As a property investor managing multiple properties, I know how crucial it is to have the right accounting, finance and document management process and tools. Over the past three months, I've tested many different platforms to find solutions that actually work for Australian property investors, tax accountants and mortgage brokers . Based on my review and experience as property investor I've narrowed it down to the top 6 platforms that delivers may work for you truly deliver. Let's explore which ones are worth your time.
1. The Property Accountant
Best For: Property investors, tax accountants, and mortgage brokers , seeking an all-in-one solution for property financial management.
Overview
If you’re involved in property investment in Australia, you know how challenging it can be to keep track of accounting, finances, documents, and reports. The Property Accountant is a platform that simplifies the financial side of property management. It helps you manage everything from rental income to expenses, making it easier for you to focus on growing your investments and achieving your financial goals.
Features That Actually Matter:
- Automatic Document Capture: No more endless paperwork! Simply email settlement statements, depreciation schedules, and rental summaries and system records and updates automatically.
- Bank Connection : Connect live feed with 100+ banks and lenders, it automatically captures interest , all bank fees and charges, interest rates and loan balances in real time .
- Real-Time Financial Insights : Instant insights into property values, loan balances, and interest rates - right when you need them.
- Collaboration with Advisors : Simple and easy Collaboration with Tax Accountants and Mortgage Borkers. No more time consuming emails and data sharing
- Expense Tracking : Track every dollar spent on your properties, with crystal-clear categorization.
- Tax Season Lifesaver: Generates reports that make tax filing feel almost enjoyable plus tax working paper downloads for Tax Accountants make ATO audit responses in minutes
- Always-With-You Mobile App : Both Mobile and Web app support available.
Pros:
- Reduces manual data entry with fully automated processes.
- Comprehensive insights into real-time financial performance.
- In less than 5 minutes a month, you can manage 5 properties.
- Allows detailed and customizable financial reporting.
- Robust data security ensures sensitive financial information is protected.
Cons:
- Limited to the Australian market, making it less applicable globally.
- Requires a subscription after a three-month free trial. $3.99 per property
2. PropertyMe
Best For: Property managers and agencies managing large portfolios, with a focus on trust accounting and tenant-owner communication.
Overview
PropertyMe is also one of the most popular property management tools in Australia, catering to agencies and landlords. The platform offers comprehensive trust accounting, maintenance tracking, and automated workflows, making it a reliable choice for managing multiple properties efficiently.
Features:
- Automated workflows for rent collection, maintenance tracking, and invoicing.
- Trust accounting compliance to meet regulatory standards.
- Tenant and owner portals for improved communication and transparency.
- Integration with Xero for synchronized financial data.
- Cloud-based access for remote management.
Pros:
- Centralizes property management tasks into one platform.
- Scales effectively for both small and large portfolios.
- Enables regular updates for improved functionality.
- Suitable for Rental Property Managers.
Cons:
- Pricing starts from $176 per month for up to 100 properties, so higher monthly pricing may deter smaller managers.
- Complex feature set may require training for new users.
- Limited customization options for specific business needs.
- Suitable for Rental Property Managers.
3. Xero
Best For: Small to medium-sized businesses and landlords needing versatile accounting tools integrated with their property management solutions.
Overview
Xero is a popular and widely truseted accounting software that offers robust features suitable for property investors, realtors, and real estate accountants. It’s known for its flexibility and extensive app ecosystem.
Features:
- Automated bank feeds to reconcile transactions effortlessly.
- Detailed invoicing and billing for tenants or clients.
- Expense tracking to monitor and categorize operational costs.
- Integration with apps like PropertyMe for enhanced functionality.
- Cloud-based platform for secure and accessible data.
Pros:
- Offers extensive integration options to customize workflows.
- Provides scalable plans to suit growing businesses.
- Simplifies tax compliance with GST and BAS tools.
Cons:
- Generalized features may not fully address real estate-specific needs.
- Requires additional cost for advanced functionality.
- Limited customer support for lower-tier plans.
- May require third-party add-ons for comprehensive property management.
- Pricing starts at $35 per month for the Starter plan.
4.QuickBooks
Best For: Property managers and small businesses looking for a reliable, easy-to-use solution to track income, expenses, and financial performance.
Overview
QuickBooks is a well-established accounting software that provides a variety of features for property investors, realtors, and real estate accountants. It’s particularly strong in financial management and reporting.
Features:
- Income and expense tracking with detailed categorization.
- Professional invoicing to maintain a polished client experience.
- Tax preparation tools to simplify compliance.
- Integration with third-party apps for added features.
- Customizable reports to analyze property and business performance.
Pros:
- Supports a wide range of accounting and financial management tasks.
- Offers detailed insights with customizable reports.
- Provides strong customer support for users at all levels.
Cons:
- Limited property-specific features compared to dedicated tools like Property Accountant.
- Requires frequent updates, which can sometimes disrupt workflows.
- Higher tiers needed for multi-user access, increasing costs for teams.
- Pricing becomes expensive as additional features or integrations are required.
5.Property Dollar
Best For: Homeowners and property investors seeking a comprehensive platform for investment management and market insights.
Overview
PropertyDollar is designed for Australian property investors, providing tools for real-time property value tracking, portfolio management, and personalized investment recommendations.
Features:
- Real-time property value tracking.
- Portfolio management for multiple investments.
- Growth projections and market analysis.
- Personalized investment recommendations.
Pros:
- Built specifically for the Australian property market.
- Easy-to-use interface for professionals and beginners alike.
- Focuses exclusively on Australian tax regulations.
- Centralized tracking of multiple properties reduces the time spent on manual calculations.
Cons:
- Web app support is not available.
- No accurate pricing details shared on website and app.
- App UI/UX is not user friendly.
- Very limited features for property management.
6. Excel / Google Sheets
Best For: DIY investors, realtors, and real estate accountants with small portfolios who prefer a customisable and cost-effective solution.
Overview
Excel and Google Sheets are basic yet effective tools for property owners who need a low-cost solution. They offer the flexibility to create custom templates for tracking income, expenses, and budgets, making them ideal for simple property management tasks.
Features & Pros:
- Free (Google Sheets) or low-cost (Excel) solution for financial tracking.
- Customizable templates allow users to design tracking systems tailored to their needs.
- Accessible on multiple devices via cloud-based Google Sheets or desktop Excel.
- Offers basic financial tracking for income, expenses, and budgeting.
- Widely available and familiar tools, requiring minimal onboarding.
- Offline functionality (Excel) and real-time collaboration (Google Sheets).
- No subscription required for Google Sheets, and Excel is part of widely-used Microsoft Office packages.
Cons:
- Requires advanced knowledge of formulas for detailed reports.
- Time-consuming for large property portfolios due to manual processes.
- Prone to human error, with no automation features.
- Does not provide built-in tax compliance or real-time data syncing.
- Limited scalability for growing businesses or complex reporting needs.
- Excel requires a Microsoft Office subscription, which adds ongoing costs.
