Real estate accounting and bookkeeping services for Seamless Operation of Businesses in Real Estate, Building and Construction Industry
Accounting and Bookkeeping Challenges in the Real Estate Industry
- US real estate industry contributes a fair share to the economy. While there is scope for business growth in the industry, bookkeeping & accounting for builders & the construction industry is complex. Here are some challenges of the construction industry concerning accounting and bookkeeping faced by businesses in the real estate industry –
Project Accounting
In the builders & construction industries, each project can last for long periods, and a business generally deals with multiple projects at a time resulting in voluminous data. All this give rise to the use of project accounting over and above general accounting.
Payroll Compliance
With different kinds of human resources, you have to deal with different payment duration, different forms to fill out, and many more. It is a must for a business to make sure all the mandatory payroll process is followed to comply with Federal and State laws.
Property Management Software
Property Management Software helps businesses to track income and expenses while working through agents. And this software data has to be integrated into the accounting and bookkeeping software.
How does Whiz Consulting Help You Tackle Challenges of the Construction Industry?
- Accounting and bookkeeping for real estate businesses is not a simple one, and we at Whiz Consulting understand this thoroughly. Our real estate accounting services will take away the pain you face while conducting real estate accounting. With a decade of experience working with real estate agents, organizations & companies, we can proudly say that we are well acquainted with every aspect of accounting and bookkeeping in the real estate industry and can perform the same for your business meticulously.
- At Mehasa Consulting, we use the best accounting software for real estate agents and are proficient in using property management software like Buildium, Yardi, and AppFoli. While we are at it, we make it our responsibility to make sure your business is compliant with all laws and legislation, along with payroll processing regulations. You can entirely focus on your core activity while our experts tackle your accounting, bookkeeping, payroll and taxation functions. If you are looking up the internet for “real estate accounting services near me”, your search end here at Whiz Consulting. Being one of the best online bookkeeping services for real estate businesses, we provide real estate bookkeeping services in Austin, Miami, Denver, Chicago, Los Angeles, or other parts of the United States (US).
Real Estate Bookkeeping and Accounting Services We offer at Whiz Consulting
Why Hire Whiz Consulting for your Real Estate Accounting and Bookkeeping needs?
- As a business in the Real Estate Industry, your core function is to deal with property management and construction and not accounting, bookkeeping or taxation. Whiz Consulting understands the same and realizes that accounting is also a vital function that cannot be neglected. So, we provide Accounting and Bookkeeping for Real Estate Industry in the US that helps the business grow their business while having the confidence that their business functions are well cared for. Here are a few other important reasons why you should hire us –
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 up to 50% 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 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)
1. Why do real estate firms need accounting?
- Many activities are conducted by the real estate industry – buying, selling, and renting properties. A professional who knows the industry and accounting must manage all these processes to keep records of listings, clients, finances, and business networks. It is essential to have accurate descriptions and reports of the entire process to comply with federal laws and regulations. Proper accounting of real estate is also helpful for the business, such as personal financing and taxation.
Accounting enables a real estate firm to track the year-to-year business growth, keep check of the cash flow, monitor any potential issues, and provide a high-level perspective of the business’s financial situation. It also benefits a real estate firm by keeping track of the expenses and payments.
2. What does a real estate accountant do?
- The main goal of real estate accounting is to maintain accurate records and present a realistic view of the current status of the business. Whether the company is small or big, there are some things that all real estate accountants track, such as commission income, association fees and expenses, rental estate license cost, and marketing expenses. Other expenses required to be tracked by the accountant are office-related charges and travel costs.
Besides recording these expenses, real estate accountants also prepare the business’s final and accurate financial statements, perform internal audits, and file taxes.
3. What are the skills that a good real estate accountant should have?
- Some specific skills sets make a real estate accountant a good one to be hired by a real estate firm/ agent. Following are the skills that a good real estate accountant should have:
• The first and the most important thing is the qualification. A good real estate accountant should have a high school diploma and a bachelor’s degree in accounting or real estate.
• Having some experience in accounting, property accounting/ real estate accounting, or just in the real estate industry works as an additional benefit
• Accurate knowledge about GAAP (Generally Accepted Accounting Principles)
• Knowledge and experience with working on Excel and other accounting software.
• Proficiency in property management software.
• Good communication skills (both written and verbal)