Tenant Management

Landlord Studio: Mobile Accounting Software for Landlords

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Landlords with large portfolios or small can benefit from property management software to keep track of applications, tenants, and financing. Some landlords, though, only need support for bookkeeping and accounting. For these landlords, Landlord Studio presents an attractive alternative to QuickBooks because it is specifically designed for financial tracking and reporting needs of residential property investors.

Also Read: Avoid costly repairs with a rental property maintenance checklist

With options for financial tracking and bookkeeping, Landlord Studio can help you manage your finances, screen tenants, and have everything you need in one convenient spot when it’s time to file your taxes. 

Also notable is the fact that Landlord Studio has a very nicely designed app, available for Apple and Android devices, that allows owners and managers to log transactions, screen tenants, and review property financial


Try LandlordStudio free for 30 days:

landlord studio rental property accounting software

Subscription Tiers

Landlord Studio has three subscription tiers to choose from—Start, Growth, and Scale. Landlord Studio plans to roll out new features soon, including online rent collection, tenant portal, maintenance requests, and digital leases. The addition of these capabilities will make Landlord Studio a player along side many of the other full-featured property management software products we’ve reviewed.

For now, the subscription tiers offer the following benefits, with more to come that you can review on the LandlordStudio website

Start — Basic subscription

  • Monthly cost: $9
  • Extra unit: $1/month
  • Includes 1 unit
  • Income/expense tracking
  • Free tenant screening
  • Chat/email support
  • Smart scan receipt

Growth — Standard subscription 

  • Monthly cost: $19
  • Extra unit: $1/month
  • Includes everything with Start
  • Advanced reporting
  • Priority live support
  • Push notifications
  • Connection to one bank

Scale — Premium subscription

  • Monthly cost: $29
  • Extra unit: $1/month
  • Includes everything with Growth
  • Multi-user access
  • Unlimited storage
  • Free screening course
  • Connections to five banks

Financial Tracking

Landlord Studio is designed for tracking the financials for residential income properties rather than commercial real estate. While some users have found it to be more helpful than QuickBooks for managing smaller commercial real estate, Landlord Studio isn’t designed for managing the finances of larger operations that have complicated rent rolls or operating expenses.

Also Read: Rental Criteria Checklist for Screening Prospective Tenants

With Landlord Studio, you can track and create income vs. expense reports to easily manage your finances.  You can organize your reports by property for unit-level expense tracking. This can help you identify which units are costing you the most and which ones are the most profitable. You can also create professional schedule E reports for your taxes.

Other reports that you can generate as either a PDF or CSV using Landlord Studio  include: 

  • Breakdown statement
  • Mileage
  • Overdue/upcoming expenses
  • Rent roll
  • Tenant directory
  • Networth
  • Occupancy
  • Payments made
  • Rent ledger
  • Rent overdue
  • Reminders
  • Schedule E report (for taxes)

Try LandlordStudio free for 30 days:


Mobile Accounting App and Dashboard

Landlord Studio’s intuitive and easy-to-read dashboard makes it a breeze for landlords to monitor their income and expenses. Download the mobile app so you can manage your finances on-the-go, from anywhere you are. Track expenses, screen tenants, and get a full property overview right from your phone. The app is available for download on the Apple app store and Google Play.

Also Read: Landlord Responsibility for Tenant Safety: Cameras, Alarms and Solutions to Secure Your Rental In 2020

With the mobile app, you can sync transactions from your bank account (as long as you have either the Growth or Scale subscription). This makes it incredibly easy for you to always have the most up-to-date financial information about each one of your rental properties.

You can also enjoy centralized management for contractors and suppliers, so you can track payments and expenses related to maintenance and upkeep.

Landlord Studio vs. QuickBooks

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Many business owners use QuickBooks for their accounting. Landlord Studio acknowledges that QuickBooks can work better for larger operations, stating on their website that “if you have entity-level accounting needs, run a real estate-related business that doesn’t own rental property, or are accustomed to maintaining traditional balance sheets, you may still prefer to pay for a full-service accounting platform like Quickbooks.”

Also Read: The Top 6 Benefits of Rental Property Management Software for Small Landlords

Landlord Studio isn’t designed for larger operations, so it is an attractive alternative to QuickBooks for rental properties. Unlike QuickBooks, which can be complicated to set up and take a lot of time, Landlord Studio can be set up in just a few minutes. Even more importantly, Landlord Studio is designed for residential income properties. QuickBooks is used for all types of businesses, and so landlords who use it need to spend a decent amount of time setting it up so that it tracks everything they need. 

With Landlord Studio, you’ll be able to see important metrics straight from your dashboard, such as occupancy rates, appreciation, and net cash flow. The transaction ledger has real estate related income and expense categories built-in, so you don’t need to waste time adding metrics. Instead, you can start analyzing your metrics immediately to make important decisions about your properties.

Free Tenant Screening

Landlord Studio offers a free-to-landlords tenant screening through SmartMove, which your applicants can pay for when they submit their application. (Landlord Studio notes that landlords in the state of New York can only pass on $20 of the tenant application costs to the applicant.) 

Also Read: The Best Tenant Screening Service for Small Landlords

The tenant screening includes a Transunion credit check, a full credit report, a ResidentScore, and a rental background check. You’ll have the results of tenant screening reports sent directly to your dashboard, so you can keep all your important information in one place.  

Once you have a prospective tenant, you can add them to your Landlord Studio dashboard. You can include their details, then email them directly through the app using one of Landlord Studio’s email templates.

Automation 

In addition to helping you keep track of your financials, Landlord Studio does a lot of work for you through automation, which can free up your time to spend on other important aspects of your business. 

Also Read: The Best Free Property Management Software for Small Landlords in 2020

You can set reminders for gas, inspection, electrical, and other important events that you might otherwise overlook or forget. You can automate rent and overdue rent reminders so you never have to worry about missing out on a rental payment or sending your tenants a reminder.

Calculators

Whether or not you’re a paid subscriber, Landlord Studio’s website has several helpful calculators that can help you make important decisions about your properties and rent. These calculators include a rental yield calculator, mortgage calculator, 70% rule calculator, and prorated rent calculator.

Bottom Line

Landlord Studio is different from other property management software platforms because it focuses on bookkeeping, accounting, and tenant screening. You can use Landlord Studio to screen tenants and stay on top of bookkeeping and financial tracking. Get started with a free 30-day trial to see if Landlord Studio is the right property management software for your property management needs.



Disclosure: Some of the links in this post are affiliate links and Landlord Gurus may earn a commission. Our mission remains to provide valuable resources and information that helps landlords manage their rental properties efficiently and profitably. We link to these companies and their products because of their quality, not because of the commission.

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About Eli Secor

Eli comes from a family of real estate investors, dating back several generations. He currently manages his own multifamily property, apartment buildings for clients, and commercial spaces. He has particular expertise in the construction and maintenance arena, having spent almost 20 years in the construction fields.
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