Real estate accounting, it’s simple… right?
Accounting isn’t for everyone. As a real estate agent or property manager you’ve got enough to deal with let alone worrying about your accounting. But well managed real estate accounting is vital to running a successful property operation.
Accuracy when valuing your real estate is essential when calculating taxes and other charges. Real estate accounting relies on property valuations, so it’s important your property valuations are up-to-date, and you have accurate records in your accounting system.
You probably pay your staff on a commission basis and possibly a salary structure too. You can make this simpler by using accounting software that has payroll features built-in. Completed transactions can be assigned to particular staff members, with commission calculated automatically.
If you’re not already, get in the cloud! If your staff work remotely or complete tasks while they’re out and about on a job, look at using online property management software for your real estate business. It will mean that your employees can work from anywhere, at any time, on any device – which is a real advantage in the property industry. In the cloud businesses are freed from costly server-based systems, data is more secure, back-ups are automatic and reliable, hardware updates and maintenance can be left behind… the list goes on.
To find out more download our small business guide to real estate accounting here.