Bookkeeping for Real Estate Business, Brokers & Agents
Bookkeeping is an efficient way of recording financial transactions that take place in a business. Professional bookkeeping is an efficient process that ensures accurate records and reports. This is especially important for those in the real estate industry who have to keep track of the purchase and sale of property, not to mention taxes and compliance. In fact, the way bookkeeping for real estate business, brokers & agents is handled can make or break a business. Call us today to learn more about our professional real estate bookkeeping services.
Why is Real Estate Bookkeeping Necessary?
Having the right bookkeeping procedure in place is critical when it comes to running a successful real estate business. This is key for several reasons. The real estate business, brokers, and agents need to know the financial situation at any given moment. This makes cash flow easily attainable whenever it is needed so you can keep track of any potential red flags sooner rather than later. It also provides an opportunity to keep track of incoming and outgoing transactions so bills get paid on time.
In the long run, it streamlines the process for having everything at your fingertips when tax time rolls around. It also gives you insight into the growth of your business from year to year.
Real estate bookkeeping is a very complex process that requires a lot of knowledge and expertise if your business is to run efficiently and profitably. An accurate picture of your financial situation equips you to make financially sound decisions for your business.
Why Should You Outsource Your Bookkeeping?
It’s important to keep track of and stay on top of income from commission, association fees & expenses, continued education costs, office expenses, marketing expenses, travel, mileage, and transportation.
There are also many financial regulations unique to the real estate industry. Depending on where you work and live, you must always be in compliance with how your county, city, or state regulates the income from real estate.
That’s a lot for business owners to keep up with while staying on top of and up-to-date on clients, listings, showings, and sales.
These intricate and time-consuming details may lead to the decision to outsource your bookkeeping. As your real estate business grows, outsourcing often ends up being worth the investment. A professional will save you a lot of time and effort which gives you more time to concentrate on growing your business.
Professionals have the expertise, bookkeeping software, and knowledge so the business can be managed according to the best interests of you and your business.
Professional bookkeepers and accountants provide the following real estate bookkeeping services:
- Accounting and bookkeeping services
The real estate business is unpredictable and inconsistent with slow and busy seasons and years. Professionals will prevent you from becoming so bogged down with the complexity, time-consuming, and tedious task of keeping track of and recording all of the transactions that take place in a business. They can also provide insight so that you can run your business more efficiently to help the business grow.
- Tax Preparation in the Real Estate Sphere
One of the biggest challenges for business owners of real estate businesses is the process of filing and paying taxes. We provide professional tax preparation services so that you can file accurately and on time and avoid additional costs such as penalties and fees.
We can also help you minimize your tax obligations and maximize your profit by taking advantage of areas that specifically apply to real estate agents and brokers. Some of these items include commission paid to other real estate agents, home office expenses, brokerage desk fees, advertising expenses, membership fees, and license fees. These deductions will lower your tax obligations.
- Financial Statement Preparation
We can provide a clear path for your business and its future. We provide accurate, detailed, and insightful financial statements for every accounting period. These statements include a profit and loss statement with a detailed income summary of property sales, operating profit, and cost of the property sold. Our detailed financial reporting will help minimize the risk of being audited.
We provide a wide range of services.
What We Provide for You
Along with all of the financial services above, we offer bookkeeping and accounting services as well as our expertise to real estate investors and professionals who are looking for efficiency and business growth.
We are financial experts who understand the needs of agents and brokers. We provide the tools and guidance needed for a successful business and compliance with all tax obligations throughout the year.
We also provide the following services:
- Consulting
We do more than just prepare tax returns, compile financial statements, handle compliance issues, or mainstream the data entry process of financial data. We also offer consulting services. Taking advantage of consulting services is the only way your real estate business will ever reach its full potential.
Our consulting services include the evaluation of the accounting process that is currently in place, system implementation, accounts payable analysis, profitability analysis, advice on regulatory compliance issues, financial statement analysis, year-end tax ready financials, a financial evaluation, financial recommendations, and financial forecasting.
- Reporting
Providing accurate and detailed reports will keep your business transparent and in good standing with local & state regulations as well as the IRS. Hopefully, to the extent that it will help to avoid audits.
Accounting reports are financial documents that are imperative to the success of any business. Accounting reports reflect financial history, project revenue, and provide accurate documentation for tax purposes. We provide income statements, balance sheets, cash flow statements, and year-end statements.
Our trusted advisors specialize in consulting and reporting.
Conclusion
If you’re looking for quality bookkeeping and accounting services for yourself or your real estate business, we are here to help. We offer a wide range of professional financial services at an affordable price. Also, our team of experienced professionals is driven to help you and your business succeed. Call us today for more information on our real estate bookkeeping services in Brooklyn.