Property management software for New Yorkers needs to be designed to handle their unique needs. While some have tried, it can be a substantial effort to take general accounting software such as QuickBooks and try to adapt it for property management.

QuickBooks is arguably the best-known accounting software for small businesses in the country. In this article, I’ll do a quick analysis of QuickBooks for real estate accounting. If you’re at the point where you need to choose between all-in-one property management software and general accounting software like QuickBooks, this read is for you.

QuickBooks for
property management

QuickBooks has been popular and reliable accounting software for decades. Many small businesses use it effectively for bookkeeping, but that doesn’t make it an ideal program for property management and real estate accounting, especially for operators trying to grow their door count.

If you want real estate functionality, QuickBooks needs to be integrated with another solution. This means you’ll have to pay for at least two solutions and manage multiple logins. If you’re looking for a single source of truth in your accounting and reporting, Yardi Breeze Premier is an all-in-one system created for property management with built-in, robust accounting and New York specific functionality.

General accounting software for property management

General accounting software targets multiple markets and business structures. QuickBooks may be a widely used accounting solution, but it’s not specifically designed for real estate accounting. As a result, creative setup and customization is often necessary to make it work.

Furthermore, businesses using QuickBooks will likely outgrow its capabilities and require a more specialized solution. If you’re deciding between property management solutions and accounting software, we encourage you to make a side-by-side comparison. Breeze Premier includes solutions for marketing, leasing, reporting, accounting, maintenance, rent collection, resident screening, invoice processing and importantly for you, New York capabilities.

New Yorkers need
state-specific requirements

We constantly keep up to date with region-specific requirements in New York. For instance, we have New York specific functionality in Breeze Premier that provides the tracking and reporting required by the New York State Division of Housing and Community Renewal. Here are a few highlights: 

• Legal rent calculation and tracking

• Vacancy and renewal increases for stabilized units in compliance with rent laws (The Acts)

• Annual rent registrations for submission directly to DHCR’s ARRO website

• SCRIE subsidy activity processing

• Records for compliance with health regulations regarding lead paint, window guards, stove knob covers, fire safety and bedbugs

All-in-one accounting for
property management

Yardi has been designing software for the real estate industry for over 40 years. Its solutions cater to the unique requirements of the industry. Many clients and consultants tell us that the lack of a tenant ledger in QuickBooks ends the conversation right then and there, as this critical property accounting feature is a core aspect of Breeze Premier’s built-in accounting suite.

As a single stack solution, Breeze Premier provides a transparent and competitive pricing structure. Perhaps most crucially, it eliminates the need for additional software as well as any integration fees you might incur. Many competing property management and accounting solutions lack robust commercial functionality, important real estate accounting and tax features, appropriate reporting structures, ILS site syndication for property marketing and again, do not help keep New York property managers and owners in compliance with local regulations.

Unlike some small business structures, property managers require dedicated software for operations and accounting. It’s essential to find a solution that effectively combines both to avoid problems (e.g., double or triple entries) and ensure a seamless user experience. Breeze Premier helps mitigate risks associated with audits, data inconsistencies and communication breakdowns among team members.

Transitioning from accounting software to property management software

We understand there are challenges when transitioning from one software to another. For some businesses, these challenges are minor, and the process is complete in days or a few weeks. For those with many charts of accounts, multiple property types or other complex setups, switching software can be more involved.

Even if that sounds like a lot, consider what you’d be missing by not switching. Identify where there’s currently room for improvement as well as outdated systems or practices that are holding your business back. Evaluate potential solutions, especially if the long-term benefits outweigh any short-term setbacks.

And even more importantly, look for a software provider that is going to be there for you every step of the way, from implementation to your go-live date and beyond, without costing a fortune.

Conclusion

I’ll leave you with a quick takeaway. The best accounting software for New Yorkers is the one that comes across as the most honest, open and upfront. It’s the one that handles state-specific functions at an affordable price you can calculate from the get-go. Before you sign any agreement, you’ll want to know whether there are setup charges, data conversion fees, charges for 1099s and other business-critical factors — none of which apply to Breeze Premier. Assess each potential solution carefully, and don’t be afraid to ask the hard questions during your evaluations.

Chris Ulep is a vice president with Yardi, Santa Barbara, CA.

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