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Accounting and Bookkeeping Problems Faced by Businesses in the Real Estate Industry

Australia has one of the thriving residential property markets, and the real estate industry is a continuously growing sector. Australia has one of the world's most highly urbanised populations, with the majority living in metropolitan cities on the coast. Also, one must note that residential real estate accounts for more than half of all household wealth.

With so much going on with this sector, it is evident that business in the building and construction industry needs to be efficient to grab the market's opportunity. But there are some challenges specific in bookkeeping & accounting for builders & construction industry, some of which are –

Project Accounting

Projects in the builders & construction industries can last for long periods, and businesses generally deal with multiple projects during a particular period resulting in voluminous data. All this give rise to the use of project accounting over and above general accounting.

Payroll Compliance

Real estate industry has different types of human resources, and payment duration is also different. Payroll can be hourly, fixed or linked with the commission of agents. But it is still necessary for the business to comply with federal and state laws. So, the payroll processing process is quite cumbersome.

Property Management Software

Real estate industry has specific software that helps businesses track income and expenses while working through agents. But this software is not accounting or bookkeeping software, and the data from this software must collaborate seamlessly with the accounting and bookkeeping software.

How Whiz Consulting Help You Tackle Challenges of the Construction Industry?

Whiz Consulting has provided real estate accounting services in Australia for over a decade and has worked with real estate agents, organisations, companies. As a result, we are well acquainted with every accounting and bookkeeping aspect in the real estate industry.

We provide the best bookkeeping services in the real estate industry using cloud-based bookkeeping software or property management software. These make it feasible for you to smoothly perform bookkeeping and accounting for real estate without installing software in your system. Not only this, we are proficient in specialised accounting software for real estate agents, making it easier for agents to manage properties and their commission without any errors.

We make sure your real estate business is compliant with all the payroll processing regulations and stays updated with any federal or state law changes. With our services, you can focus on your core activity and let our professional accountant tackle the enormous numbers of transactions while making the best use of any real estate software you choose to use.

Real Estate Bookkeeping Services We offer at Whiz Consulting

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & CC Reconciliation
  • Payable & Receivable Function
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financial Statements
  • Financial Ratios Reporting
  • Cash Flow Forecasting
  • Preparation and Lodgement of BAS & FBT
  • Budgeting Quarterly / Yearly
  • CFO Advisory Every Monthly
  • Planning of Taxes
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on Managing Revenue, Expenses, Cash Flow
  • Lodging Income Tax Return
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Accounts Payable

We prepare a daily, biweekly, or weekly report as requested for accounts payable and send the same to you so that you never breach payment terms with your clients. In addition, our outsourced accounting service covers the scanning of invoices to make sure about payment terms and so forth that adhere to your company policy. We will make sure that things are exactly as they should be, and we will make it our responsibility to raise a red flag with you when they are not.

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Accounts Receivable

You cannot expect your business to sustain, let alone talk about growing if you are unsure how much you ought to receive from your debtors. You also need to make sure you receive what the others apart from the debtor owe you while ensuring that it is done promptly to keep that cash flow moving. We ensure that our clients receive money from the debtors on time, either by reminding clients of the overdue payments or contacting the debtors directly on your behalf.

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Financial Reporting

With years of experience working with Australian clients, we know exactly what is needed for Australian Accounting and regulatory bodies' requirements. We can produce for you Periodic Reports, Business Activity System (BAS), Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis and much more. So you can trust us with your financial reporting requirements, and we can even get in touch with your CPA and make sure everything is there as and when he wants.

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Payrolls

Outsourced payroll services at Whiz Consulting include receipt and analysis of payroll data, reporting payroll taxes, issuing payment and reports to employees (pay slips), and reporting data to end-user. We look after biweekly, weekly, or monthly payrolls for our clients, including PAYG, Superannuation, Tax Calculations and Deductions, and e-mailing salary slips to employees. In addition, our online accounting service will help you keep a vigilant eye on the complete payroll activity for your business.

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Business Activity System (BAS) Preparation

We have been providing accounting and bookkeeping services in Australia for a long time now. So we understand and know the mandatory regulatory filings like BAS, and we can prepare BAS returns for our clients, which their CPA's or BAS agents can file. So you can count on us for the accuracy of these statements, and we will make sure these statements are prepared well before due dates.

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BAS /FBT Lodgement

We are proficient in filing yearly, quarterly or monthly BAS & FBT returns with the ATO. We can also calculate and pay PAYG and FBT amounts. Therefore, you can rely on us for the accuracy of these statements, and we will make sure that these statements are prepared and lodged well before due dates.

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TAX Filing

Having dealt with clients in Australia for over a decade and having a highly experienced Australian CPA in our team, we can prepare and lodge your tax returns, be it for Companies, Trusts, Partnerships, or Individuals. We also advise and assist our clients in planning tax liability in the most efficient way.

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Why Choose Whiz Consulting for your Accounting and Bookkeeping needs?

For a Real Estate, Building and Construction Industry, its core function is to deal with property management and construction, not accounting. We at Whiz Consulting understand that accounting is vital for your business, but it is not a core business function. So we provide Accounting and Bookkeeping for Real Estate Industry in Australia. If you are looking for a real estate accountant, you have landed in the right place, here is why you should choose us –

Compliance

Our team will make sure that your organisation is compliant with all laws. In addition, our experts keep up to date with any new amendments or regulations, so you do not face any legal issues.

Decade long Experience

With the experience of over a decade and an in-depth understanding of real estate accounting services in Australia, our team will streamline your bookkeeping and accounting systems for increased productivity.

Cost-saving

Our services are 50% less as compared to hiring an in-house accountant or local accountant. Also, you will get access to a long list of accounting and bookkeeping services.

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

Outsource your accounting services for real estate from us and get access to tailor-made services and reports. For example, customised reports or customised timelines at which you want the reports to be delivered.

Satisfaction Guaranteed

Since we have worked with Australian Real Estate, Building and Construction businesses, we have many satisfied clients that we have been working with regularly.

Frequently Asked Questions (FAQs)

There is no specific real estate accountant qualification that one can have. Any accountant with good experience in accounting for the real estate industry can be a healthcare accountant. The qualification to become an accountant in Australia is to have a minimum qualification required is a Diploma in accounting. Though many accountants go for a bachelor’s degree in accounting and a certification course, it is not compulsory. However, having a certification degree as CPA does adds to the qualification and increases the scope of knowledge regarding real estate accounting.
The average cost of hiring a real estate accountant in Australia is approximately $47.27 per hour or $92,174 per year. However, numerous factors affect the cost of hiring real estate accountants, such as the geographical location, nature of business, accountant experience, etc. Hiring an entry-level accountant costs around $79,321 per year, whereas an experienced real estate accountant can cost approximately $116,454 per year.
Real estate accountants can also manage other financial functions, provided they are related to the business. The basic function of a real estate accountant is to record business transactions, prepare financial statements, prepare reports, and manage the taxation processes. Besides this, a real estate accountant can also sometimes get involved in handling the delinquent accounts and collections, collecting and recording the rent from tenants, working with attorneys to handle tenant billing disputes, etc.

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