Accounting forms a core nexus of the real estate industries. And to service its requirements there are plenty of software designed specially to cater to specific accounting tasks in this field. While some companies may just be setting up, or are already using certain software, sometimes – depending on the size, growth and functions carried out – it may be required to either pick what software is your right fit, or re-evaluate and decide whether your current software still works for you.
So here is a list of the top software being used for real estate accounting, and how to ascertain what will be of best service to you.
- One of the more popular software, this is known particularly for its investor reporting
- Yardi is flexible in that it handles both commercial and multi-family real estate accounting effectively.
- It has the best GL (general ledger) system. (This helps you know your top and bottom line).
- Furthermore, Yardi makes itself compatible by offering different products to suit the needs of companies of varying sizes. For example, it offers Yardi Genesis for small clients, and its flagship offering of Yardi Voyager for larger clients.
- MRI is more suited to commercial real estate accounting, although some adapt it for multi-family, too.
- This software can be used only for multi-family.
- The downside is that it doesn’t have a GL system.
QuickBooks & Sage
- QuickBooks is a more generic software that can be used for smaller companies.
- While it doesn’t have a specific module for real estate accounting, it can be used by companies of relatively smaller size.
JDE (now owned by Oracle)
- This is ideal for very large companies.
- It offers the whole real estate accounting suite.
- It is to real estate what SAP is to software???
- While Yardi can also handle accounting for large companies, JDE caters very specifically to this demographic. Therefore, it is better for larger clients because it is built to handle more out-of-the-box scenarios than Yardi.
- It is much more robust for large scale work.
So there you have it! The most patronized software of the industry and what services they offer, to help you decide your right fit.