Have you ever thought about using apps for tracking rental expenses? Being a successful landlord means that you need to be really organized when it comes to paperwork.
That’s because tracking things like invoices, receipts, documents are important when turning over units.
Because of the nature of the business, landlords usually work with an accountant that needs all the invoices and receipts meticulously organized to be able to do their job properly at the end of the year.
Missing even a few of these could be a real problem for landlords.
Our Top Choice for Tracking Receipts & Expenses
The nice thing is that if you decide to do a paid plan, it’s a tax deduction for your rental income.
Below we will take a look at some of the other notable services.
Apps for Tracking Rental Expenses: Necessary for Accounting
Successful landlords know that tracking rental expenses is really important for tax deductions every year. However, if you don’t have a record of expenses, they can’t really be added to the operating expenses of the rental property business.
The key rental expenses that landlords need include records of rental income and documentation for expenses. For landlords that own more than one rental property, they need to keep the different expenses separate.
Keeping paper records is not really the most efficient way to track expenses. Instead, there are numerous apps that take the hassle out of tracking all the rental expenses and storing them until needed.
Apps for Tracking Rental Expenses: Camera Scanners
There’s no doubt that camera scanners on smartphones are the best way to record receipts and invoices for rental expenses. Not only is it convenient, but they can then be digitally stored instead of physically stored.
These are among the highest rated Android and iOS apps for tracking rental expenses and managing receipts:
Many of these top apps that track business receipts have a free trial period or a low monthly or annual fee.
All you need to do is snap a picture of the receipt or invoice and it is stored for future use. No more storing piles of unorganized paper–landlords can track expenses much easier now.
How to Find the Right Apps for Tracking Rental Expenses
Because there are so many different apps for tracking rental expenses, landlords need to decide exactly what their needs are and choose the right one for them.
For example, do they have just one property or several? What kind of smartphone do they have? Do they need the app to export data to an accounting program like QuickBooks? Do they just need a scanner or something more sophisticated? Answers to these questions can help landlords find the perfect apps for tracking rental expenses.
If you have questions we’re here to chat as well.
What Apps for Tracking Rental Expenses Do Everyday Landlords Use?
Of course, every landlord is going to have their own preference but sometimes it’s nice to see what others find useful. Also, getting a recommendation for a particular app may make it easier to decide for yourself.
Here’s a screenshot of landlords discussing this question in our private Facebook group for Landlords.
You can see even more comments on that post by checking it out in the group.
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