Frequently Asked Questions

How Can Property Management Software Make Tax Preparation Easier?

Our property management software consolidates all financial dealings and maintains an up-to-date record of all bills, making them readily available at any time. Using TenantCloud, which automates the rent collection process, you can easily collect and aggregate your rental income. You can rest assured that you are accurately reporting on Schedule E if you have meticulously documented, stored, and organized records of all of your transactions. Create as many forms as you need, keep everything in one place, and export them to Excel or PDF.

TenantCloud provides an easy-to-use, step-by-step online application for owners to submit their return data. The 1099-NEC/MISC tax form can be quickly and easily generated electronically in our system. Documents are saved in PDF format so they can be printed and mailed. The red section of the 1099 Tax Form must be printed and sent to the IRS.

In addition to the 1099 Tax Form, TenantCloud offers the Tax Preparation Report, which sums up property income and expense amounts by category. The default view of the report is Schedule E, which groups transactions by IRS-approved categories. This report can be shared with the assigned owners, if applicable.

The three benefits of using TenantCloud for filling your taxes:

• Users can adjust generated reports to a “custom range” by choosing a start and end date or use the pre-set date range options: last month, last 90 days, this year, last quarter, last year, and year-to-date.
• Tracking financial information and managing revenue and costs is simple if you’re utilizing a property management system with an integrated accounting application. When tax season comes, having all the relevant transaction information in one place and easily understandable is essential. And with the TenantCloud accounting dashboard, it’s possible.
• Users can generate the Property Owner Statement Report, which shows the income and expenses of a property or a group of properties that belong to a specific owner. For owners, amounts are based on the total rent paid by tenants on assigned properties. These amounts include sub-categories such as rent, balance forward, housing subsidy, last month’s rent, lot rent, parking space, pet rent, prorated rent, rent allowance, and standard rent.

How Can You Store Documents Using Free Property Management Software?

Operating and maintaining a property can be difficult for any landlord. Learning the rules and regulations that come with rental properties can be overwhelming, but it is necessary to avoid legal issues. Property management software (PMS) can help you optimize your rental operations, whether you rent one, two, or several properties.

Property management software gathers maintenance-related documents, including estimates, quotations, receipts, invoices, and communication history — everything in one place for a more streamlined process.

TenantCloud offers all the documents a landlord may need for rental properties. Templates and documents comply with state laws, are easily customizable, and can be completed in minutes.

TenantCloud offers a built-in E-signature for our leases, simplifying the whole process. With our free property management software, you can upload a PDF file and drag & drop elements onto the fields you want to require from the receiver.

We make creating and signing a lease straightforward and quick for tenants and landlords. With TenantCloud, you can create customized online leases, duplicate them, and autofill them. It makes the process simple and allows you to scale up your business while saving time.

You can create and download your own lease agreement or gain advance access with our landlord forms. You can create a lease in a matter of minutes with the TenantCloud documents template. Our online tools will walk you through the process step-by-step, ensuring everything is set up correctly.

Rent, deposits, utilities, insurance, and any additional fees will all be covered.

How Can Property Management Software Help Track Expenses?

Property management requires retaining strict financial control. TenantCloud helps landlords enhance their earnings while lowering their costs.

Property management software gives users a complete picture of their financial situation. Expense tracking features help make the most of operational budgets while bank connectivity streamlines the reconciliation process, and tax management capabilities maintain compliance with local tax law.

Our free property management software provides accounting to manage finances better. TenantCloud offers online rent payments, which will scale up your business and reduce miscommunication between you and your tenants. Online rent payments are safe, quick, stress-free, reliable, and allow renters to avoid late fees, which benefits both landlords and tenants.

In property management accounting, the first obstacle is automating billing and invoicing. Invoices, receipts, and tenant-specific reminders are all generated automatically by TenantCloud. The accounting dashboard is easily accessible, allowing users to centralize their bookkeeping data in a single location from which it can be exported at any time.

With the help of property management software, you can screen tenants and determine whether they are a good candidate for your rental property. The more you know, the safer your rental business and property will be.

Can Property Management Software Replace Spreadsheets?

Although spreadsheet programs like Microsoft Excel can be used to keep track of rental income and expenses for rental property taxes, most landlords prefer to switch to a more user-friendly solution. Manually entering data into a spreadsheet, even for a single rental property, is time-consuming and prone to error.

Using specialized software for storing data is always better. TenantCloud makes it easy to keep track of payments, receipts, and other financial data, all by connecting your profile to the latest version of QuickBooks, where your data will update instantly and in real time to reflect new transactions.

You can monitor and access every part of your business by running analytics using property management software from your phone, tablet, or personal computer, at any time. Your gross income, operational expenditures, non-operating expenses, net income, and the previous month’s income will all be calculated automatically by TenantCloud. Create a customized dashboard and keep track of all the data you require to scale up your business. Every transaction is documented in the cloud, so you can always access your financial information and payment history, or import and export a full report — wherever you want.

TenantCloud is an all-in-one rental property management system that provides instant and easy access to accurate, current, and live data. All the information owners need to improve operations, marketing, and finances are readily available.

How are Rental Portfolios Stored in TenantCloud?

Safekeeping sensitive information is a major plus of cloud storage. TenantCloud equips its customers with numerous regulations and safety checks to prevent identity theft and other data breaches.

As rental portfolios expand, the need for a safe and well-organized system is a priority. Property management software guarantees all data is stored in one place and can be quickly found when needed. You will always have access to all your information about your properties and tenants.

With TenantCloud, property managers and landlords can see a complete and accurate picture of their rented properties and tenants, including payment records, contract and lease information, and more. They can also list vacancies, accept online payments and applications, handle maintenance requests, and keep track of tenant concerns.

TenantCloud users can create a free, individualized website to advertise available units to prospective tenants and attract qualified candidates more quickly than other rental listing methods. Owners can upload photos of the rental units, list detailed information about each unit, and even let potential tenants fill out an application online.

TenantCloud allows users to post available rental properties on multiple online platforms such as Rentler, Apartments.com, Realtor.com, and Zillow Group. When a rental unit is properly advertised, it is much easier to fill.

When applicants apply online, they can fill out a reusable tenant profile with personal rental data, and keep vital documents secured with TenantCloud. Every tenant registered with the system has unique login info, so they can access their personal dashboard and communicate with their property management team.

TenantCloud allows tenants to submit and track maintenance requests. Landlords and tenants can both keep tabs on the progress made by contractors thanks to the sharing of photos and videos uploaded by renters. Invoices can be made and sent in for each individual work order. An enterprise-specific version of TenantCloud is available for service providers as well. In addition to accounts for landlords and tenants, ServicePro accounts are also available for service providers, who can send and receive invoices, process online payments, and handle maintenance requests.