Accounting & Bookkeeping Services For Real Estate Industry
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Accounting and Bookkeeping Challenges in the Real Estate Industry
Project Accounting
In the builders and construction industries, projects often span extended periods, and businesses typically manage multiple projects simultaneously, resulting in large volumes of data. This complexity necessitates the use of project accounting alongside general accounting practices.
Payroll Compliance
Managing various types of human resources entails dealing with different payment schedules, diverse forms for compliance, and other administrative tasks. Ensuring adherence to mandatory payroll processes is crucial to comply with both Federal and State laws.
Property Management Software
Property Management Software plays a pivotal role in tracking income and expenses, especially when working through agents. Integrating this software's data seamlessly into accounting and bookkeeping systems is essential for accurate financial management.
Healthcare Accounting Services by TaxPeak
Accounting and bookkeeping for real estate businesses are intricate tasks, and at TaxPeak Accountants, we understand this complexity well. Our real estate accounting services aim to alleviate the challenges you face in managing real estate finances. With over a decade of experience serving real estate agents, organizations, and companies, we possess comprehensive knowledge of all facets of real estate accounting and bookkeeping.
TaxPeak Accountants specializes in using top-tier accounting software tailored for real estate agents, and we are proficient in property management tools such as Buildium, Yardi, and AppFolio. Ensuring compliance with all regulatory requirements and payroll processing regulations is a core part of our service. With our dedicated expertise handling your accounting, bookkeeping, payroll, and taxation needs, you can focus entirely on your core business activities.
Whether you’re in Austin, Miami, Denver, Chicago, Los Angeles, or any other part of the United States (US), TaxPeak Accountants offers reliable online bookkeeping services specifically designed for real estate businesses. If you’re searching for “real estate accounting services near me,” your search ends with TaxPeak Accountants.
Real Estate Accounting Services We offer at TaxPeak Accountants
We provide the following bookkeeping services –
- Bank & Credit Card Reconciliation
- Accounts Receivable & Payable Management
- Payroll Calculation & Tax Payments
- Inventory Management & Reconciliation
- Monthly Financial Statements
- Financial Ratios Reporting
- Budgeting Quarterly/Yearly
- Cash/Revenue/Expenses Forecasting
- KPI Reporting
- Strategic Advice on Managing Revenues, Expenses & Cash Flows
- Planning Individual & Corporation Taxes
- Finalizing State & Federal Taxes and Payments
We make sure you never breach payment terms with your clients by preparing a daily, biweekly or weekly report for accounts payable and sending the same to you on time. Our outsourced accounting service covers the scanning of invoices to ensure payment terms and other processes that adhere to your company policy. It will be our responsibility to ensure that things are exactly as they should be and inform you when they are not.
If you are not sure how much you ought to receive from your debtors, you cannot expect your business to sustain, let alone talk about growing. It is essential to make sure you receive what the others owe you that too on time to keep that cash flow moving. It is our duty to ensure you receive money from your debtors on time. We provide this by reminding you of the overdue payments or by contacting the clients directly on your behalf.
With years of experience working with US clients, we know exactly what is needed by the regulatory bodies and produce the same for you. We got you covered, whether financial statements, periodic reports, debtor reports, bank reconciliation reports, financial analysis reports, ratio analysis or any ad-hoc report. We can even get in touch with your CPA and make sure everything is there as and when he wants.
We look after payrolls for our clients, including pay calculation, reimbursement, deduction, payslip generation, amount to be withheld for federal and state income tax, social security and Medicare contribution amount, payment of tax, and tax return preparation. We will be happy to look after all or a part of them for you. Our online accounting service will help you keep a vigilant eye on the complete payroll activity for your business.
We help you out in structuring your business that suggests which business structure will suit you best among Sole Proprietorship, Partnership, Corporation (C Corp, S Corp, B Corp & Non-profit) and Limited Liability Company (LLC).
With the experienced Accountant and CPA in our team who has been serving USA Clients for an extended period, we can prepare and lodge your tax returns and also planning your tax liability in the most efficient way
Why Choose TaxPeak Accountants Real Estate Accounting Services?
As a business operating in the Real Estate Industry, your primary focus is on property management and construction, not on handling accounting, bookkeeping, or taxation matters. We recognize the critical importance of these financial functions and offer specialized Accounting and Bookkeeping services tailored for the Real Estate Industry in the US. Our services enable businesses to thrive while ensuring their financial operations are expertly managed.
Compliance
Our team is updated with all the mandatory laws and legislation to ensure that our clients do not face any compliance issues related to payroll, taxation, and other federal & state laws.
Decade long Experience
Having dealt with the real estate industry for over a decade, we understand industry-specific requirements very well, allowing our team to streamline your bookkeeping and accounting systems.
Cost-saving
You can save more than 50% of cost compared to hiring an in-house professional accountant or local accountant, while you will get access to a long list of accounting and bookkeeping services.
Satisfaction Guaranteed
Having dealt with Real Estate, Building and Construction businesses based in the US for some time now, we have a good number of satisfied clients that we have been working with on an ongoing basis.
Limitless Consultation
We provide boundless phone and e-mail consultations with our experts who will understand your requirement and provide a customized plan for you based on your exclusive business needs.
Limitless Consultation
We provide unlimited phone and e-mail consultations with experienced professionals, and we can modify a plan for you based on your exclusive business needs.
Customise service and report
We provide customized services and reports to match your business needs, be it a specific report or a particular timeline. You choose what you need, and we deliver the same to you.
Frequently Asked Questions (FAQs)
Real estate accounting is required by everyone involved in the real estate business to handle the finances and prepare business plans. Some more factors make real estate accounting important to run an efficient business.
• Evaluating business expenses- Real estate accounting involves analyzing the daily expenses and ensuring that the payments made are accurate and just as per the market.
• Maximizing revenue- Maximizing profits means decreasing expenses and analyzing the business portfolio to see if the incomes can be increased in terms of rent, etc. It can be a daunting task and thus needs a professional accountant with knowledge about the industry and the accounting processes.
• Minimize debts- Heavy debts put a business under threat, and thus businesses always try to keep the debts at a minimum. A real estate accountant carefully analyzes the interest rates for mortgages and helps in managing high-rate accounts. It helps in minimizing the risks involved with the debts.
• Estimating property value- The lesser transactions in the real estate business make it difficult to know the property’s actual value. Good and up-to-date accounting software can help estimate the property’s actual value. It is possible as the accounting software and the accountants follow the valuation regulations for the properties.
• Staying updated with the market- Accurate and meticulous accounting makes sure that the books are prepared as per the current market status and requirements. It also helps in keeping check with the latest tax implications.
• Devising business strategies- Real estate accounting helps develop business strategies and plans by comparing relative data and identifying the assets that are performing well.
The responsibilities of the real estate accountant focus on the transactions related to the real estate business like sales, leasing, etc. Though the specific duties vary as per the nature of the business, there are some basic services that the real estate accountant provides. Following are the services provided:
• Maintaining records of accruals and expenditures on a monthly, quarterly, and yearly basis
• Filing tax and tax returns and preparing tax reports
• Supervising accounting controls at every level
• Managing accounts payable on the business level
• Handling accounts receivables, including tenants’ bills and invoices
• Managing business fixed asset accounts
• Managing credit applications for finances
• Overseeing repair and maintenance expenses
• Preparing financial statements on a monthly, quarterly, and yearly
• Handle real estate investment companies for financing purposes
• Analyzing the real estate market and preparing reports for the business
To find the right real estate accountant in the U.S., follow these steps:
Identify Needs: Determine if you need expertise in residential, commercial, or mixed-use real estate, and the specific services required (e.g., tax preparation, financial planning).
Check Experience: Look for accountants with significant experience in real estate accounting and a track record with similar clients.
Verify Credentials: Ensure they are a Certified Public Accountant (CPA) and have relevant certifications or affiliations.
Assess Knowledge: Confirm their understanding of real estate tax laws, accounting standards (U.S. GAAP), and industry regulations.
Evaluate Technology Use: Ensure proficiency with real estate accounting software and secure data management.
Consider Communication: Choose someone who is responsive, accessible, and communicates complex information clearly.
Review References: Check client testimonials and their reputation in the industry.
Discuss Fees: Understand their fee structure and review contract terms to avoid hidden costs.
Schedule Consultation: Meet to discuss your needs and assess their suitability.
Make Decision: Compare candidates and select the one who best fits your needs and budget.
