Real Estate Business Accounting Software: 7 Essential Features to Hunt For

No matter how much you despise making the calculations, accounting is something no business can escape. Manual processes often result in numerous errors that thwart business growth instead of pushing it – especially when you are not a skilled accountant yourself.

If this is something you are dealing with, you should invest in business accounting software to keep your finances intact and your financial records free of defects. Find out everything you need to know about accounting software, including its significant benefits and features.

Accounting Software Features Every Real Estate Business Owner Should Consider

There are countless accounting software options available today. However, depending on your business needs, some may be more beneficial for you than others. Since you are looking for a real estate business accounting software, consider the feature mentioned below:

Accounts Payable and Receivable

A real estate business accounting software should always know how to track accounts payable (AP. or business debts) and accounts receivable (AR, or business credit).

AP features keep you informed about invoice payments, often with automated payment reminders, so you never miss a deadline. AR features enable you to locate the clients that need a follow-up call and which ones you may need to direct to the collection department. These accounting features present you with a clear picture of your finances, including your expected income and immediate debt.

Also Read, The Perks of Real Estate Accounting Software

Billing and Invoicing

Cloud based accounting software like Talygen allows business owners to create and share detailed invoices. With real estate accounting software, you won’t have to manually insert every detail as you had to with Microsoft Excel Sheet or Google Docs templates. Talygen will provide you with billing automation for cyclical invoices if you have a subscription-based business, so you don’t have to do the same thing repeatedly.

Plus, Talygen offers you a time-tracking feature if you have many clients that you need to bill by the hour.

Payroll Services

Does your business have employees? Consider choosing a real estate accounting software that has an embedded payroll management system. This option will streamline your weekly or monthly payment processing, making tax filing easier by keeping all your money-related data in one safe place.

Some accounting software can even help you track expense reports, which will help you find the extra amount you owe to your employees. If you are working with freelancers, the software should also make it easier to find contractor payments.

Inventory Management

Real estate companies can significantly benefit from a cloud based accounting software that supports inventory tracking. Solutions like Talygen know what you have in stock at the current moment. As a result, the inventory management feature lets you quickly go through the inventory and when you have to purchase more products to better budget, restock and purchase order management.

Financial Reports

Creating and maintaining financial reports is essential for every business. It helps business owners get detailed information about the company’s financial health and cost-effectiveness. The business accounting software you choose should at least create basic types of reports and cash flow statements, and balance sheets.

User-friendliness

Accounting may not be your greatest strength if you are not a part of the financial industry. Small business accounting software is easy to work with, enabling you to focus on your core business duties.

A user-friendly software will also require a minimum amount of training for team members to manage or adopt accounting processes.

Try this: Use free trials and demos to get familiar with the level of complexity offered by business accounting software.

Scalability

As you expand your business, software that can grow with you is the key to keeping your financial data safe and organized. Cloud-based accounting software such as Talien gives you this ability.

Cloud accounting software lets you and your team access the platform anytime, anywhere, without needing to install it on every device. On the contrary, you need a web browser or a mobile app to access and manipulate your company’s financial data. You don’t have to manually store and create a backup for your data to keep years of financial data safe with a potentially weak effort.

Try to find software for multiple currency support, especially when you have clients situated worldwide. The more features and customizations your business accounting software offers, the better support it can provide you in the present and future.