Stessa

Stessa is a game changer for the independent rental owner.

Avantages :

Stessa offers the most intuitive, purpose-built rental property financial software that I’ve come across. Far too many colleagues of mine are still either using overly complicated general accounting software, or worse, tracking everything manually in Excel. Stessa not only allows me to automate the majority of my bookkeeping, but the real time reporting functionality allows me to monitor the performance of my assets and catch anamolys much quicker. While other property management software may offer expense tracking or basic accounting features, Stessa’s exclusive focus on the financial aspect of rental property ownership allows them to offer a far more robust feature set and innovate at a faster clip.

Inconvénients :

As a single-entry accounting system, it comes with all the drawbacks associated with that method of accounting (no cross-checking, greater potential for error, no tracking of real accounts, etc.). This was an intentional design decision, however, as this software is geared to be more user friendly for the average rental owner. While it lacks the sophistication of a double-entry system, Stessa has come up with innovative ways to simulate certain aspects of a double-entry system through features like a derived Balance Sheet report using user provided asset values and debt information.

Ease of Use

Commentaires : Able to pull reports quickly and professionally.

Avantages :

The ability to track every important metric used by investors in real estate.

Inconvénients :

I wish the system would track owner financing deals

I wanted to love Stessa, unfortunately the features fall short

Commentaires : The major issue I have with Stessa is when Stessa downloads your transactions from the bank it will remove some automatically. Customer service said it was just removing duplicates. Anyone that is in property management or owns and operates rental housing knows many transactions are going to be the exact same. Rent doesn't change by month, and many bills are the exact amount each month, like mortgage payments. Stessa would regularly remove 10-20% of the transactions, and the even worst part is it wouldn't say it did. They just wouldn't show up. I only noticed it as the reports looked WAY off. To get correct reports through Stessa I would have to download the CSV file and compare it to my bank CSV file. Then I would have to enter the transactions manually. It isn't worth it. At the VERY LEAST we should have the option to turn off "removing duplicate transactions". I've mentioned this to customer service more times than I can count and they never do anything.

Avantages :

The design of the site was very intuitive. Useful and pretty reports.

Inconvénients :

Pretty reports are useless as there is a serious bug in Stessa software, specifically how it processes transactions downloaded from your bank. I noticed it when I first signed up to this site several years ago and have messaged customer service numerous times. Occasionally it gets fixed but then goes right back to being broken again. I'll describe the specific issue below.

Fantastic Software

Commentaires : I think this is the best thing out there. Everything about Stessa is top notch from the product itself to the customer service.

Avantages :

Its easy to use, their is no guess work. I like the banking integration, tenant ledgers, general ledger, balance sheet, income statement, cash flow and every other report you could need. The best part for me is the year end package it generates for my tax guy.

Inconvénients :

I'd like to see the ability to update the RE Tax PIN number. Although customer service is excellent and will make any updates you need quickly.

Right tool for the job

Commentaires : After using Quickbooks for a few years, this program is a breeze and intended just for rental management, so not any clutter to have to work through or modify.

Avantages :

Pre set up for rental properties with all the categories, tax reports (my tax preparer loves it), etc. Bank transactions transfer into Stessa automatically Rent collection option, which I haven't begun using yet but intend to

Inconvénients :

Split transactions appear on the ledger as individual transactions rather than true splits, which makes reconciliation a bit challenging sometimes. Cannot split transactions with the mobile app, only desktop

Ok for main stream, struggles to adapt

Commentaires : It's ok. we wouldn't pay for it, not remotely. But it seems like they're trying to grow their business by solving the big problems only and ignoring the "small" ones. We will keep with them at least until the end of the year for ease of tax reporting, but will seriously look at other options as December rolls around.

Avantages :

Look, it's free, we get that. And it has added value to our business. But their inability to resolve a seemingly simple issue after 5 months is inexcusable.

Inconvénients :

For a software company, they are surprisingly not agile. Two examples:- For every nearly transaction that comes through, we have to attribute it to the property/tenant in spite of the amounts and ledgers being exactly the same every month. It appears the only AI they use is a checkbox that ties a bank account to a property. That's great for loans, but it should be able to handle rents too. - We can go on mint.com and enter all the log in credentials and that gives us every balance of every card. Stessa has continuously struggled with adding some credit cards attached to one of my banks. We have reached out to them for the better part of a year off and on and they seem perplexed and unable to wrap their heads around it. Now, after 5 months of us staying on them about it, they've ghosted us, or given us the "yeah we're working on it." If it's that hard to do, how can another company just do it with ease?

RE investor? You need to start using Stessa!

Avantages :

The ease of income and expense tracking allows you to take control of your business. By linking accounts or adding transactions as you go, Stessa does the rest - generating all the reports you'll ever need, making tax time a walk in the park.

Inconvénients :

It would be nice to allow another user, like a partner or manager, to login with their own credentials and have limited(or full) accessibility to the your data.

Really helpful for portfolio analysis and organization

Commentaires : This has helped me categorize and organize without me having to "reinvent the wheel" trying to set up a spreadsheet in line with the tax code.

Avantages :

This software takes all the input and then collates it and calculates it giving you an analysis of individual properties as well as the portfolio in general. It helps me as a newer investor to categorize my transactions which I suspect will be very helpful when it comes to tax season. I like the mileage tab as well as I was bad about recording my mileage and this tab serves as a reminder for me. I'm very excited to see how helpful and effective the software is when it comes to tax time!

Inconvénients :

So far I have no complaints at all about this software.

Stessa Changed My Life!

Commentaires : Allows me to spend far less time managing the accounting aspects of my business. I am a small business owner with a full life and Stessa has allowed me to have a more enjoyable work/life balance.

Avantages :

Stessa is an easy to use, online real estate management software that is reliable, easy to learn, easy to use and almost fun. It had changed the way I look at accounting (a pain in the past), and I almost look forward to opening Stessa!

Inconvénients :

I wish I could force the software to "name" certain vendors the way I like when their info is automatically imported. It's a bit of a pain to have to go in and constantly update them from their "DBA" name to the name that I recognize in my daily business. Not a deal breaker, just a suggestion!

The links NEVER work

Commentaires : Worst Experience ever.

Avantages :

It was great at first until their customer service is the absolute worst and my link has not worked for 5 months and they just keep telling me sorry. They even told me if it does somehow work again, I will have to manually enter in EVEYTHING! It has been a nightmare.

Inconvénients :

Their customer service. Every time I received a response, it was very general and never helpful.

Easy to use Real Estate Accounting Software

Commentaires : Love the software and you get a lot for a free program. There are items that can be improved but overall really happy with what Stessa is offering to their customers.

Avantages :

Free software that is very easy to use and set up. Running reports is a breeze and makes tax time extremely easy to manage as well.

Inconvénients :

The dashboard can be a little confusing since it considered capital expenditures in your cash flow. If you perform a roof replacement as part of your investment, it shows the average cash flow in a negative for a long time which can be misleading. Obviously, this is offset by a higher value of the property but I would like to see a feature to exclude extraordinary items in the cash flow analysis to see the property's sole operating performance. Lastly, the syncing of bank transactions can be up to a day delayed until they show up in the software.

Great product

Commentaires : Excellent

Avantages :

Ease of use. And great for tracking expenses.

Inconvénients :

Would like to be able to download more credit cards.

Great Mobile Management for all Real Estate

Commentaires : It’s the first platform I’ve used that I have been able to use as a one stop shop for everything for our portfolio. We can manage our vacancies and tenancies, as well as our finances. It’s been great. Thanks [SENSITIVE CONTENT] and the Stessa team!

Avantages :

This app is amazing. It’s the first platform that has allowed me to manage our entire portfolio directly from my phone if I want to. I can track all expenses and directly import from the bank, and assign to each property and even a specific unit.

Inconvénients :

I wish the transaction importing would occur in real time directly, versus having to log in and refresh the transactions.

Accounting and financial reports with a click

Avantages :

Very useful software specifically developed for real estate managers, makes accounting smooth and efficient by pulling bank transactions and creating ongoing graphs and reports

Inconvénients :

For my specific situation, there’s an issue with repeatedly having to refresh the bank connection but that’s because my bank is not as sophisticated as other mainstream banks that are better supported by the protocol that imports the transactions

This software made us grow our business

Commentaires : This software has changed my business. I have started 5 other business with it and they all love it. Best thing I have ever used. It has been a year that we have been using it and it still blows my mind every time we use it.

Avantages :

I love how all our property and tenant data is located in one place for all the team to see. It keeps track of our money in and out and lets us know what we are spending on each property. Helps us as armature's understand real estate a lot better since we can always see the numbers

Inconvénients :

I wish the reporting could be customizable and the only reason I say this is because I would like more simple reports.

Best Real Estate tax prep program

Commentaires : The total package has made my life much simpler.

Avantages :

After years of struggling to keep my RE tax prep files in order, STESSA did in just a few months that other programs could not do in 10 years! It’s the complete package without the complexities!! Mark

Inconvénients :

No issues..each feature especially the tax prep package is invaluable!

Simple to Jump Straight Into!

Commentaires : It's been a stress relief to be able to handle my expense tracking on the go - confidently!

Avantages :

I could easily import my Excel spreadsheet of past transactions. Their instructions on the proper formatting for converting it to csv were easy to follow and I was both impressed and happy that months of transactions were imported seamlessly and in minutes. Their customer service is also responsive - which is a huge win!

Inconvénients :

Would be nice to have the option to show the notes about a transaction in the main "feed."

Makes my life so much easier!

Avantages :

The easy expense and income tracking and that it's linked directly to our bank accounts.

Inconvénients :

Mileage and depreciation tracking would be nice but not necessary. CPA's do that.

Incredible value

Commentaires : Stessa makes tracking all aspects of owning rentals easy. Incredible

Avantages :

This platform nails real estate management basics and is ever evolving to include new useful features like tad preparation documents.

Inconvénients :

No cons! Great team and product! Continual development of new features. The dev team is open to customer requests and acts on feedback.

Free Software

Avantages :

Able to integrate loan servicing sites and add transactions and account transactions

Inconvénients :

Webface is a little more intricate then others, lot of places to tweak, I also don't see where to get training on the webface for ease of use

Stellar Platform with Amazing Customer Service and Great Regular Content

Commentaires : Phenomenal. I've working in management consulting implementing technology systems for years and know what a pain it can be to transition data to a new system - and this experience has been nothing short of awesome. I am thrilled not to be using my Excel pivot table reports or having to manipulate Xero, Wave, QBO, Netsuite, etc. to fit my needs as a real estate investor. Really, incredible strategic move on Stessa's part and we are thrilled end-users.

Avantages :

Ease of use, integration with current banking systems, and focus on real estate investors. I was planning to drastically manipulate Quickbooks to make it work like Stessa - Stessa basically eliminated all of that work AND has a gorgeous user interface compared to QBO or my rigid Excel sheets!

Inconvénients :

Some features are still in the works (e.g. they just implemented new functionality to demonstrate sale proceeds from a flip, and are working to integrate to reporting) - but that's it. Really, it is INCREDIBLY simple to use, and any time I've had a question I've gotten a detailed answer within 24 hours.

Now and invaluable tool for my real estate investing business

Avantages :

First of all, it's free to use, and by inputting all your property data it gives you a number of different metrics and can sync transactions with your back account. I can also invite other investors and partners to view certain properties, which makes my reporting requirements a lot more seamless.

Inconvénients :

Only con for me is that I can't get the mobile app in Canada.

Excellent Product and Customer Support

Avantages :

This free software from Stessa works wonderfully for tracking expenses. When I had an issue, it was resolved immediately so customer service is top notch as well. Will definitely recommend Stessa to other investors.

Inconvénients :

There is no app for Stessa which makes it difficult to manage on the go.

Nope. Not gonna do it.

Commentaires : See above

Avantages :

None- I never got that far. Maybe it's good, but I won't give out sensitive into to a stranger

Inconvénients :

As a landlord with multiple properties, I thought this might be a handy tool, so I began the sign up process. Until they asked for my banking info. What?? What do they need that for? Not happening. I'm out.

Best free real estate landlord software

Commentaires : This software allows you to move from amateur to professional overnight.

Avantages :

Cash flow tracking Balance sheet Document storage and retrieval Dashboard of KPIs

Inconvénients :

Not much, they are always added new features