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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

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 –


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.


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 may get affected due to numerous factors such as the geographical location, nature of business, accountant experience, etc. Cost for hiring an entry-level accountant might be less than hiring an experienced real estate accountant 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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