Is Accounting Software Required for my Real Estate Business?

No, accounting software such as QuickBooks or Xero is not required. The better question is: Will it make your life easier if you use the software?

If you are just getting started in the business or working part time, you can get by without software. Our suggestion would be to make sure you have one credit card and one checking account that you run all income and expenses from. By limiting your expenses to just one credit card and one checking account, you are less likely to miss expenses. Missed expenses cost you money. At tax time, you can simply pull the statements and sort the expenses.

If you are a full-time agent, you should still use the one credit card and one checking account method, but you need information to make your daily financial decisions. The easiest way to do that is by using accounting software. 

Keep in mind, any software you use will come with a learning curve and a layer of frustration.  My suggestion would be to hire a professional to set you up and show you the basics of using the software. That being said, if you're an incredibly busy real estate agent, where do you want to spend your time? What do you think is more benificial for your success - working on your bookkeeping or marketing yourself in your community?

Your time is valuable, so spend it where it counts. If that's bookkeeping, schedule time to do it every week. If it's marketing yourself and your team, connect with us! We would love to take the burden of bookkeeping off your hands!