Accounting Software for Real Estate Developers

Building a successful real estate empire isn’t just about laying bricks and mortar—it’s also about mastering financial management so that each project is profitable, sustainable, and poised for long-term growth.

Accounting software is the blueprint for your financial success.

It will transform complex numbers into clear, actionable insights and turn your financial management into a smooth, automated process that lets you focus on building your next big project. 

So, what are the top accounting software programs, and how can they help you as a real estate developer? 

The Challenges Real Estate Developers Face

As a real estate developer, you no doubt find yourself facing these challenges: 

• Managing multiple projects simultaneously, each with unique demands and timelines.
• Tracking various expenses across different trades.
• Keeping multiple project budgets on track despite fluctuating material costs and unforeseen expenses.
• Coordinating timely payments to contractors and suppliers to avoid delays.
• Managing cash flow to keep projects moving forward.
• Identifying and mitigating risks related to project delays, cost overruns, and regulatory issues.
• Keeping accurate records for audits, tax purposes, and legal compliance.
• Complying with ATO requirements for GST and BAS reporting, state-specific property and land tax laws, and the Australian Securities and Investments Commission’s (ASIC) business registration and financial reporting ​regulations.

What accounting software for property developers can help you deal with some of these challenges?

Top 3 Accounting Software for Real Estate Developers

Xero, MYOB, and QuickBooks are among the top accounting software choices in Australia.

All are widely recognised for their robust features, user-friendly interfaces, and suitability for various business sizes and needs. 

These three software programs share the following features:

• • Project cost tracking: Monitor expenses across multiple projects and trades.
  • Digitising receipts: Take photos of receipts, upload them into the software, and they’re automatically matched to corresponding expenses​.
  • Financial reporting: Access to real-time financial data and insights.
  • Budget management: Detailed budget tracking and forecasting. 
  • Cash flow management: Track cash flow forecasts and statements.
  • Time billing: Monitor billable labour hours and costs.
  • Invoicing and payments: Generate invoices and accept online payments straight from them.
  • GST calculations: Automate GST calculations and reporting.

• BAS preparation: Automate GST calculations, generate detailed tax reports, and lodge electronically with the ATO.

• Regulatory compliance: Accurate record-keeping and reporting simplifies adherence to Australian tax and legal regulatory requirements.
• Payroll: Calculate time, wages, deductions, and process employee payments.
• Automated bank feeds: Automatically import and categorise transactions from your bank or any other financial institution. 
• Mobile access: Manage your finances on the go and collaborate with your team through a mobile app.
• Tool integration: Connect with a wide range of third-party software solutions and tools for streamlined operations.
• Multi-currency support: Handle transactions in multiple currencies; useful for international dealings.
• Contact information: Store clients’s contact details and notes on your interactions with them.
• Fixed asset management: Track and manage fixed assets used in developing and constructing real estate projects, like land, buildings, machinery, and equipment.
• Security measures: Data encryption, secure data centres, and regular security audits help protect your financial information.

What features set these accounting software programs apart from each other?

Xero for Australian Real Estate Developers

Xero is a New Zealand-based company founded in 2006 that was initially developed to provide small businesses with accessible and efficient accounting software.

Xero has since grown into a global platform, serving millions of users across various industries, including real estate development.

Xero’s unique features include

1. Certification compliant with ISO/IEC 27001:2013, the global information security management system (ISMS) standard.
2. Unlimited users across all pricing plans without additional costs.
3. A batch-delete function that allows users to delete multiple transactions at once.
4. Integration with over 800 third-party apps.
5. 24/7 online support.

MYOB for Australian Real Estate Developers

MYOB was originally developed in the United States in the late 1980s and was brought to Australia in 1991.

Since then, MYOB has tailored and expanded to meet the needs of 1.2 million businesses globally.

MYOB’s unique features include

1. More robust inventory management features that are particularly useful for developers managing physical materials.
2. Easier and more seamless Single Touch Payroll (STP) reporting.
3. Desktop and offline access in addition to cloud-based access.
4. Customer service support over the phone, in your account, or on LiveChat 7 days a week.

QuickBooks for Australian Real Estate Developers

QuickBooks was introduced in 1992 as an easy-to-use and affordable accounting solution for small business owners.

Over the years, features and integrations have been added to QuickBooks to support a wide range of business needs, making it a leading choice for small business accounting software worldwide​.

QuickBooks unique features include

1. A built-in mileage tracking feature that allows users to automatically track business mileage using GPS.
2. A free one-on-one onboarding session for all new users to help set up the software and optimise its use. 
3. More advanced and user-friendly project profitability tracking, including monitoring income and expenses for each project for detailed insights into their individual performances. 
4. The sending of unlimited invoices across all QuickBooks plans.

Choosing the Right Software

Here are some tips to help you choose the best accounting software for real estate developers:

1. Assess your business’s specific accounting needs, such as project cost tracking, cash flow management, and invoice management, to find software with the necessary features.
2. Look for scalable features that can support increasing projects, transactions, and users to ensure the software can grow with your business. 
3. Evaluate the software’s integration capabilities with other tools you use, such as CRM systems, project management tools, and banking systems, to streamline operations and reduce manual data entry.
4. Opt for software with an intuitive interface and easy navigation to reduce the learning curve and let your team focus more on core business activities.
5. Review customer support across various channels, including phone, live chat, and email, for assurance that issues will be resolved quickly.
6. Compare pricing plans to find software that fits your budget while offering the necessary features. Be aware of additional costs for extra users, advanced features, and customer support​.
7. Seek recommendations and reviews from other real estate developers and read online reviews to get insights into the software’s performance and reliability. 

Pherrus: The Accounting Partner Real Estate Developers Trust

Are you ready to map out your business’s success?

Accounting software for real estate developers can help by simplifying project cost tracking, enhancing cash flow management, and providing real-time financial insights to make informed decisions.

Here at Pherrus, we can help you integrate Xero, MYOB, and QuickBooks into your business to streamline your accounting practices. 

But even with the best accounting software, it’s important to remember that professional real estate development accounting services are still essential for more complex matters.

Our accounting experts can provide specialised financial analysis, personalised business advice, and strategic tax planning that software alone cannot offer.

To find out how Pherrus can help your real estate development business, fill out our online form today or call (02) 9099 9109 to book an appointment at our Bella Vista office in Sydney, NSW.