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

The real estate industry is a continually growing sector in the United Kingdom. There is so much going on in this sector, and if you want to be part of the real estate industry, you need to be efficient to grab the market's opportunity. But there are some challenges as well. Some of the challenges faced by bookkeeping & accounting for the real estate industry are –

Project Accounting

In builders & construction industries, projects can last for months, years, or even decades. Also, the business has multiple projects on different timelines, resulting in voluminous data. The need for project accounting is evident.

Payroll Compliance

There are different types of human resources in the real estate industry; hence, payment duration also differs. The payroll processing process can be cumbersome and complex, but at the same time, it is still necessary for the business to comply with different laws.

Property Management Software

The real estate industry makes use of specific software meant for property management. But data from software need to collaborate seamlessly with the accounting and bookkeeping software as these are two separate software with different purposes.

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How Whiz Consulting's Real Estate Accounting Services Help Tackle These Challenges?

Whiz Consulting is dedicated to providing real estate accounting services. With a decade of working experience of accounting for real estate agents and contractors, our experts are well acquainted with every aspect of accounting and bookkeeping for the real estate industry. We also offer real estate bookkeeping services, payroll, and other accounting functions specialised in the real estate industry.

If you are looking for the best online bookkeeping services for the real estate industry, you have come to the right place. We use the best accounting software for real estate agents and property management software. Using this software makes it feasible to smoothly perform your accounting and bookkeeping process without installing software in your system. We provide our service to estate agents, contractors, rental property owners, short-term stay business owners, homestay business owners, and more. Whether it is accounting services for contractors, estate agents, or rental property owners, we have you covered.

We also ensure your real estate business always complies with all the payroll processing regulations. We keep track of any updates and keep up to date with any federal or state law changes. You can focus on your core activity while our professional accountant tackles the voluminous number of transactions while making the best use of any real estate software you choose.

Real Estate Accounting Services We offer at Whiz Consulting

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & Credit Card Reconciliation
  • Accounts Receivable & Payable Management
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financial Statements
  • Financial Ratios Reporting
  • Budgeting Quarterly/Yearly
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on managing revenue, expenses, cash flow
  • HMRC VAT Filing
  • Preparing & Planning for taxes
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Accounts Payable

We provide daily, biweekly, or weekly accounts payable reports as per your requirement. This ensures that you never breach payment terms with your clients. Our outsourced accounting service covers invoice scanning to ensuring payment terms adhere to your company policy. We will make certain things are exactly as they should be, and it is our responsibility to raise a red flag with you when they are not.

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Accounts Receivable

Accounts receivable is a vital part of any business; without it, you cannot expect your business to sustain itself, let alone talk about growing. You must be sure how much you receive from your debtors and how much others owe you while ensuring this is done promptly to keep that cash flow moving. We remind our clients of the overdue payments or by contacting the debtors directly on the client's behalf to ensure that our clients receive money from the debtors, which is done in time.

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Financial Reporting

We know exactly what is needed for UK Accounting and the requirement of regulatory bodies, and we can produce the same for you as we have years of experience working with UK clients. This includes Periodic Reports, Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis, and much more. We also connect with your chartered accountant and ensure everything is there as and when he wants, you can trust us with your financial reporting requirements and ensure you adhere to all UK GAAP standards.

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Payrolls

Whiz Consulting's outsourced payroll services include receipt and analysis of payroll data, reporting payroll taxes, issuing payments and reports to employees, and reporting data to end-user. We look after our clients' biweekly, weekly, or monthly payrolls, including PAYE, Pension Contribution, National Insurance, Tax Calculations, HMRC, and Deductions, along with emailing salary slips to employees. Let us help you by keeping a vigilant eye on the complete payroll activity for your business with our online accounting service.

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TAX Filing

Our team of experts will take care of all tax compliance like VAT, HMRC, etc. With our experience handling United Kingdom accounting and bookkeeping, we can prepare and lodge your tax returns for any business. We also provide tax advisory services and assist our clients in planning tax liability most efficiently.

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Why Choose Whiz Consulting's Real Estate Accounting Services?

The core function of the real estate, building, and construction industry is to deal with property management and construction, not accounting, and we at Whiz Consulting understand this. So, we provide accounting and bookkeeping services for the real estate industry in the UK. Whether you are looking for bookkeeping for a real estate agent, contractor, construction company, or simply as a landlord with multiple properties, we cater to it all. Here are some reasons why you should choose us if you are searching for a real estate accountant-

Compliance

Our experts will keep up to date with any new laws and regulations so that they can apply this knowledge to your organisation and it does not face any non-compliance.

Decade long Experience

We have over a decade-long experience in the real estate industry, so we can streamline your bookkeeping and accounting systems for increased productivity.

Cost-saving

With our services, you can save 50% more than hiring an in-house professional accountant or local accountant, while you will get access to a long list of accounting and bookkeeping services.

Satisfaction Guaranteed

Having worked with the UK Real Estate, Building, and Construction businesses for a while, we can guarantee your satisfaction like all our clients.

Limitless Consultation

We can contact our experts for boundless phone and email consultations. Any query, trouble, or issue related to the services, we are here to help with it all.

Customise service and report

We provide customised services and reports as per your specific requirements. We personalize it all if you want particular reports or the same on different timelines.

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Frequently Asked Questions (FAQs)

Real estate accounting is required by everyone involved in the real estate business to handle the finances and prepare business plans. Some more factors make real estate accounting important to run an efficient business.
• Evaluating business expenses- Real estate accounting involves analyzing the daily expenses and ensuring that the payments made are accurate and just as per the market.
• Maximizing revenue- Maximizing profits means decreasing expenses and analyzing the business portfolio to see if the incomes can be increased in terms of rent, etc. It can be a daunting task and thus needs a professional accountant with knowledge about the industry and the accounting processes.
• Minimize debts- Heavy debts put a business under threat, and thus businesses always try to keep the debts at a minimum. A real estate accountant carefully analyzes the interest rates for mortgages and helps in managing high-rate accounts. It helps in minimizing the risks involved with the debts.
• Estimating property value- The lesser transactions in the real estate business make it difficult to know the property’s actual value. Good and up-to-date accounting software can help estimate the property’s actual value. It is possible as the accounting software and the accountants follow the valuation regulations for the properties.
• Staying updated with the market- Accurate and meticulous accounting makes sure that the books are prepared as per the current market status and requirements. It also helps in keeping check with the latest tax implications.
• Devising business strategies- Real estate accounting helps develop business strategies and plans by comparing relative data and identifying the assets that are performing well.
The responsibilities of the real estate accountant focus on the transactions related to the real estate business like sales, leasing, etc. Though the specific duties vary as per the nature of the business, there are some basic services that the real estate accountant provides. Following are the services provided:
• Maintaining records of accruals and expenditures on a monthly, quarterly, and yearly basis
• Filing tax and tax returns and preparing tax reports
• Supervising accounting controls at every level
• Managing accounts payable on the business level
• Handling accounts receivables, including tenants’ bills and invoices
• Managing business fixed asset accounts
• Managing credit applications for finances
• Overseeing repair and maintenance expenses
• Preparing financial statements on a monthly, quarterly, and yearly
• Handle real estate investment companies for financing purposes
• Analyzing the real estate market and preparing reports for the business
A right real estate accountant has all the required qualifications, i.e., a bachelor’s degree in accounting. A certification degree from an accounting association is an additional qualification that is preferred but not compulsory. Besides the qualification, the accountant with compliance knowledge and prior working experience in the real estate industry becomes the best candidate.

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