QuickBooks Online and Buildium both offer a range of valuable features, but there’s a marked difference in their target markets and functionality. In this comparison, we’ll delve into what sets these two products apart.
Developed by Intuit, QuickBooks Online is a cloud-based accounting solution that’s perfect for delicate financial balancing acts. With an intuitive user interface, QuickBooks allows you to manage sales and expenses, create estimates, and track customer interactions with relative ease. QuickBooks’ power extends to unlimited invoicing, strong integrations, and bank reconciliation functionality. QuickBooks is best for small to mid-level companies based in the accounting, information technology, and professional services industries.
What holds it back, according to some users, are the subscription fees. That said, it’s worth noting that Intuit offers a 50% discount for your first three months of service, which makes it somewhat more affordable.
Buildium, on the other hand, is designed specifically for rental property managers. Its strength lies in the ability to handle extensive accounting tasks, from automated bookkeeping to full-scale accounting, including form 1099s.
This solution is usually best for businesses with over 20 units in residential properties, community associations, commercial properties, affordable housing, or student housing. On the downside, Buildium may not be as user-friendly, particularly for tenant onboarding and rent collection. Its extra charges and a lack of live support in the basic plan might turn off some smaller businesses.
In terms of overall functionality, both QuickBooks Online and Buildium have unique strengths that cater to their respective user base. When it comes to selecting between these two software solutions, it really does come down to your business’s specific needs.
If you are running a smaller or mid-size business outside of property management, or need an easy-to-use solution with robust financial tracking features, QuickBooks Online is likely the better choice.
However, if your business focuses on property management and needs a solution beyond mere accounting, with capabilities specifically designed for managing rental properties, Buildium would be a better fit, especially if you manage over 20 units. Both are great solutions built to help streamline processes in their respective markets.