Have you used Xero to manage your property?

[Wise Advice]

I am interested to know if anybody using Xero.com to manage their property.if yes what do you think about it?

[sarahd]

I was thinking about it...I am going to accountant next week to discuss. Looks good and I've had a few good comments about it from someone else using it...anyone else?

[Wise Advice]

we are using it.

We use it to service our clients and I think it is great but I wanted to know your guys opinion as property investor.
I am happy to have a chat and see whether its a good solution for you or not.

Cheers
Brad

[donna]

I am confused the thread was started with a 'thumb down' icon however I am getting the impression the company or it's product may be worth a go?

Welcome to the forums Wise Advice.....what has been your experience?

Cheers,

Donna

[CJ]

My understanding is that you dont buy software, you pay an annual charge.

I have also heard it is very good (better than MYOB) and more flexible to changes.

However, depending on the price, it may require a certain size to make it worthwhile (ie. more than a couple of properties).

New Zealand made and owned (listed on NZX) if that sort of thing floats your boat as well.

[roseneath_rat]

I like the web interface, was considering it myself for my (non-property) business. Expensive though at $50 per month relative to a one-off cost for MYOB.

[Wise Advice]

Thank you Donna, I thought it is a question mark and didn't realize that is thumb down sorry I am new

1-it is online so you can check it from anywhere with pc or Mac or Vista!
2-becuase it is online they update it almost everyday
3-your bank account will be fed automatically to Xero everyday so you can check your business performance everyday
4-you can check if your tenant paid and reconcile your bank everyday
5-you can invite your accountant or property manager to look at your accounts, don’t need to send them file ..
6-cost $49 per month (we change $69 including your tax return for the property and 2 personal)

You can try it for free and let me know what you think, I want to know your opinion

[revdev]

Thank you Donna, I thought it is a question mark and didn't realize that is thumb down sorry I am new

1-it is online so you can check it from anywhere with pc or Mac or Vista!
2-becuase it is online they update it almost everyday
3-your bank account will be fed automatically to Xero everyday so you can check your business performance everyday
4-you can check if your tenant paid and reconcile your bank everyday
5-you can invite your accountant or property manager to look at your accounts, don’t need to send them file ..
6-cost $49 per month (we change $69 including your tax return for the property and 2 personal)

You can try it for free and let me know what you think, I want to know your opinion

Hi Brad,

Are you connected in any way to Xero? No worries if you are, however that would place this thread in caveat emptor section..

Cheers
G

[CJ]

6-cost $49 per month (we change $69 including your tax return for the property and 2 personal)

Looks like you should have disclosed you are associated with the company. No probs if you are but you should disclose.

RR: what does MYOB cost? Do you you get updates with that (if so for how long?)

[Wise Advice]

sorry if it wasn't clear , I mentioned in my earlier thread that we Using xero for all of our clients.

[CJ]

Here is a comparision to MYOB and quickbooks:

http://www.xero.com/overview/compare

Re pricing, it looks like it falls to $25pm after the first month or is that for the second entity.

Is each entity a separate license fee or can it do multiple entities for the same cost. ie. individual, LAQC and trust.

[Wise Advice]

Myob accounting cost about $450 and I am not sure how much is the annual update cost .

[Wise Advice]

$49 for the fist entity per month and $25 for second entity if GST registered and $10 if its not GST registered .so you can have multiple entity for example :

1-Limited comany GST registered $49
2-personal budgeting for your houshold $10
3-proeprty trading company GST registered $20
4-LACQ company none GST $10
so you pay $89 per month and that would include unlimited bank account feeds to Xero

[CJ]

I might keep struggling with MSMoney for the time being but if I had a more active entity, I would definately consider Xero. $10 for each subsequent entity is a good deal if you have a big enough entity to justify the first one of $49.

[donna]

Hi Wise Advice,

I have a couple of questions for you.....

What are you using it for? Property Management business?

What has been your experience - how long have you been using it?

Cheers,

Donna