Landlord Studio vs Landlord Vision, which is the right software to help you save time and money with your property management.
Before we dive into this comparison between Landlord Studio vs Landlord Vision, we thought it would be a good idea to outline exactly what you should be looking for and expect from a quality property management software.
The right property management software could save you a huge amount of time, help ensure you abide by the many strict regulations, and help you submit an accurate tax return to the HMRC at the end of the tax year.
Key features to look out for include: income and expense tracking bank feed integration and reconciliation, receipt scanner, mileage log, advanced reporting, document storage, and reminders for important events such as EPC renewals or safety certificates. The best software will also have time-saving automations and a mobile app so that you’re no longer tied to a desk.
Thankfully, there are plenty of software to choose from, meaning there is definitely one out there suitable for your specific needs. However, because of the variety of options and the different needs of property investors, it can sometimes be a challenge to select the right software. This is why at Landlord Studio we have a free plan, offering our users more for less.
Whilst Landlord Studio and Landlord Vision offer many of the same features when it comes to rental accounting, Landlord Studio is more affordable, has an easy-to-use app and more modern interface, and additional features including property maintenance management.
The ethos of usability and mobility with Landlord Studio means that the software is constantly being made easier and more user-friendly. Landlord Studio has a highly-rated app for both android and iOS devices which allows you to track your income and expenses, digitise receipts and stay on top of your property management on the go.
Secondly, there’s a big difference in price. Landlord Studio, however, has two simple pricing tiers – Landlord Studio GO, which is completely free, and Landlord Studio PRO, for landlords with larger portfolios or more complex accounting requirements.
View the full feature breakdown and pricing plans.
Additionally, we’re constantly adding new features and improving existing ones. Examples, include the recent addition of rental listings and tenant applications, as well as property maintenance management, and major improvements to the bank feeds feature, allowing for better filtering and easier navigation and even split transaction reconciliation.
Below we dive deeper into some of the key differences between the software.
Landlord Studio was originally designed as a mobile application. The primary focus was to make income and expense tracking as simple and easy as possible. As part of this ethic, we have spent a lot of time ensuring the software is easy to use and understand.
While both software are cloud-based, meaning you can access your data from any device simply by logging in online, Landlord Vision does not offer an app. This means you are required to use your desktop.
The main disadvantage of this is it means setting aside time each month to go over your finances and manage your accounts. With Landlord Studio’s mobile app, you can log income and expenses, digitise receipts, manage tenant communications, and more all from the app whenever you have a moment to spare. This reduces your admin load and helps you stay ahead of your accounts
Both platforms offer essential accounting functionality which performs as required. Landlord Vision also offers some comprehensive portfolio asset and loan tracking functionality which larger portfolio landlords may find helpful.
For example, you can store receipts, connect bank accounts to view transactions in real-time, track income and expenses, and both platforms have comprehensive reporting functionality.
The main difference between the two is the ability to track and manage on the go. By offering a mobile solution Landlord Studio helps you dramatically save time and help ensure you never miss an expense.
While you can store receipts using Landlord Vision, this needs to be scanned into your desktop and uploaded manually.
Using Landlord Studio to scan receipts at the point of sale to easily and efficiently digitise them. The software will then read the receipt details and create the expense for you. Simply, check the details, select the expense category and hit save.
Create a free rental listing site with Landlord Studio and collect and prescreen tenant applications. This feature is designed to help you streamline the tenant finding process, saving you time and reducing expensive vacancy periods.
When it comes to integrations landlords need to ensure the software they use is MTD ready. At this time Landlord Studio is not an HMRC approved software – though we will be before the MTD deadline.
However, Landlord Studio does offer integration with Xero. This is designed to make it as easy as possible for you to work with your accountant. They won’t need to learn new software, you won’t have to overcome the challenges of using software not designed for landlords and your accountant take advantage of the powerful and customisable reporting capabilities of one of the leading small business accounting software’s out there.
As an additional plus, users (VAT registered landlords) who ate required to abide by the new MTD rules can navigate this through the integration with Xero. Speak to your accountant to learn more.
Having the right software to aid you in the management of your properties will help you save time and stay on top of your finances. It’s a great idea to give a few different software a try to see which one suits your particular needs the best.
If you need software that allows you to manage your properties on the go and will fit around your busy schedule, then Landlord Studio is likely the one for you. However, Landlord Vision does offer some interesting financial functionality that experienced investors with larger portfolios might find useful. Ultimately it comes down to what you need from your software and how you want to fit it around your lifestyle.