Rent Manager Review

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Rent Manager Review

Do I need a product like Rent Manager?

For year Irent manager review have been using products like Quicken and MYOB to keep track of my rental portfolio.

Why? – Well I already had them in place and used them for all my financial records including family trust and super fund. It was good to keep on top of my record keeping and to have these record to pass on to my accountant each year.

The problem is these products are overkill for even a large rental portfolio. They can be pretty expensive and tricky to set-up properly. I mean who likes to spend a couple of hours setting up a chart of accounts. Yes, that’s right, accountants. Go figure!

Well luckily I have an accountant in the family or else my record keeping would be cactus!

Interestingly enough I stumbled across this excerpt when looking for products to simplify my own situation

Several years ago an article in the Sunday Telegraph raised some serious concerns for small business owners. The article mentioned that accountants claimed that 8 out of every 10 small businesses were “…making horrendous mistakes using more complex double entry bookkeeping software…” and warned that unless you have a working knowledge of double entry accounting practices “…you’re likely to make a thorough mess of complex software systems such as Quickbooks, MYOB and others.”

And from my own personal experience, that’s very true.

Some businesses need those more comprehensive but more complicated programs. However you also need a qualified person who understands accounting to drive them and use them properly.

What Rent Manager does

  • It keeps all your rental property records in one place.
  • It can automatically calculate:
    – Depreciation of furniture & fittings,
    – Tax deductible Building Allowances,
    – The portion of Borrowing Costs you can claim as a tax deduction.
  • Records your Car Details to justify expenses claimed in your tax return.
  • Prints reports your accountant needs to complete your tax returns.
  • Records your Purchase Details so you can easily calculate capital gains,
  • Evaluates potential new investments with the Property Analysis Module.

 

My experience with Rent Manager

I was a little concerned initially. It’s never much fun setting up new accounts systems and I wasn’t sure i all the hassle would be worth it. In the end it took me less than an hour to set-up and enter an entire years records for one of my properties.

Setting up initial costs

The first thing to do is enter in all the initial purchase and set-up costs. It’s great to have all this stored with your annual expenses because I can attest that over time you quite easily forget this basic stuff, especially if you have more than one property to manage.

Here’s my example data:

rent manager review

Adding monthly data

You can add data in as you go each month or wait until the end of the year. Being a lazy sod it’s the kind of thing I used to put off as long as possible. Trying to enter all this stuff into something like MYOB is a real pain and I like to do it as a batch as it take me so long to figure it out each time.

However with Rent Manager it is so easy I really would have no excuse anymore.

As I get a monthly statement from my property manager I simply added all the items in to the Agent’s Summary tab in one simple transaction starting with the best part – the Rent!

rent manager review

and then adding the expenses:

rent manager review

What you end up with for the year is a simple report that has capture all your income and expenses for the year,:

rent manager review

 

Yeah! – I made money in the first year…..

Reports like this can be printed or exported to PDF and  even Excel format for additional analysis.

 

Rent Manager Pros

rent manager review  It does what it says it will – It keeps all your records in one place.

rent manager review  It’s quick and save time. Much easier for me than other programs.

rent manager review  You can manage as many properties as you like.

rent manager review

Print or export tax reports for your accountant.

rent manager review  Allows you to analyse new investment property opportunites.

 

Rent Manager Cons

rent manager review  It does cost $149. If you own a single rental it might be easier to keep your records in a simple spreadsheet.

rent manager review  It is not customisable – You can’t add columns, change formats etc. It is what it is.

The Verdict on Rent Manager

rent manager reviewI would recommend anyone who is not happy with their current record keeping to take a look at Rent Manger.  You can download the software now and have it fully set-up today. You then have a full month to test drive for FREE.

It will save you time if you’re using a product like MYOB or any other accounting program that requires knowledge of account setup and double entry accounting.

I have found it to be so much easier to use as it has been designed for someone like me who just wants to keep my records in one place and do it as quickly as possible.

Get your FREE copy of Rent Manager now!

Until next time,

rent manager review

 

 

 

 

rent manager review

Save Time - Save Money
The Easy Way to Keep Records For Your Investment Properties

The simple way to keep all rental property tax records
The Easy Way to

  • Save time when entering your data
  • Automatically calulate your
    - Depreciation ,
    - Building Allowances,
    - Tax Deductions
  • Save your Car Details for tax time
  • Print your accountants reports
  • Calculate capital gains,
  • Evaluate new Investments as well!

1 Comment

  • Will software work on a Mac?

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