Real Estate  Accounting Services

Invest In Your Financial Management To
Build Your Real Estate Business

 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:

real estate accounting

Keep track of all expenses that are tax deductible

real estate accounting

Manage your finances

real estate accounting

Stay compliant with state and federal regulation and with the IRS

real estate accounting

Allocate resources where needed

real estate accounting

Make sure your bank account has consistent cash

Why LYFE Accounting
For Your
 Real Estate Accounting
 

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.

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:

Industry Experience

We have direct experience managing the accounting for real estate companies and real estate investors. You would be assigned a designated, in-house real estate accountant with specific experience in real estate accounting. Our accountants are knowledgeable and professional, and you can feel confident that your books are in the right hands. LYFE Accounting is the leading accounting firm when it comes to real estate and commercial real estate!

We Are Certified

Our team comprises Certified Public Accountants and Bookkeepers who have the best accounting practices and accounting system. We have the knowledge, experience, and credentials to support the services we provide. We are experts and have combined experience over 35 years in accounting and finance. Rest assured that there is not an accounting issue we have not encountered.

We Have Niche Knowledge

Accounting is handled differently across industries. Our service to you is specifically designed for real estate companies and real estate professionals. We set up your books, reports, and tax returns so that they align accurately to the real estate industry. Several real estate agents also recommend us to their clients!

Our Services Will Help You Stay Within Your Budget

LYFE Accounting offers quality real estate accounting services. This is a key factor in making sure that you do not go beyond your budget. The truth is that you are going to spend a whole lot less than if you are going to hire a full time accountant to work for you. The money that you save can then be put to use elsewhere and could also help your real estate business move forward.

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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:

You have to choose an accounting method

Your options are the cash method or the accrual method. The cash method of accounting says you record revenue when cash is received and when expenses are paid out. The accrual method says you record revenue when providing/perform products/services. And expenses are recorded when incurred. Whichever you use, you need to maintain accurate financial records and know how to use those numbers.

Chart of accounts

A chart of accounts is a comprehensive list of accounts you need to record your transactions. Your chart of accounts is needed to create reports, which show your financial results and should be performed by a real estate bookkeeper or someone certified to do real estate accounting. Your chart of accounts needs to be set up so that all of your transactions can be reflected. This means having accounts for repairs, advertising, rent, commissions, etc.

Supporting documents

In real estate, you encounter a lot of paperwork. It’s important to keep up with these documents to support claims made in your books and tax returns and this is crucial in the United States. Examples of are supporting documents you should keep up with are: contracts, leases, bank statements, tax returns, receipts, insurance information, rental properties.

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.

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!

Schedule A Call With An Expert Or Talk To An Expert Right Now!
470-240-1437

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