolios
• Reporting capabilities are basic compared to competitors
• Customer support response times can vary

Pricing

RentRedi charges $19.95 per month for unlimited units, with discounts available for annual subscriptions.

11. Propertyware

Overview

Propertyware is a property management software solution designed for single-family and small multi-family properties. It offers robust tools to help property managers handle day-to-day operations and accounting needs.

Features

• Online rent collection and payment processing
• Maintenance request tracking and vendor management
• Comprehensive accounting and financial reporting
• Marketing and lead management tools
• Customizable tenant and owner portals
• Automated lease renewals and reminders

Pros

• Strong accounting and financial management features
• Customizable workflows and reporting
• Scales well for growing portfolios
• Integrates with various third-party services
• Good customer support and training resources

Cons

• Can be expensive for small property managers
• Initial setup and learning curve can be challenging
• Some features require additional fees

Pricing Propertyware offers tiered pricing starting at $1 per unit per month, with a minimum monthly fee. Additional fees may apply for premium features.

14. MRI Software

Overview

MRI Software is a powerful property management platform designed for both residential and commercial properties. It offers a broad range of features tailored to meet the needs of real estate managers and landlords, from accounting to tenant management.

Features

• Comprehensive accounting and financial reporting
• Lease administration and management
• Maintenance request tracking and vendor management
• Marketing tools for vacancy postings
• Tenant and owner portals
• Integrated facilities management

Pros

• Highly customizable and scalable to fit various property management needs
• Strong accounting and financial management features
• Extensive integrations with third-party applications
• Mobile app for on-the-go management
• Excellent customer support and training resources

Cons

• Can be expensive, especially for smaller property managers
• Steeper learning curve due to its extensive feature set
• Some features may require additional modules or fees

Pricing

MRI Software offers customized pricing based on the specific needs of the property manager, with tiered options available for different portfolio sizes and required features.

13. SimplifyEm

Overview

SimplifyEm is a straightforward property management software designed for landlords and property managers. It offers essential features to help manage rental properties efficiently, focusing on ease of use and affordability.

Features

• Online rent collection and payment tracking
• Maintenance request management
• Accounting tools for tracking income and expenses
• Tenant and lease management
• Basic reporting and financial statements
• Tenant screening and background checks

Pros

• Very affordable pricing
• Easy-to-use interface suitable for small landlords
• Integrates with various payment processors
• No long-term contracts required
• Strong customer support

Cons

• Limited advanced features for larger portfolios
• Basic reporting capabilities
• No mobile app support

Pricing

SimplifyEm charges $25 per month for up to 10 units, with additional units priced at $2 per month each.

14. Rent Manager

Overview

Rent Manager is a versatile property management software designed for both residential and commercial properties. It offers a wide range of features to help property managers handle their operations efficiently.

Features

• Online rent collection and payment processing
• Maintenance request management and vendor coordination
• Comprehensive accounting and financial reporting
• Marketing and vacancy management tools
• Tenant and owner portals
• Lease management with e-signatures

Pros

• Highly customizable and scalable
• Robust accounting and financial management features
• Strong customer support and training resources
• Integrates with various third-party services
• Mobile app for on-the-go property management

Cons

• Can be expensive for smaller property managers
• Initial setup and learning curve can be challenging
• Some features require additional fees

Pricing

Rent Manager offers customized pricing based on the number of units and required features.

15. ResMan

Overview

ResMan is a cloud-based property management software designed for both residential and commercial properties. It provides a comprehensive suite of tools to help property managers streamline their operations and improve efficiency.

Features

• Online rent collection and payment processing
• Maintenance request management and tracking
• Comprehensive accounting and financial reporting
• Marketing tools for vacancy postings
• Tenant and owner portals
• Lease management with e-signatures

Pros

• User-friendly interface with strong customer support
• Robust accounting and financial management features
• Customizable workflows and reporting
• Scales well for growing portfolios
• Integrates with various third-party services

Cons

• Pricing can be high for smaller property managers
• Initial setup and learning curve can be challenging
• Some advanced features require additional fees

Pricing

ResMan offers tiered pricing based on the number of units managed, with a starting fee of $3 per unit per month. Additional fees may apply for premium features and integrations.

Elevate Your Property Management Game

Choosing the right property management accounting software is crucial for streamlining operations, enhancing efficiency, and maximizing profitability. With the diverse options available in 2024, property managers can find the perfect fit for their specific needs, whether managing a small portfolio or a large-scale operation. Each software listed here offers unique features and benefits, from robust accounting tools to comprehensive tenant management systems.

However, one solution stands out for its affordability, user-friendly interface, and extensive feature set designed specifically for property managers and landlords: Hemlane. Hemlane provides a unified platform that simplifies property management tasks, from rent collection and accounting to maintenance requests and tenant communication.

Ready to streamline your property management operations? Try Hemlane today and experience the difference it can make in managing your rental properties efficiently and effectively. Invest in the best tools to enhance your property management business and ensure long-term success. Try our 14-day free trial to experience Hemlane!

Frequently Asked Questions About Property Management Accounting Software

What is property management accounting software?

Property management accounting software is designed for real estate investors and managers to manage their rental properties. 

It helps track income and expenses, manage tenants, collect rent, generate reports, and handle all accounting needs for investment properties. 

Key features include tenant screening, maintenance tracking, lease management, accounting, and more.

Which accounting software is best for property management?

Hemlane is considered the best accounting software for property management. It stands out due to its comprehensive set of features designed specifically for property managers and landlords.

Hemlane simplifies the management of financials across multiple properties with property management tools that support rent collection, expense tracking, and financial reporting, all integrated into a user-friendly interface. Its ability to streamline operations and provide detailed insights into each property's performance makes it an ideal choice for property managers looking to optimize their portfolio's profitability.

What is the best accounting method for rental properties?

For rental properties, the best accounting method is often the accrual basis, and Hemlane's property management software is excellently equipped for this approach.

Hemlane allows for the seamless integration of bank transactions, enabling real-time tracking and management of all financial activities related to rental properties. It automates the recording of transactions, from rent payments to maintenance expenses, ensuring detailed and accurate financial records.

This functionality is crucial for property managers who require a precise and up-to-date financial overview to make informed decisions about their investments.