Accounting and Bookkeeping Challenges in the Real Estate Industry

US real estate industry contributes a fair share to the economy. While there is scope for business growth in the industry, bookkeeping & accounting for builders & the construction industry is complex. Here are some challenges of the construction industry concerning accounting and bookkeeping faced by businesses in the real estate industry -

Project Accounting

In the builders & construction industries, each project can last for long periods, and a business generally deals with multiple projects at a time resulting in voluminous data. All this give rise to the use of project accounting over and above general accounting.

Payroll Compliance

With different kinds of human resources, you have to deal with different payment duration, different forms to fill out, and many more. It is a must for a business to make sure all the mandatory payroll process is followed to comply with Federal and State laws.

Property Management Software

Property Management Software helps businesses to track income and expenses while working through agents. And this software data has to be integrated into the accounting and bookkeeping software.

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

Accounting and bookkeeping for real estate businesses is not a simple one, and we at Whiz Consulting understand this thoroughly. Our real estate accounting services will take away the pain you face while conducting real estate accounting. With a decade of experience working with real estate agents, organizations & companies, we can proudly say that we are well acquainted with every aspect of accounting and bookkeeping in the real estate industry and can perform the same for your business meticulously.

At Whiz Consulting, we use the best accounting software for real estate agents and are proficient in using property management software like Buildium, Yardi, and AppFoli. While we are at it, we make it our responsibility to make sure your business is compliant with all laws and legislation, along with payroll processing regulations. You can entirely focus on your core activity while our experts tackle your accounting, bookkeeping, payroll and taxation functions. If you are looking up the internet for “real estate accounting services near me”, your search end here at Whiz Consulting. Being one of the best online bookkeeping services for real estate businesses, we provide real estate bookkeeping services in Austin, Miami, Denver, Chicago, Los Angeles, or other parts of the United States (US).

Real Estate Bookkeeping and 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 Revenues, Expenses & Cash Flows
  • Planning Individual & Corporation Taxes
  • Finalizing State & Federal Taxes and Payments
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Accounts Payable

We make sure you never breach payment terms with your clients by preparing a daily, biweekly or weekly report for accounts payable and sending the same to you on time. Our outsourced accounting service covers the scanning of invoices to ensure payment terms and other processes that adhere to your company policy. It will be our responsibility to ensure that things are exactly as they should be and inform you when they are not.

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Accounts Receivable

If you are not sure how much you ought to receive from your debtors, you cannot expect your business to sustain, let alone talk about growing. It is essential to make sure you receive what the others owe you that too on time to keep that cash flow moving. It is our duty to ensure you receive money from your debtors on time. We provide this by reminding you of the overdue payments or by contacting the clients directly on your behalf.

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Financial Reporting

With years of experience working with US clients, we know exactly what is needed by the regulatory bodies and produce the same for you. We got you covered, whether financial statements, periodic reports, debtor reports, bank reconciliation reports, financial analysis reports, ratio analysis or any ad-hoc report. 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

We look after payrolls for our clients, including pay calculation, reimbursement, deduction, payslip generation, amount to be withheld for federal and state income tax, social security and Medicare contribution amount, payment of tax, and tax return preparation. We will be happy to look after all or a part of them for you. Our online accounting service will help you keep a vigilant eye on the complete payroll activity for your business.

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Business Set-Up Assistance & Advisory

We help you out in structuring your business that suggests which business structure will suit you best among Sole Proprietorship, Partnership, Corporation (C Corp, S Corp, B Corp & Non-profit) and Limited Liability Company (LLC).

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TAX Filing

With the experienced Accountant and CPA in our team who has been serving USA Clients for an extended period, we can prepare and lodge your tax returns and also planning your tax liability in the most efficient way

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Why Hire Whiz Consulting for your Real Estate Accounting and Bookkeeping needs?

As a business in the Real Estate Industry, your core function is to deal with property management and construction and not accounting, bookkeeping or taxation. Whiz Consulting understands the same and realizes that accounting is also a vital function that cannot be neglected. So, we provide Accounting and Bookkeeping for Real Estate Industry in the US that helps the business grow their business while having the confidence that their business functions are well cared for. Here are a few other important reasons why you should hire us –

Compliance

Our team is updated with all the mandatory laws and legislation to ensure that our clients do not face any compliance issues related to payroll, taxation, and other federal & state laws.

Decade long Experience

Having dealt with the real estate industry for over a decade, we understand industry-specific requirements very well, allowing our team to streamline your bookkeeping and accounting systems.

Cost-saving

You can save up to 50% cost compared to 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 dealt with Real Estate, Building and Construction businesses based in the US for some time now, we have a good number of satisfied clients that we have been working with on an ongoing basis.

Boundless Consultation

We provide boundless phone and e-mail consultations with our experts who will understand your requirement and provide a customized plan for you based on your exclusive business needs.

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

We provide customized services and reports to match your business needs, be it a specific report or a particular timeline. You choose what you need, and we deliver the same to you.

Frequently Asked Questions (FAQs)

Property accounting or real estate accounting involves tracking all the incomes and expenses related to the business, keeping accurate records, and preparing financial statements. All the accounting is done in compliance with the laws and regulations set up for the industry. Real estate businesses involve many clients and daily transactions, and looking after accounts can be extremely tedious. But accurately managing the accounts is important for every business to keep track of its status.
Property accounting involves managing accounts payables, accounts receivables, accruals and expenditures, fixed assets, investments, finances, repair and maintenance expenses, and other regular costs. The business’s financial statements are required to strategize and plan for the future of the business and file the taxes required to be paid by the business.
Sometimes property accountants can handle delinquent accounts and collections if it is included as their duty in their contracts. It also depends on whether the real estate firm deals in rentals or just the purchase and sale of properties. Handling delinquent accounts and collections means getting involved in collections from the clients who have not paid their due amount. They oversee the accounts receivables, including invoices and billing disputes with the tenants of the property owned by the real estate firm. Besides this, property accountants can also work with attorneys to evict tenants whose payment balances have gone way past due dates.
Maintaining real estate accounts is a complicated process that some accounting software can simplify. Accounting software help in recording the data accurately, organize the accounts, generate quick reports, and prepare a detailed analysis of the business activities and current financial status. Having knowledge and experience with accounting software reduces the time spent managing the records and makes the work easier. The firms can also outsource their accounting function to other businesses specializing in this field, i.e., real estate accounting.
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