I am involved in a new start up which is a property lettings company, and I was wondering if any of you do the bookkeeping already for one and what software they use? I normally use QB's and occasionally use Sage instants (when I have to), they have been provided software to run the business but I am not sure on how good it will be for the actual bookkeeing part.
Also I have been told about CFP (which they don't have) which is a more in depth software preferred by some estate/letting agents.
Also I know an estate agents that use VT (Shaun I know you are a fan of this one).
What are everyone's thoughts on this, just want to make sure its done correctly from the start!
All the bank accounts are set up already we have already been advised which ones needed setting up.
I use QuickBooks for one lettings client and Xero for another. They are both small businesses and although it all works OK, I would have thought that it's one time when industry specific software would be very useful!
We use Xero and are easily able to import the sales from the industry software, the bonus is that we don't have to retype all the bank transactions because of the bank feeds. The reports is also useful for our client who has quarterly MI and reviews.
Amanda thanks for this thread & apologies if I should have started a new one but as this is all inline with the subject I thought it would be useful to keep it together.
I also have a small Ltd Letting Management Agency customer who also have their own property maintenance department. 2 man band that really need help getting organised... Bookkeeping is pretty much non existant & they really need an efficient system in place for so many reasons including now that they're VAT registered. They do have industry software for generating the sales invoices & client statements, but it's not adequate for bookkeeping.
Ruth & Sharon I wondered if you could share with me how you've set up your customers in quickbooks & Xero? i.e. chart of accounts; do you have 2 quickbooks files/Xero accounts 1 for the management side & 1 for the client account side or do you manage both sides in the one set of books?
