Landlord Vision

What do you like best?

Scanned receipts... such a simple thing one would think. But with the exception of Quickbooks, this capability was actually very hard to find. But LV does it all the way! It reads every single ling item on all of my receipts and invoices. Home Depot - sometimes 50 items are purchased in 1 visit! It makes entering and categorizing expenses a breeze. This is very important, as I am tracking spending for a rental property as a Fiduciary Trustee for the beneficiaries. So detail and accuracy is important.

I love just about everything about Landlord Vision. And I am serious when i say I researched and tested at least 20 other software programs and each one had some important element missing. I needed a landlord for rental property software that incorporated EXTENSIVE accounting/bookkeeping capabilities. Thank God I found Landlord Vision. I changed to it after using a "more popular" software for over a month. It was worth having to re-enter a month's worth of work. And I am not even an accountant! I just fell into this role.

Landlord Vision also encourages and IMPLEMENTS user suggested features. I don't think they are a very big team since the same customer service guy "Roy" always responds to my requests, and does so with extreme speed. All team members respond fast fast. But most importantly, it's very obvious to me that this was a labor of love by someone who knows the ins and outs of rental property accounting. Because it far exceeds all the other big namers. Seriously. I tried them all.

What do you dislike?

They are located in the UK and I can't change the date format to US nor do they have US Maps incorporated into their software. The time difference is not an issue for me. They don't have too many training videos but the ones they do have are to the point. And they do have an adequate knowledge base and work flows to refer to. However, I find myself having to email them for some things that are simple to do as it turns out, but just not located where i would think the setting would be. Also, I haven't figured out how to edit the account associated with an expense category if an expense has already been allocated. This doesn't mean it's not possible, as everything else I've thought wasn't possible actually was. Except the date format thing. Also, I had to commit to a year subscription (AND IT'S CHEAP) because they don't take payments from US any other way than bank draft and for a year. All worth it. And with a 30 day free trial there's plenty of time to really decide if this is what you want to commit to. These small things the way they are, are simply a small irritation. Chances are they will be implemented in the near future or already are possible and I just don't know it. Doesn't matter if it never changes. The time saving features and layout and ease of use go way beyond any of these small "irritations'.

What problems are you solving with the product? What benefits have you realized?

I am having to enter a year and a half's worth of accounting, banking and tenant history for 10 rental units being renovated and then rented out. So that's contractors, employees, Home Depot visits almost daily for renovating older, neglected cottages. Most of them were needing new plumbing, new roofs, electricity reconfigured from overhead to underground, purchasing new tools (since I am a beneficiary thrown into this), new kitchens and landscaping, all of it! Then add in utility bills and taxes and permits with the city.. Not to mention removing bad tenants, finding good ones, processing rental payments, background checks, deposits, lawyers etc, and ensuring accuracy since this is a fiduciary trustee situation.. and I had about 2 months until I was required by law to submit an accounting to the other beneficiaries. Can you imagine?? Stress! But guess what? I found I can complete about a full month's worth of every business transaction we made in about 1 day with Landlord Vision. So do the math..18 months done in 18 business days.. that's about a month total. Which then gave me an additional month to reconcile with the numerous bank accounts i am dealing with, including 1 loan in excess of $300k (from my husband no less!) which relies on my accuracy to get his investment back once property sells. No other platforms would allow this kind of timing, none.