What's your recommendation for Accounting Software?
When we first began, we used QuickBooks Online, but found as we grew we needed more form our Accounting software.
For price and function, we went with Buildium, which allowed us to manage the financials for both Short and Long Term rentals.
We’re currently in the process of rebranding and splitting the two Companies. I would be interested in hearing what others find is the best Accounting solution and if they have integrated / automated a data feed with MyVR.
We have also been using QuickBooks on line, although it has some short comings for STR’s. The largest short coming is the owner statements, and getting information to feed form Airbnb. We are hopeful the owner statements will make life easier on us when that is completed from MYVR.
In the meantime I designed an excel sheet that will generate our owner statements with minimal work. Please let us know if you ended up choosing a new software and the result.
When we began, we looked at a lot of products. Appfolio of course was the frontrunner, but could not handle Short Term rentals at that time.
Due to growth, we have outsourced all but our Accounts Payable to a company out of Idaho for $25 an hour. They work on both Appfolio and Buildium, and they verified Appfolio can not handle Short Term.
Biggest problem we’ve had this year is that Buildium does not have the capacity to recognize Cancellations. We’ve booked, cancelled and re-booked some dates up to four (4) times this year!!
But you cannot have overlapping Date entries in Buildium, so we’re having to squeeze entries in. And we have been slammed!!! Our Calendar is so jammed, we often have to enter Reservations for just one or two days while the actual stay is a week.
Problem being, my total Bill, for 60 properties from Buildium, inclusive of Happy Inspector, is only $134 a month where Appfolio is a minimum of $250 . And we still would not have automated Data Input.
Waiting to see what happens with an Integration with MyVR being done by Ximplifi.
@joseph-sennish Thanks for Sharing. At $25 per hour do you have an estimate on what that breaks down to per listing monthly?
@carl-vidal My bad. $22 per hour. For the second half of September , 43 Short Terms and 5 Long Terms. 23.5 hours.