Top 4 Property Accounting Software in Australia

Features:

• Automated and simplified recording and categorisation of income, expenses, and costs related to investment properties.
• Automatic recording of settlement statements, depreciation schedules, and monthly rental statements.
• Secure connection to bank loan accounts via open banking to automatically track interest, fees, and other expenses.
• Real-time visibility into portfolio metrics like property values, loan balances, net equity, and interest rates.
• Drill down financial reporting to provide detailed insights into property portfolio performance.

Pros:

• Made for Australian property investors' accounting needs.
• Automates many financial tasks, saving time and reducing mistakes.
• Provides a clear and real-time picture of how well your properties are performing.
• Offers affordable pricing options, including a free trial period for 3 months.
• Includes dedicated support and guidance to help users maximise the benefits of the software.
• Seamless integration with over 100 banks to automatically import and categorise transactions, providing clear visibility into expenses.
• Available as both a mobile app and web portal for convenient access anytime, anywhere.

Cons:

• Only 3 months free trial available for all other plans beyond the free owner-occupied residential property plan.

Video Overview:

Features:

• Manage all property finances in one place with easy-to-use online accounting software.
• Easily track income from rent payments and deposits, as well as expenses and bills; provides rental statements for property investors.
• Automate rent collection by connecting PropertyMe to GoCardless for seamless management.
• Keep all tenant information in one place, including contact details, payment history, and outstanding invoices.
• Integrate PropertyMe with industry-specific property management apps like Landlord Studio and Re-Leased.

Pros:

• Provides a centralised platform to manage the financial aspects of a rental property portfolio for real estate companies and property managers.
• Automates time-consuming tasks like rent collection and financial tracking to boost efficiency.
• Integrates with specialised property management software to create a seamless workflow.
• Allows property managers to access financial information anytime, anywhere with the cloud-based platform.
• Provides a wide range of support options, including unlimited online training, knowledge base, email support, and live chat.

Cons:

• Pricing may be out of reach for some smaller landlords or property owners with limited budgets.
• PropertyMe is a solution for property managers, not property investors.
• PropertyMe does not offer a free trial period, making it harder for some users to evaluate the software before committing to a paid plan.
• Onboarding and setup may require some time and effort to fully configure the software to specific needs.
• Does not offer the same level of accounting-specific features and workflows tailored to the needs of property investors.

Features:

• Manually record and categorise rental income, mortgage payments, property taxes, maintenance costs, and other investment property expenses.
• Utilise built-in financial functions to calculate mortgage, interest, and other loan-related metrics.
• Maintain a centralised spreadsheet to monitor the performance of the rental property portfolio, including metrics like values, equity, and cash flow.
• Generate custom financial reports and data visualisations to analyse the health and trends of the investment properties.

Pros:

• More affordable option for very small-scale landlords with limited properties.
• Familiar interface for users already comfortable with these tools.
• Allows for basic tracking of income, expenses, and other financial data related to rental properties.

Cons:

• Lacks the automation and specialised features of purpose-built property accounting software.
• Requires more manual effort to maintain, organise, and analyse property portfolio data.
• May be prone to errors and inconsistencies without built-in validation and categorisation.
• Provides limited real-time visibility, integrations, and comprehensive reporting compared to dedicated platforms.

Features:

• Manage all property finances in one place with easy-to-use online accounting software.
• Easily track income from rent payments and deposits, as well as expenses and bills.
• Automate rent collection by connecting Xero to GoCardless for seamless management.
• Keep all tenant information in one place, including contact details, payment history, and outstanding invoices.
• Integrate Xero with industry-specific property management apps like Landlord Studio and Re-Leased.

Pros:

• Provides a centralised platform to manage the financial aspects of a rental property portfolio.
• Automates time-consuming tasks like rent collection and financial tracking to boost efficiency.
• Offers visibility into real-time property income, expenses, and other key performance metrics.
• Integrates with specialised property management software to create a seamless workflow.
• Allows landlords to access their financial information anytime, anywhere with the cloud-based platform.
• Offers a free 30-day trial to test out the features before committing to a paid plan.

Cons:

• As a general accounting software, Xero may require a trained bookkeeper or accountant to manage.
• Xero is an accounting software that can be used for property investment, while The Property Accountant is tailored for property investors.
• The integration with property management apps, while beneficial, may require additional setup and configuration.
• Pricing starts at $35 per month with limited features, which is higher compared to other property accounting software.