As a property manager or property management company, you have a lot of responsibilities and hats to wear on any given day. The last thing that you need is to spend countless hours tracking down rent payments, vendor payments, owner billing issues, etc.-- you’re far more valuable than that, and there are tools available that can save the headache.
With the modern property management platforms available today, there are several different solutions that you can consider for your billing and payment needs. In the list below, we’ll cover the two different types: dedicated property management software and generalized invoicing tools that have benefits for property managers. Each has its pros and cons to consider, but it will ultimately be your decision in the end.
Perhaps you’ve already got a dedicated property management tool but you’re not a fan of the payment processing tools. Maybe they’re too expensive, or just not available. Either way, you can upgrade to a different solution or even just add on one of the invoicing apps or platforms listed below to further enhance your tech stack.
When you’re looking for the best solutions, you’ll want to focus on things like:
Of course, there are no two needs that are identical, so these parameters should merely be a guide to point you on your way. (And, if you decide you need a little more help navigating your billing and payments or other mission-critical services, ask how our virtual receptionists can take more work off your hands with our inbound and outbound calling, live website chat, and 24/7 availability.)
Propertyware is one of the leading property management software platforms available today. It offers custom dashboards, unlimited reports with detailed reporting features and real-time data, and a self-service portal for owners so that payments are on time and everyone is on the same page. This is a total property management solution, but it includes a robust billing and accounting platform that makes getting paid easy.
With Propertyware, you’ll be able to automate workflows and processes to make your job easier and connect to all of your existing technology, thanks to the open API. Decrease data security risks with premium security features and increase your efficiencies with all of the included tools. Plus, you’ll find automated payment reminders, recurring billing options, and more.
TenantCloud is a budget-friendly option for those property managers and landlords who might not have a lot of room in the expense fund for a huge suite of tools. However, this platform doesn’t skimp and even has a free tier of services for those who want it. Upgrade to a paid tier with an annual membership, and you’ll get two months free.
Plus, in addition to accounting, billing, and invoicing tools, this software is designed for total property management—it includes rental application templates, service and equipment reminders, market reports, tenant screening tools, rent collection tools, and more. E-signature makes things easy and basic accounting worksheets make balancing the books and getting paid a breeze.
SimplifyEm is another property management-specific tool, and it’s a good one if that’s what you want. It combines all of the features of tenant and lease management that you need with the ability to accept online payments from tenants and owners alike. The payment portals are secure and convenient, and you can generate invoices, pay vendors, and even take deposits and charge late fees.
SimplifyEm includes an online application process and screening tools to ensure a seamless end-to-end user experience. You can bulk send emails and invoices, process bulk payments and billing, and even send professional reports to all owners to let them know where their property finances stand.
With Invoicely, you’ll skip the bells and whistles of property management software, but you’ll get a lot of great billing and invoicing tools, including a free forever option and several affordable plans to choose from if you upgrade to paid invoicing and billing. The platform also has apps for iOS and Android so that you can manage things on the go and even send bills via mobile.
Invoicely offers automated workflows, recurring billing and payments, expense tracking, and even payroll tools if you need a way to manage the couple of staff members you have for your properties. There are customization features and you can even create your own labels on the dashboard to create the perfect command center.
Wave Accounting is a total accounting solution, and although it’s not geared directly toward property managers, it can serve to do just about everything that you need in the billing and payments arena. It offers plenty of free invoice templates, along with other free features. Many of the paid features are offered on a per-use basis, too, so you’re paying for more than you need.
With Wave, you’ll also have the option to use monthly features like payroll and expense tracking, and the open API makes it easy to integrate into your existing tech. The scalable platform offers iterations for all kinds of businesses that need a better way to get paid without the monthly bill.
Intuit QuickBooks is a tool that makes accounting easy for just about everyone. There are several versions of the QuickBooks platform and you can choose from a seemingly endless list of features and tools to incorporate for your property management billing and accounting needs. This cloud-deployed tool can be scaled to your needs, or hard-installed on Windows or Mac computers.
QuickBooks also offers mobile tools, as well as tools to manage taxes, expenses, vendors, and more. It even offers a receipt capture feature that will digitize your spending entries for you in a matter of seconds. It’s simple, it’s affordable, and it’s designed for accounting so it’s got everything that you need.
Billing and payments are easier than ever with FreshBooks, which offers simplified billing, payment processing, and accounting for property managers and other professionals. It even offers a fee-based payment processing gateway so that you’re only paying for what you need. With hundreds of integrations, this tool will fit right into your existing toolkit and there is even a retainer/deposit feature that is great for property management.
With mobile apps for iOS and Android, FreshBooks makes it easy to track everything on the go—the iOS app even tracks mileage if you’re into reporting that as part of your expenses. Double-entry accounting has you covered and the real-time dashboard provides a glance at your entire billing and payment situation in one place for easy management.
With the FreeAgent platform, you’ll be able to streamline all of your billing and payment needs without the investment in a huge software suite. You'll find plenty of customizable features and payment processing solutions, along with one of the biggest databases of invoice templates available. There are solutions for all kinds of businesses and there’s even a free trial. Plus, there are never any contracts or commitments.
FreeAgent includes apps for iOS and Android, along with workflow automations and real-time reporting that will keep you aware of what’s always going on with your payments and billing. The app has user support available, along with workflow automations, recurring billing options, and more.
With Rent Manager, you’ll never have to worry about how and when you’re getting paid again. This platform includes everything that you need to manage your rental properties, including all of the billing and accounting that goes along with them. Double-entry accounting in real-time makes it easy to keep things organized and the user-friendly dashboard is perfect for any type of user.
Rent Manager makes it easy to process tenant payments, owner payments, vendor bills, distributions, and more. You can handle batch payments and invoicing, export and import bills, and more. This platform will handle all of your AP and AR in real-time with up-to-date books that ensure you’re never making wasted trips to the bank.
Another total property management system, Rentec also has one of the best accounting and billing solutions for property managers that includes easy integration with QuickBooks and other tools, as well as online portals for your owners and tenants, a custom website, and automated ACH and credit card processing. You’ll also be able to electronically file 1099s, integrate utility bills, screen for credit, and more.
Rentec Direct has bank-grade security in place for all financial data protection and it never charges any fees and there are no contracts to worry about. You’ll find compatibility for Windows, Mac, and iOS, and Android so you can take your property management billing and other tools on the go.
With the tools on this list, your property management business will never have trouble getting paid—or managing those payments—ever again. Plus, you don’t have to hire an entire team, or even a single accountant, because you can count on these platforms to do everything you need, including automating several tedious billing tasks so that they’re never on your mind or in your way again.
Plus, you can enlist the assistance of our dedicated virtual receptionists to handle customer service and billing issues, screen tenant intake, and application calls, provide 24/7 and after-hours support, and more. We can field calls, file data, streamline your communications, and ensure that your property management is going off without a hitch while you focus on actually managing your properties.
Schedule your Live Chat consultation today to find out about all of the available services from Smith.ai and how we can revolutionize the way you manage your properties. We can even handle payment collection, scheduling showings and maintenance, and more. You can also reach us via email or call (650) 727-6484.