Vacation Rental Accounting Software
Take a vacation from complicated accounting with the new Accounting Software from FreshBooks. Spend less time on bookkeeping and more time doing what you love.
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Keeping your guests comfortable and happy in your vacation rental is your top priority. And due to the nature of your business, you deal with large sums of money on a regular basis. You need a bookkeeping system that can handle this cash flow with ease.
The vacation rental accounting software from FreshBooks offers a simple solution that makes managing your business finances a breeze.
With FreshBooks, you can send invoices to guests, measure revenue earned from your vacation rental, track expenses and more. You can even access your business’s account from your mobile device, making tracking your business finances on the go as simple as ever.
The vacation rental accounting software from FreshBooks will change the way you manage your bookkeeping.
Try FreshBooks free for 30 days to make sure this accounting software for vacation rentals is the perfect fit for your business.
Bookkeeping Software Built for Your Vacation Rental
Purchasing and leasing out a vacation rental can be a smart way to earn an extra income. In fact, many people take their vacation rental business full-time once they recognize the income-generating potential.
But managing a business is no easy feat. From coordinating with tenants to making repairs to paying business taxes, you’ll certainly have your hands full keeping your business running smoothly.
With the vacation rental accounting software from FreshBooks, managing your business finances becomes one less thing to worry about. You have all the tools you need to send invoices, collect payments, analyze business growth and get prepared come tax time.
Whether you are renting out a cabin in the mountains, a villa in a vineyard or a condo on the beach, FreshBooks makes organizing your earnings and expenses simple. That way, you always know whether your business is profitable and where you need to minimize your expenses.
The FreshBooks accounting software for vacation rentals also provides a convenient communication platform you can use to chat with your guests and answer any questions they may have. This feature is particularly useful for communicating with international guests.
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Useful Features of Accounting Software for Vacation Rentals
The accounting software for vacation rentals from FreshBooks provides many useful features that make managing your business finances easier than ever. Say “Goodbye” to the common headaches of keeping up with your books with a new, all-in-one solution.
The payment log feature allows you to track which payments have already been made and by which guests. This is helpful because you’ll be able to confirm which guests have successfully reserved and paid for a stay at your vacation rental property.
Profit & Loss Report
FreshBooks automatically generates profit and loss reports for your vacation rental business so you know how profitable your business is at a glance. Make sure you’re always “in the black” by having detailed P&L reports at the ready.
FreshBooks tracks income earned as well as any expenses made from your account. The result is that you have accurate reports for how much you have earned over the course of the year. You can use this information to estimate quarterly taxes and file your taxes come tax time.
Invoice Status Reports
Confirming whether your potential guests have paid for their stay is important. You want to avoid listing a property as “not vacant” before you have received payment, otherwise, you may lose out on potential income. With invoice status reports, you’ll know whether a guest has viewed an invoice, paid an invoice or has yet to pay an invoice. You can even indicate in your settings that you’d like FreshBooks to notify your guests of their late payment after a specific amount of time.
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FreshBooks stores all the invoices you’ve ever sent in an organized database so you can easily look back and see all past payments. You can filter these reports by guests, date or amount paid if you need to look for a past receipt.
Creating detailed expense reports serves a few purposes. First, you need this information when it comes to filing taxes so you can write off your business expenses. Second, you need to be aware of your expenses so you stay within your budget and continue to turn a profit. Luckily, FreshBooks generates easy-to-read expense reports so you always know whether your expenses are above or below your income.
Upgrade Your Bookkeeping with Double-Entry Accounting on FreshBooks
The accounting software for vacation rentals from FreshBooks offers double-entry accounting; a highly accurate system that involves recording every transaction in at least two accounts.
This method of accounting tracks every transaction as both debits and credits to decrease the chances of having common (often human-made) errors in your books.
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Double-entry accounting software will improve your bookkeeping.
Double-entry accounting will give you access to several detailed reports:
- Bank Sheets: Assets and liabilities are listed on your business’s Bank Sheets.
- General Ledger: A General Ledger is the master sheet for all of your business transactions. This document includes revenue, assets, liabilities, costs and more.
- Trial Balance: A Trial Balance lists all the transactions made in a double-entry accounting system. This report includes each transaction as a debit and credit and is used to avoid mistakes in bookkeeping.
- Cost of Goods Sold (COGS): A Cost of Goods Sold report details the cost of each service that your business provides.
- Bank Reconciliation: This report states when a transaction has been initiated, when a payment is sent from the first bank and when the second bank receives the payment.
- Chart of Accounts: A Chart of Accounts lists equity, asset and liability. This report is used to organize different types of transactions listed in your General Ledger.
- Other Income: An “Other Income” report lists other income that does not fall into any of the categories mentioned above.
Syncing Made Easy
As a business owner, you likely use multiple tools to manage your business. Rather than navigate a variety of apps at once, FreshBooks offers a wide variety of integrations that sync with some of your favorite apps and software. This way, you can access all the features you need to manage your business finances in one place.
Invoicing Software and Time and Expense Tracking for Vacation Rentals
Being able to send detailed, professional invoices is a necessity when you run a vacation rental. Guests may be wary if they don’t receive official invoices or if they aren’t sure their payment information is safe. With FreshBooks, neither you nor your guests have to worry, as invoicing is fast, accurate and secure.
Even better, you can use time and expense tracking to keep track of any payment you make to housekeepers, your maintenance crew or contractors. If you need to bill for tracked time, it only takes a few clicks to add up the time and calculate the correct payment amount. You can also organize receipts and reimburse your employees for any purchase they have made for your business.
As much as it’s exciting to see revenue come in, that’s only half of the equation. With the detailed expense reports from FreshBooks, you’ll have a realistic look into the profitability of your vacation rental business.
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Accounting App for Vacation Rentals That Offers Secure Online Payments
As a vacation rental property owner, you may need to send guests a variety of invoices. For example, you may charge for their stay, extra amenities or even planned activities. You may accept a booking deposit, charge up-front or at the end of their stay.
However you bill your guests, it’s important that you’re able to do so accurately and securely. Most payments today are made over credit card, so you want to protect your guests’ information and yours.
The good news is, FreshBooks makes payment easy for all parties involved. Simply send an online invoice to your guest and they can pay it securely online. You can track payment, accept multiple payment methods and see the funds deposited into your account. Plus, you can send invoices on the go via the convenient FreshBooks mobile app.
FreshBooks is safe, secure and easy to use. Your guests will be able to pay for their stay with no hassle whatsoever.
FreshBooks Integrates with All Your Favorite Apps
Managing a profitable vacation rental is made simple when you have the right tools on your side. With so many amazing applications available, you’ll have everything you need to market your listings, process payment and more. FreshBooks integrates with your favorite tools to make managing your business finances a breeze.
Choosing the Right Accounting Software for Your Vacation Rental
Many vacation rental owners take the do-it-yourself approach when it comes to their business accounting, but this can be a costly mistake. As your business grows, managing your finances will require more organization, speed and security. A file cabinet just isn’t going to cut it.
The best solution is to utilize professional accounting software. Not only will you be able to track income and expenses, but you’ll have all the reports you need to make informed business decisions.
There are a few things to consider when shopping for the perfect accounting software for your vacation rental business. You’ll need to choose software that’s affordable, easy-to-use and secure.
FreshBooks checks off all the boxes as one of the best accounting software solutions. From online invoicing to cloud-based business accounting, FreshBooks provides a platform to manage your business finances without sorting through receipts or spreadsheets.
FreshBooks uses the cloud to store your account information, so you can sign in to your account from any device at any time. All you need is access to the internet. The cloud is also convenient because you don’t have to worry about backing your information up to an external hard drive. Your information is safe in the cloud.
Accounting Software for the Vacation Rental Industry
The vacation rental industry is geared towards creating experiences where guests can kick back, relax and enjoy their holiday. FreshBooks wants to make managing your business finances just as simple and stress-free.
Your goal is to run a profitable vacation rental business, and with FreshBooks on your side, you can be confident that you have a clear understanding of your business finances and where you business is heading. Perhaps you’ll have funds leftover to take a vacation yourself!
FreshBooks Works For You
Managing your business finances shouldn’t be a headache. As a vacation rental business owner, you want to rest easy knowing your guests are happy and that there’s money in your bank account. FreshBooks works for you to provide the tools you need to stay on top of your bookkeeping.
Explore some of the amazing features FreshBooks has to offer:
- Save guest data to send fast and direct invoices
- Accept payments online to get paid faster
- Track expenses and billed time
- View business reports for insight into the health of your business
- Issue refunds in just a few clicks
- Review payment status to ensure you get paid on time
- Access your business accounting from the mobile app
Try the accounting software for vacation rentals risk-free for 30 days to make sure it’s the perfect fit for your business.
Best Accounting Software for Vacation Rentals
FreshBooks provides the best accounting software for vacation rentals due to the variety of accounting features that make managing your books simple. Knowing your numbers is essential to making informed decisions in your business. FreshBooks can help you stay on track.
From invoicing guests to tracking business revenue to analyzing expenses, FreshBooks allows you to manage your business finances all in one place. Simply log in and see your business numbers at a glance. It’s that simple.
Plus, you can access FreshBooks accounting software from your mobile device whether you’re in the office or on the go. Communicate with guests, send invoices, track payment, send reminders and more.
Each of the FreshBooks software packages is fully loaded with the following accounting features:
- Log photos of receipts to track expenses
- Set a business budget to always stay ahead
- Send automated payment reminders to new guests
- Track billable time for contractors or employees
- Access your account via the mobile app
- Review detailed reports and business insights
- Create professional invoices in seconds
FreshBooks accounting software for vacation rentals will change the way you look at bookkeeping forever. Get paid the right way, grow your business and help your vacation rental business thrive.