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Posted by: Charles P Myrick CPA Posted on: Nov 08 2016 Posted in: small business, outsourcing accounting services

Why Use Accounting Software to Manage Rental Property?

As a real estate investor, accounting is part of your daily life. You have to monitor the cash flow in, and make sure you’re managing your outflow in a profitable manner. For many investors, a paper accounting system is the one they know and use. However, paper may be holding you back; for many, it’s past time to switch your accounting system from paper to software.

Why Switch From Paper to Accounting Software?

1. It Can Save You Time

Accounting takes time. Sometimes, accounting takes a lot of time. As a real estate investor, you’re busy with all the tasks involved in maintaining your rental property.  Trying to manually handle all the accounting can quickly become overwhelming. Accounting software can make your life a lot easier, because it allows you to input data quickly, it automates calculations, and it can automatically prepare statements or reports.

2. It’s Always Accurate

Additionally, accounting software mitigates many of the errors that can occur during the accounting process. Calculations are automatically carried out when you transfer funds, and the computer never makes a mistake. Since some accounting errors can carry legal ramifications, it’s crucial that your financial records are accurate.

3. Scaling is Easy

As your investments grow, the amount of accounting and the complexity of it grows as well. Accounting software makes scaling easy, however, because everything is contained in the program. You won’t have to worry about organizing a desk full of papers because all the financial information is only a button click away.

4. Accessibility is Great

Many of the accounting software solutions today are cloud-based, which means all the data is stored in an external server that can be accessed from anywhere. So, by switching to a software program, you’ll no longer be tethered to your desk. You can access all the info you need at home, at work, or on the road.

Software Is A Good Choice For Real Estate Accounting

Your life will be easier if you upgrade to a software package. You’ll save time, energy, and be able to rest knowing that all your financial information is accurate. Isn't it time to let go the aggravation of your paper accounting system? Your real estate investment business will thrive with the new system. 

Download Free Guide: 7 Things to Know  About Real Estate Accounting Software

If you need help making the switch to a software system for your real estate accounting, or have any questions, feel free to contact Washington DC small business accounting firm, Charles P Myrick CPA.  (202) 789-8898. We specialize in helping small business owners and investors reach the perfect accounting solutions for them.