Keeping your finances in check is key to running a profitable and organized business--even on Airbnb. With all the transactions, expenses, and tax stuff to juggle, the right accounting software can drastically improve your bottom line.
In this article, we'll dive into the 6 best accounting software options so you can streamline your financial tasks and focus more on giving your guests an amazing experience.
Here are the six best accounting software options for Airbnb hosts:
- QuickBooks Online: Best Overall Software
- Wave: Best Budget Software
- Xero: Best for Automation
- Stessa: Best for Property Management Integration
- Rentec Direct: Best for Multiple Properties
- FreshBooks: Best User-Friendly Pick
How We Selected the Best Accounting Software for Airbnb
When picking the best accounting software for Airbnb hosts, we looked for tools that make managing finances easier, especially for hosts with more than one property.
Here's how we made our choices for the best Airbnb accounting software:
- Ease of Use: We chose software that's user-friendly, so you can manage your finances without a steep learning curve.
- Integration: It should easily connect with your Airbnb account to streamline tracking your rental income and expenses.
- Features: We looked for platforms with key features like expense tracking, invoicing, and reporting that are perfect for property management.
- Customer Support: Reliable support is a must, so any questions or issues can be quickly resolved.
- Affordability: Cost-effective solutions are important for any host, so we picked software that offers great value without breaking the bank.
- Scalability: As your business grows, the accounting software should grow with you, handling more properties and increasing complexity effortlessly.
With this criteria, we’ve determined QuickBooks Online to be the best option for hosts. It’s easy to use and packed with features. Plus, it integrates smoothly with other tools and has fantastic customer support. With QuickBooks, your finances will be well taken care of!
1. QuickBooks Online: Best Overall Software
If you're looking for the best software to manage your finances, QuickBooks Online is our top choice. It's got a user-friendly interface that makes it easy to get started without feeling overwhelmed. Plus, it integrates with your Airbnb account, so you can track rental income and expenses, and generate invoices, effortlessly.
QuickBooks Online offers flexible pricing plans, making it accessible no matter how many properties you own. You can check out their website for different subscription options, but at the cheapest it's around $18 per month.
QuickBooks is definitely not the cheapest option, but its ease-of-use and features make it the best in our book. With features like expense tracking, invoicing, and comprehensive reporting, you'll be able to make informed financial decisions easily.
It's worth mentioning that some of the advanced features come at a premium, which might be a bit much for new or smaller hosts. Also, QuickBooks does not natively integrate with Airbnb. You'll need to download an app for it (but fortunately, QuickBooks has plenty of apps so you can boost its functionality).
Despite these hiccups, its affordability for the basic plans, quality features, and excellent customer support make QuickBooks Online the best ally to have while hosting.
2. Wave: Best Budget Software
Wave is a fantastic choice if you’re looking to manage your finances without spending a fortune because its Starter plan is completely free. Yes, you heard that right!
It's no slouch when it comes to features either. With the free plan, you can create unlimited invoices, estimates, and bookkeeping records. You can access Wave directly through their site, so try it out today.
Another great thing about Wave is its user-friendly interface. It’s intuitive and straightforward, with easy expense tracking, invoice creation, and receipt scanning (for premium members; plans start at $16 per month). This helps you take charge of your finances without feeling overwhelmed.
While Wave is an excellent free option, some users might find that as their business grows, they need more advanced features and might have to switch to a more comprehensive solution like QuickBooks.
Another downside is that Wave doesn’t include some integrations, like direct connectivity with platforms like Airbnb. This could mean some extra manual work, which isn't ideal for busy hosts. But if you're short on funds and need to streamline your finances, then Wave is a great place to start!
3. Xero: Best for Automation
When it comes to automated accounting solutions, Xero is our pick! This software can help anyone to simplify and streamline their financial processes. Its user-friendly design and powerful automation features mean you’ll spend less time on manual data entry and more time focusing on growing your business.
Unfortunately, a huge downside is the price. Xero starts at $49 per month, which you can check out on their site. This is also an extremely limited plan, with a cap on how many invoices you can send and how many bills you can enter.
While it's expensive, Xero is a really useful tool. One of the coolest things about Xero is its seamless integration with tons of apps and platforms, making it super easy to connect with your favorite tools.
That said, Xero might not be the perfect fit for everyone. Some users find it a bit overwhelming at first because of the sheer number of features available. And while Xero is packed with fantastic automation tools, some of the more complex functionalities might come with a bit of a learning curve.
But, if you’re ready to embrace automation to make your daily life a whole lot easier, Xero offers a robust solution that can take your financial management to the next level.
4. Stessa: Best for Property Management Integration
Stessa was made for property management, and especially for landlords and real estate investors like you. It makes financial tracking for rentals a breeze, letting you easily handle your properties.
It's more than just accounting software: while it automates income and expense tracking and gives you real-time insights into your investments, it also does some property management tasks, like online rent collection and tenant screening (although this isn't a necessity for Airbnb hosts).
What we like about it for Airbnb though is that it has some Airbnb-specific features, like the ability to capture, analyze, and report financial results from STRs.
The best part is that to start, Stessa is totally free! You can use its powerful financial management tools right on their website without spending at all (though you may want to upgrade to a premium plan eventually starting at $12 per month).
That said, while Stessa is amazing for property management, it does not have all the advanced accounting features some owners might need. It lacks some functionalities that other dedicated accounting software offer, and if your needs go beyond basic tracking, it can get very frustrating and limiting.
But if you’re a property owner wanting to streamline your operations and get a better grasp on your finances, and you need a rental-centered software, Stessa is definitely worth checking out!
5. Rentec Direct: Best for Multiple Properties
Like Stessa, Rentec Direct isn't just an accounting software. It's a full property management software that has accounting features, and is a great solution for property owners juggling multiple rentals.
With its user-friendly platform, you can easily track payments across various properties all in one place. Of course, it also has full general ledger accounting features so you can take a look at your finances in one dashboard.
It also provides a variety of features including online tenant portals, maintenance tracking, and which simplify communication and improve tenant satisfaction. Like with Stessa, these aren't necessities for Airbnb hosts. But they're "nice-to-have" features that can help you keep track of your investments.
But, starting at $45 per month for one property (and it only gets more expensive the more rentals you own), it's definitely not a budget-friendly solution. If you're still interested, you can check out their offerings and subscribe on their website.
Rentec Direct's features are robust, especially for property management software. It works great for hosts who need property management and accounting features in one, but it's very expensive if all you're looking for are accounting features. But, if you're aiming to streamline your operations and stay organized across multiple properties, then it's worth taking the free demo available on their website.
6. FreshBooks: Best User-Friendly Pick
FreshBooks is hands down the best user-friendly option for hosts who want an easy way to manage their finances.
The simple interface makes navigating the software a breeze, which is great for those who aren’t super tech-savvy. It streamlines invoicing, expense tracking, and time management, making it perfect for busy hosts who’d rather focus on their guests than paperwork.
FreshBooks has various pricing tiers starting as low as $19 a month for the most basic plan—great, considering all the features you get. Standout features include automated invoicing, the ability to accept credit cards and ACH payments, tracking unlimited expenses, and seamless integration with apps like PayPal and Stripe. These tools will save you come tax time!
But it’s not without its drawbacks. Mainly that it doesn't integrate with Airbnb, so you'll have to enter your data manually.
Still, if you’re after a straightforward accounting solution that’s easy to use and packed with essential features, FreshBooks is our top pick for helping you stay on top of your Airbnb business.
Bottom Line
When it comes to managing your Airbnb finances, choosing the right accounting software can make all the difference in keeping you organized and efficient. To that, QuickBooks stands out as our favorite choice for its comprehensive features tailored to the unique needs of STR hosts. With tools for invoicing, expense tracking, and reporting, QuickBooks empowers you to take control of your finances to ultimately grow your business.
