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Accounting software for Landlords

by | Jul 28, 2022 | Blog

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Accounting Property management software for Landlords

As the majority of landlords in the UK are required to register for Making Tax Digital in less than one year, now is the best time to switch to landlord accounting software.

With thousands more rental properties under construction in the UK by the end of the year, landlords are on the rise. A COVID-19-free market is anticipated to remain stable regardless of any rumours. Property prices are projected to rise 15.3% in the UK by 2024, so it is easy to understand why so many of us choose to invest in property like this.

Accounting is an important part of property management, whether you manage one property or a large portfolio.

Lofti’s property management software for landlords has integrations with Xero in order to allow for smooth and simple accounting within lettings.

There are a number of features dedicated to landlords that Xero has with Xero for Landlords. Here are some reasons why we believe it is the best, most efficient accounting software for landlords.

Xero works no matter what the size of the portfolio landlords manage

With Xero’s standardised approach, you can manage your property income more efficiently, no matter how many properties you manage. This means you can manage your property portfolio in one centralised platform.

With the help of this software, you will be able to see instant efficiency boosts, saving you time and giving you better visibility into your portfolio right from the start.

Your bank’s transaction data can be automatically imported into Xero with bank feeds. Automated coding using bank rules can help you work through your data more quickly, saving time that would otherwise be spent doing your tasks manually.

Allows you to keep on top of numbers and check analytics

Xero allows for the analysis of numbers. Because Lofti is integrated with Xero, we have access to link all expenses and ingoings/outgoings and present them in an analytics tab in our property management ecosystem. This tool lets you record transactions correctly, allowing you to get started. You can even set up your Xero account to track the money received and spent on each property and determine its profitability.

With the information requested, making decisions like – where should rent be increased or what property should you sell is easier.

Tax return

It’s more than just making your life easier when you work with Xero. You will also be able to report your income to HMRC much more easily if you do this. As a result, we have created customised report templates aligned with HMRC reporting formats.

This ensures that you will be in the best possible position when the time comes for reporting to HMRC under Making Tax Digital.

How to get the ball rolling

Investing in landlord accounting software now is the best time to do so. We offer tailored property management software with the integration of your Xero account (whether you have one or not) and training you on how to use it. Please contact us here at Lofti and we can discuss this further (https://lofti.co/landlords/)