Bookkeeping Outsourcing Services
Real estate industry has its own unique challenges and risk factors requiring strategic planning and analysis. Investors and property management offices can get bogged down by the complexity of monthly accounting and financial reporting tasks. This business requires effective operational control over the finances and project executions consuming a lot of time on real estate bookkeeping, taxes, and accounting.
Bookkeeping services are one of the key processes while managing a real estate business, as it allows companies to track their income and expenses to determine overall financial performance. Carrying out real estate bookkeeping in-house will only add to overhead costs and often leads to inaccuracy. Therefore, outsourcing this to an experienced service provider will not only help companies save huge on overhead costs, but also lets these companies get access to skilled resources. Even partial outsourcing with property management bookkeeping can help in capitalizing the expertise and knowledge of the team.
Outsourcing real estate bookkeeping will help businesses get fast and efficient services and quickly evaluate how they are performing financially.
Real Assistance, Inc. can help to improve your operational efficiency through its business process outsourcing and real estate bookkeeping services. We provide quick, efficient, and accurate services to our clients at cost-effective rates.
Some of the virtual bookkeeping services we offer include:
- Preparation of property control reports on a monthly basis
- Preparing of Profit and loss by Months, previous year comparison, Profit and loss by Properties, Balance sheet by month, previous year comparison, Balance Sheet by properties, Trial balance
- Maintaining financial schedules, such as amortization and depreciation
- Preparation of cash-based or accrual-based property control reports on a monthly basis
- Preparing and sending periodical Invoices to tenants
- Recording receipts from tenants/buyers/prospective buyers
- Verifying and recording bills from vendors
- Report of Cash flow statement and General ledger
- Form preparation services
- Accounts receivable services
- Accounts payable services
- Setting up the Chart of Accounts
- Recording invoices from suppliers
- Construction in progress reports
- Fixed asset and depreciation calculation
Accounts Payable:
• Posting supplier invoices and processing of payment
• Apportionment labor cost to different project if it is not identifiable
• Apportionment of electricity on the basis of meter reading and other direct expenses to specific project
• In case property is insured, managing track of policy expiry date and posting of prepaid entry for insurance expense
• Approval of payment and processing of payment
• Review and reconciliation of vendor balances
• Property wise revenue reconciliation
• Processing of 1099s
• Submission of Accounts Payable Aging report
Accounts Receivable:
• Identifying different leases account and creating in the accounting software
• Recording rent receipt on monthly basis
• Generating rent statements
• Review and reconciliation of rent collection according to property wise
• Delayed fee for late payment
• Utility consumption analysis
• Review and reconciliation of security deposit from tenant
• Submission of Accounts Receivable Aging report
Payroll Processing:
• Setting up Payroll
• Payday calculations with processing of payroll
• Payroll taxes calculation and form filling
• 941, 1099, 940 and quarterly state tax returns
Real Assistance, Inc. is a real estate consulting and business process outsourcing services provider with a good reputation.
Feel free to get in touch with us today to discuss your project needs!