Top 7 Reasons Commercial Real Estate Owners Need QuickBooks
QuickBooks Desktop and QuickBooks Online are the most frequently used accounting systems that small to mid-size businesses use to run their operations.
As commercial real estate businesses grow, many owners think they have also outgrown QuickBooks. Some owners decide to use manual-entry spreadsheets, which are time-consuming and leave room for user error. Others invest tens of thousands of dollars in enterprise-level systems with expensive subscription fees and complicated interfaces. Smart owners know how to leverage QuickBooks’ core functionality with integrated applications like STRATAFOLIO to grow their operation successfully.
Let’s take a look at the top 7 reasons why QuickBooks, integrated with STRATAFOLIO, is the perfect solution to support the growth of your real estate business.
7. Ability to Complete All Accounting Needs from QuickBooks Including Payroll and Overhead Expense Management
With QuickBooks, you have access to several different add-on options, including payroll. These add-ons can be found in the QuickBooks marketplace to assist with many aspects of managing your business. Stand-alone property management systems are primarily focused on serving property managers and tenants, which means that many of the day-to-day transactions with tenants are tracked. Still, they fall short of providing you a global business view.
Owner statements from these systems don’t provide information aside from rental income, expenses, and owner draws. Most real estate owners need additional accounting functions which include payroll, overhead cost, or loan management. As a result, owners end up running QuickBooks in conjunction with a stand-alone property management system. These disjointed systems require double-entry of data in order to see overall performance.
STRATAFOLIO’s seamless integration with QuickBooks ensures you don’t have to duplicate information in order to gain access to a global view of your company.
6. Ease of Invoicing/Posting Payments in QuickBooks
One of the first features QuickBooks users learn is how to create an invoice. The basic invoicing, then receiving of payments, is core to the QuickBooks system and allows for a lot of flexibility and customization. But when you have dozens of tenants (or more!) who have lease rate escalations, tracking becomes complex, fast. And, a place lots of owners miss, resulting in lost income. STRATAFOLIO’s tools, built-in invoicing reminders, and lease escalation tracking, make this a breeze. Using our program, you’re able to invoice all your tenants at once with their most up-to-date lease rate, CAM charges through our Bulk Invoicing functionality. Even if the tenants are in different QuickBooks files, invoicing and collecting payments takes only a few simple clicks with STRATAFOLIO.
5. Your Team Can Access Their Data from Anywhere
Using multi-user mode in QuickBooks Desktop allows you to give access to different members of your team, as well as your accountant. With QuickBooks Online access is even easier. STRATAFOLIO is cloud-based; you’ll never have to worry about not having access to important documents. Access to your data exists anywhere you have an internet connection. STRATAFOLIO has multiple user access levels to accommodate your entire organization. We do not limit the number of users that can be added.
4. Automatically Updated
If you use QuickBooks Online with STRATAFOLIO, there’s never a need to upgrade to a new version, as the software will update automatically. You’ll always have the latest version of QuickBooks and STRATAFOLIO, without the fear of losing important data or software switches mid-year that might create a tax mess.
3. QuickBooks — Built for Growth
Using the classes feature or creating another company file within QuickBooks allows your business to grow while still keeping track of the details you need for each asset you own. Adding additional assets to your portfolio in QuickBooks is as simple as adding another class or another QuickBooks company file. In STRATAFOLIO, it is as simple as adding another building. There is no limit to the number of Assets and Tenants you can have in either system, allowing you to grow and expand your business.
2. Available, Knowledgeable QuickBooks Experts
QuickBooks is an accounting standard. Most professional accountants have a working knowledge of the software. Plus there is an extensive network of skilled bookkeepers with QuickBooks experience. At STRATAFOLIO, we have trained QuickBooks experts available to help when you need assistance. A trustworthy company with accessible support materials, QuickBooks offers ease of use for all levels of users. Plus, QuickBooks Online provides top-level security, as does STRATAFOLIO. Hence, your files are always safe, and no backup is needed. QuickBooks continues to be the most widely used accounting software. And, has achieved a 4.5 out of 5-star rating from more than 18,000 user reviews on Capterra.
1. Comprehensive View of All Your Properties
All accounting and finances are run through one system when using QuickBooks and STRATAFOLIO. This streamlines your commercial real estate operation and establishes a greater sense of trust amongst investors. Typically property managers have to run QuickBooks for overhead and payroll and, in another system, track the expenses and income. But through STRATAFOLIO, you’re able to see your global cash flow across all QuickBooks accounts with ease.
Using one single accounting program, STRATAFOLIO and QuickBooks allow you to manage company overhead costs in addition to your property transactions. When reporting, you have multiple options to run reports. Create reports using class, month, or account. Or you can even save a favorite or use customized report settings. Real estate investors need a better total view of their portfolios. STRATAFOLIO’s Owner Dashboard provides a graphic view of the accounting data of an entire organization, by entity, or even by building, compared to stand-alone property management systems that cannot track loans, payroll, and overhead. Running QuickBooks with STRATAFOLIO, you get both a complete accounting system and an asset management system in one.
The Bottom Line — QuickBooks is for Real Estate
STRATAFOLIO assists commercial real estate owners with financial, operations, asset, and investor management. We seamlessly integrate with QuickBooks Desktop and QuickBooks Online to provide you and your investors the latest, most comprehensive management options available on the market. Schedule your personalized STRATAFOLIO demo today.
Originally published at https://stratafolio.com on August 5, 2021.
