Real Estate Accounting Services
Real estate is a constantly changing market, with many ups and downs. In addition, there are numerous compliance items and regulations that must be adhered to. This can make the accounting for a real estate company tedious and difficult. However, if you’re in the property management business, it is well worth it, in the short and long-term, to commit to maintaining accurate books and records which can result in consistent cash flows.
01
Bookkeeping
Bookkeeping allows you to review your company’s results for the previous month. Our bookkeeping team will set up your chart of accounts using real estate account names. By doing this, you will be able to understand your financial statements with the terminology you are familiar with.
02
Tax Preparation
Our team will file your tax return based on your books and records and any additional information you provide. Our tax professionals decipher between all of your expenses and determine what is tax deductible or not. We, then, combine all of your information and prepare all necessary forms and schedules.
03
CFO Services
Our CFO services are designed to help real estate companies predict their customer demand and be prepared for it. Our part-time CFOs, take the data from your books, employ financial analysis, to project your future sales. Part-time CFO services also include budgets and overall financial guidance.
Why Use Real Estate Accounting?
When you own a real estate company, you encounter a large number of transactions or at least deal with transactions with large amounts. It is crucial for you to understand these numbers and how to manage them. A real estate business requires professional accounting with the most up to date accounting software like QuickBooks.
Incorporating real estate accounting will help you manage your business more effectively and efficiently. Having your company’s financial data ready at your fingertips makes it easy for you to make quick decisions especially if you are involved with real estate investment. In addition, you’re able to track results and progress over time to ultimately make the decisions that are right for your business.
Real estate accounting also helps you know the cash and resources you have on hand, the vendors and amounts you owe and the clients that owe you.
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Benefits Of Real Estate Accounting
Growing your real estate company starts with its accounting. And it’s your accounting that shows you what areas you need to focus on. Specifically, real estate accounting helps you to:
Keep track of all expenses that are tax deductible
Manage your finances
Stay compliant with state and federal regulation and with the IRS
Allocate resources where needed
Make sure your bank account has consistent cash
As someone who is involved in real estate or real estate investing, you want to be extra careful in choosing who you work with in terms of your accounting. You need to make sure that you can have complete trust in an agency, to begin with.
We place a lot of emphasis and importance on the trust that exists between the parties involved. Fortunately for us, we can enjoy the trust of numerous real estate business men, real estate agents and even real estate developers. Their number continues to increase.
Why LYFE Accounting For Your Real Estate Accounting
LYFE Accounting ensures excellent results and we place a high value in our clients’ trust so we constantly upgrade our skills and experience. We guarantee you that our knowledge is worth many decades of experience. Furthermore, we excel in the following:
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Key Considerations For Real Estate Accounting
Real estate accounting has a lot of moving parts. For every step of a real estate transaction (from buying a property, renovating, renting, or selling it), you need to keep proper and accurate records. Here are 3 key considerations when setting up your real estate accounting:
Our Methods To Real Estate Accounting
Catch Up Your Books
We take the time to catch up on your books to the present month by assessing your financial transactions and continuing where you left off in your accounting works.
Set Up Chart Of Accounts
We set up your chart of accounts so that reviewing your financial statements is easy and tax return filing is a breeze.
Data Entry
We gather data. Whether you use Paypal or a credit card processor, we incorporate that information into your books and your financial transactions would be entered here.. We will also connect your financial accounts to your bookkeeping software and begin data entry.
Reconciliation
To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.
Reporting
We prepare your financial statements. The financial statements include income statements and balance sheets. Real estate bookkeeping will be further done and applied here.
Use Insights
We help you use your reports and KPIs to make informed, profitable decisions. We will help and guide you in every step of the way.
Catch Up Your Books
We take the time to catch up on your books to the present month by assessing your financial transactions and continuing where you left off in your accounting works.
Set Up Chart Of Accounts
We set up your chart of accounts so that reviewing your financial statements is easy and tax return filing is a breeze.
Data Entry
We gather data. Whether you use Paypal or a credit card processor, we incorporate that information into your books and your financial transactions would be entered here.. We will also connect your financial accounts to your bookkeeping software and begin data entry.
Reconciliation
To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.
Reporting
We prepare your financial statements. The financial statements include income statements and balance sheets. Real estate bookkeeping will be further done and applied here.
Use Insights
We help you use your reports and KPIs to make informed, profitable decisions. We will help and guide you in every step of the way.
Invest In Real Estate Accounting
Real estate accounting is not an expense. Think of it as an investment for your real estate company. In order to grow your company, you need to have methods of measuring your success. And that is what real estate accounting is for. In a lot of instances, investing in real estate accounting can save you money. It could be in the form of tax deductions you are not taking advantage of or realizing expenses that are no longer useful to you.
Being in real estate, you know the importance of making good investment decisions. The biggest investment you can make is in your business. Let LYFE Accounting help you with your real estate accounting needs so you don’t have to worry again about your books, taxes and financial records!
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CLIENT TESTIMONIAL
“I can’t say enough good things about Lyfe Accounting. Not only was Krystal super helpful for our small business, but she was amazingly fast at getting our taxes taken care of for us. I highly recommend her to anyone looking for CPA services!”
– E. Fogg
