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)
Accounts Payable Services
Seamless Accounts Payable Solutions for Healthy Cash Flow
Managing accounts payable—from monitoring due dates to recording invoice details—can be complex. Our outsourced solutions simplify the process, ensuring efficiency and accuracy. With our expert team handling your payments, you can trust that your bills are settled on time, keeping your cash flow steady and stress-free.
Our Accounts Payable Outsourcing Solutions
- Invoice Handling & Processing
- Vendor Coordination & Reconciliation
- Payment Planning & Execution
- Expense Monitoring & Reporting
- Regulatory Compliance & Adherence
Challenges We Tackle for You
Handling accounts payable can be complex, but our expert accountants help you navigate challenges and optimize your financial processes efficiently.
Delayed or Overdue Payments:
Our outsourced accounts payable services ensure prompt payment processing, reducing the risk of late fees and penalties. Say goodbye to missed deadlines and enjoy the peace of mind that comes with on-time payments.
Challenges in Cash Flow Management:
We optimize payment schedules to sustain a steady cash flow and avoid disruptions. By strategically timing payments and leveraging early payment discounts, we help you manage expenses more efficiently.
Errors or Lost Invoices:
With advanced accounts payable automation, we accurately capture every detail—from payment terms to line items—ensuring precise payments. By digitizing and organizing invoices, we eliminate manual paperwork, making retrieval quick and hassle-free.
Simplified & Efficient Accounts Payable Management
At Mehasa Consulting, we turn accounts payable challenges into a smooth, hassle-free process. With our expert team, advanced technology, and proven strategies, we help you minimize risks, cut costs, and improve efficiency. From vendor management to compliance with payment regulations, we provide customized solutions tailored to your business needs.
what makes us different for
Outsourced Accounts Payable Services
Productivity
Outsourcing your accounts payable to service providers allows them to manage the task, freeing you up to concentrate on other important aspects of running your business.
Expense
Outsourcing your accounts payable to service providers decreases your reliance on a single employee for a specific task, ultimately lowering overhead expenses.
Monitoring
Outsourced accounts payable providers monitor your outstanding dues and make sure they are paid promptly.
Flawless
Outsourced accounts payable providers utilize advanced automation tools to minimize errors or eliminate them entirely.
Pricing
Competitive pricing with the assurance of the finest quality delivery
Qualified
Team of qualified and experienced accountants
Curb all your Payables by Outsourcing Accounts Payable Services
Data Capture
We help you reduce your paper load by performing the following - Sorting Preparation of batches Indexing the documents Auditing and the reconciliation of all the scanned invoices Storage of documents and retrieval Processing and receiving the incoming mail
Data Processing
Resolution and proactive management of the exception transactions. This is inclusive of- Exception and Approval routing Minimised month-end process of closing Audit trail documentation
Suspect Duplicate Analysis
We help by implementing a controlling and auditing mechanism to detect and eliminate duplication by providing the following service - Automated as well as manual data entry services Database matching, which is three-way E-Invoice processing
Disbursement Services
All the major parts of the payments are handled timely to minimise the floating cost administered upon the customers. Return cheque handling Secure and efficient stock checking Special invoice and mail handling service Electronic payment handling Online cheque proofing
Additional Services
Utility bill management Expenses & travel cost management Tax reporting management Supplier management Special project reports
Why Partner with Us for Accounts Payable Service?
- Timely Invoices Payment
- Timely Invoices Payment
- Error free processing of Invoices
- Regular Interval Reports
- Examining Every Paid Invoice and Issued Checks
- No Capital Investment in the Purchase of Costly Software
- Compliant With All Legislations
- Expert Consultancy at a Fraction of the Cost
- Error free processing of Invoices
Frequently Asked Questions (FAQs)
1. What does accounts payable mean?
- When businesses purchase goods or services from their suppliers on credit, the amount payable forms a part of accounts payable; accounts payable is a liability for your business. The payment is made within the agreed-upon period, typically less than 90 days. It is inevitable for a business to make purchases on credit at one point or another.
2. What is an accounts payable service, and how is it beneficial?
- The accounts payable process can be taken by an outsourcing partner like any other accounting process. All the services provided by the provider that helps in the accounts payable process come under accounts payable services.
- The accounts payable outsourcing process can be highly beneficial to businesses with a high volume of transactions. Tracking all these transactions and ensuring everything has been paid off on time can be a hassle for many business owners. Having a accounts payable services company that helps you with the accounts payable process can help you streamline your cash flow while maintaining an excellent vendor-supplier relationship.
3. What is the difference between accounts receivable and accounts payable?
- The difference between accounts payable and accounts receivable is as simple as what we can understand from their names. Accounts payable is the account of money that you owe, which you need to pay, while accounts receivable is the account of money your customer owes to you, which you will receive.
Falling behind on your bookkeeping?
Catch-Up Bookkeeping keeps you on track—no more feeling behind!
Trusted Accounting Partner
Our clients love working with us, just read what they have to say!
Mehasa has changed the way we manage our finances. Our financial management has been successful because of their on-time and timely presence. I highly recommend their financial services!
Keeping our books is a pain, but Mehasa’s accounting team did a great job. Their expertise and problem-solving skills are commendable.
Mehasa saved us 50% in accounting expenses. We really love the way you help startups reduce costs.
- Tailored Onboarding
- Seamless Integration
- Data Migration Support
- Dedicated Account Manager
- No Disruption to Operations
- Scalable Solutions
Switching to Mehasa is Quick and Secure!
Making the move to a new accounting partner may seem intimidating. Mehasa Consulting facilitates a smooth and easy transition. We help you every step of the way, making sure your firm doesn’t suffer any disruptions throughout the changeover. Let us handle your accounting requirements so you can concentrate on your main skills.
How It Works?
Establish Contact
Reach out to us via email, phone, or website.
Understanding Requirements
Share your goals and project details.
Work Proposal
Receive a customized plan or solution.
Pricing and Contracting
Agree on terms and finalize the contract..
Start Delivering
Experience seamless execution and timely results
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