Whether you’re a seasoned real estate agent or just starting out in the field, hiring a bookkeeper is beneficial. Heartfelt CFO and Tax Services has experience offering real estate bookkeeping services for agents, brokers and property managers.
Here you can learn the important financial responsibilities of a real estate agent and how a bookkeeper can help.
Accounting Needs:
In order to understand profits and measure progress real estate agents require careful analysis of their books. An experienced bookkeeper will be able to create and analyze custom reports, reconcile accounts and record tax referrals. Hiring someone to fulfill this responsibility can help guarantee accuracy and ensure all important financial records are organized and documented.
Expenses:
Real estate expenses must be kept organized and documented in order to receive proper tax benefits and, understand your bottom line profits. For new real estate businesses there are start up costs in order to become certified and start listing. Real estate expenses vary by geographic location, due to market price fluctuations. Also, the amount of listings you have and marketing funds being allocated, determine the level of expense variation.
- Office Supplies
- Travel Fees
- Advertising & Marketing
- Cell Phone Bill
- Licensing Fees
Payroll Processing:
When you’re in business for yourself, hiring a real estate bookkeeper will ensure payroll setup is accurate and being processed correctly. Knowledge of the important payroll components for this business such as hiring staff members, partnering with other brokers and tax strategies will save you time come end of year. When dealing with real estate investors quite often there’s more than one person getting paid, a qualified payroll expert can help make sure all parties are paid. A bookkeeper can setup a new payroll system or evaluate and adjust the existing one. Payroll mistakes can be expensive and should be avoided at all costs.
The one common theme residing within all these responsibilities is accuracy. Although you may be able to fulfill most of these requirements, an experienced real estate bookkeeper understands this business and leaves no room for error.
