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Real Estate Accounting and
Bookkeeping Services
The real estate industry encompasses many aspects of a property, including advancement, evaluation, advertising, offering, renting, and administration of business, mechanical, private, and agrarian properties. Real Estate Accounting plays a vital role in managing these activities, as every transaction involves detailed financial tracking and compliance. The property management industry can change based on national and local economic conditions. However, this is usually stable because people always need places to live, and businesses always need office spaces.
Property management bookkeeping services are necessary to adapt to profitability and reduce financial risks. There are five main categories of real estate, including, commercial, industrial, raw land, and special use. Whether you run a real estate agency or manage assets for customers, accounting for the real estate industry can be complex. Accounting helps a lot in such situations since working in real estate means dealing with large sums of money regularly.
Trusted by property owners and managers, Meru Accounting simplifies commercial property management accounting. We help you track rent, control costs, and keep your finances clear and accurate. Connect with our real estate accounting experts today and see how easy managing your property finances can be.
Key Aspects of Real Estate Financial
Management
Real Estate Accounting plays a critical role in managing financial data, tracking costs, and
ensuring accurate reporting across all real estate activities.
ensuring accurate reporting across all real estate activities.
Preparing financial records and
evaluating assets
For any real estate industry, it is important to know how to analyze the financial statements of a firm effectively. There are various accounting methods that are used to prepare financial statements to value assets. Evaluating the assets is important as the company’s financial statements need to be reliable.
Calculating Development costs,
Operational Costs, and Profits
With a real estate agency, some variables (including repair/advancement costs, and strategies for figuring influence–operational costs) become possibly the most important factor while representing benefits.
Creating Revenue and Expenditure Cycle Reports, Lease abstracts, Cash basis income statements and other budget-related items:
Return on investment cycle reports is an accounting term that indicates the percentage of money invested that is recouped after the deduction of associated costs. Accounting for other expenses on budget-related items is done in the long run. Accordingly, it is important to have updated income statements.
Payroll Control
Accounting for a real estate agency comes with payroll control which includes checking the payment of the same salary component twice, amount of salary components that contradict one another, payment of salaries to fictitious employees, granting salary raises at unreasonable intervals, paying salary component in an amount that is unreasonable, and so on.
Tracking of Property Sales and
Acquisition Costs
Real estate accounting also involves tracking the sales and acquisition costs of properties. This includes recording the purchase price, closing costs, and any additional expenses incurred during the acquisition of a property. It is important to accurately track these costs in order to calculate the total cost of each property and determine the return on investment.
Tax Planning and Compliance
Accounting for a real estate agency comes with payroll control which includes checking the payment of the same salary component twice, amount of salary components that contradict one another, payment of salaries to fictitious employees, granting salary raises at unreasonable intervals, paying salary component in an amount that is unreasonable, and so on.
Auditing and Financial Reporting
Real estate accounting involves regular auditing and financial reporting to ensure compliance with accounting standards and regulations. Auditing is important to ensure accuracy and reliability of financial statements, while financial reporting is necessary to provide stakeholders with a clear understanding of the financial performance of the business.
Managing Cash Flow
Real estate accounting involves managing cash flow effectively, which is crucial for the success of any business. This includes forecasting cash flow, managing accounts receivable and payable, and ensuring that adequate funds are available to meet financial obligations. Effective cash flow management can help businesses avoid financial distress and maintain financial stability.
How Property Management Bookkeeping
Services Help Real Estate Businesses
Managing real estate can get complicated. You have to deal with rent, repairs, tenants, and taxes collectively. This is why having professional property management bookkeeping services is important. Property management bookkeeping services help real estate businesses keep their finances organized.
Keep Financial Records Clean and Accurate
Bookkeepers make sure every rent payment, security deposit, and repair cost is recorded correctly. You always know where your money is going.
Easy-to-Understand Reports
They give you regular financial statements. This helps you see how your properties are doing, make smart choices, and plan for the future.
Stay on Top of Taxes
Property bookkeeping services help you stay tax-ready. They track all your expenses and income, so you get the right deductions and avoid penalties.
Save Money and Time
Instead of hiring a full team, you can outsource your bookkeeping. This saves you money and lets you focus on growing your real estate business.
Better Cash Flow Management
Property management bookkeeping services help you track money coming in and going out. This makes it easier to manage cash flow, avoid shortages, and ensure you always have funds for repairs and operating costs.
Clear Owner and Tenant Statements
Bookkeepers prepare clear owner and tenant statements. This improves transparency, builds trust, and helps avoid disputes related to rent, expenses, or payments.
The Real Estate Sector can be broadly
categorized into Four Categories
The real estate industry is diverse, with properties serving different purposes and needs.
Understanding the main types of real estate helps businesses, investors, and property managers
plan, manage, and account for them effectively.
Understanding the main types of real estate helps businesses, investors, and property managers
plan, manage, and account for them effectively.
Residential:
This category includes properties that are designed and constructed for residential purposes, such as houses, apartments and townhouses.
Commercial:
This category includes properties used for commercial purposes, such as office complexes, shopping centers, hotels, warehouses, and factories.
Land:
This category comprises vacant land that may be used for development or investment purposes, such as building homes, commercial properties, or other real estate projects.
Special Use Properties:
This category includes properties developed for a specific purpose that does not fit typical residential, commercial, or land categories. Examples include hospitals, schools, recreational facilities, government buildings, and religious institutions.
Software We Use in Our Real Estate
Accounting Services
To deliver accurate and reliable Real Estate Accounting services, we use trusted accounting and property management software. These tools help us manage financial data efficiently and reduce errors.
Used for daily bookkeeping, expense tracking, and financial reporting.
Helps manage real time accounting, bank reconciliation, and cash flow.
Supports property level accounting, rent tracking, and owner reporting.
We support many accounting, payroll, and reporting tools, including:
Used for property management accounting, tenant records, and financial reports.
Helps manage complex real estate portfolios, leases, and compliance needs.
Used for advanced property accounting, budgeting, and performance tracking.
Using these tools allows us to deliver accurate reports, better insights, and consistent
Real Estate Accounting support for real estate businesses.
Real Estate Accounting support for real estate businesses.
Role of Bookkeeping Services for
Real Estate Business
Recording Daily Financial
Transactions
Real estate bookkeeping helps record daily transactions such as rent received, maintenance costs, and vendor payments. These records form the base of reliable real estate accounting and support accurate financial tracking.
Managing Rental Income and
Tenant Records
Real estate bookkeeping services track rental income for each tenant and property. This is especially useful for bookkeeping for real estate agents who manage multiple listings and rental units.
Tracking Property
Expenses
Bookkeeping services for real estate business ensure that all expenses related to repairs, insurance, utilities, and management fees are recorded correctly. This supports better cost control and profit planning.
Supporting Real Estate
Accounting Services
Organized real estate bookkeeping supports real estate accounting services by keeping financial data clean and up to date. These records are later used for audits, reports, and financial reviews.
Preparing Financial
Reports
Accounting services for real estate rely on accurate bookkeeping to prepare income statements, cash flow reports, and expense summaries. These reports help owners understand performance clearly.
Accounting for Real Estate
Business Operations
Bookkeeping plays a key role in accounting for real estate business by tracking income, expenses, and property level performance. This is useful for both small agencies and large portfolios.
Supporting Real Estate
Developers
Bookkeeping and accounting for real estate developers help track land costs, construction expenses, and project budgets. This supports accurate accounting for real estate development and project planning.
Commercial Real Estate
Accounting Support
For commercial properties, real estate bookkeeping supports commercial real estate accounting and commercial property accounting by tracking lease income, operating costs, and property expenses.
Managing Commercial Lease Accounting
Bookkeeping helps with accounting for commercial real estate leases, including rent schedules, escalations, and common area maintenance charges. This ensures lease income is recorded correctly.
Saving Time and Improving
Financial Control
Outsourcing bookkeeping services for real estate business reduces workload and errors. Combined with professional real estate accounting services, it improves financial control and supports long term growth.
Why Choose Meru Accounting for Property
Management Bookkeeping Services?
Meru Accounting provides several key benefits when it comes to property
management bookkeeping services:
management bookkeeping services:
Industry Expertise:
Meru Accounting, with experience in managing the real estate finance sector, knows the property management businesses much better than any other company.
Comprehensive Services:
We offer a complete suite of services from rent tracking to tax filing to manage your property finances.
Timely Reporting:
Meru Accounting provides timely, correct financial reporting that helps you make informed decisions without delay.
Cost-Effective:
Meru Accounting provides cost-effective property management bookkeeping services that prioritize quality while ensuring efficient use of your resources.
Scalability:
As your business grows, our services scale smoothly to support additional properties and increasingly complex financial needs.
Tax Compliance:
At Meru Accounting, we stay updated with the most recent tax rules and regulations and ensure that your business is completely compliant with all legal needs. This also reduces the penalty risk, fines, and legal disputes.
Tips for efficient bookkeeping in the
Real Estate Industry
By following these basic accounting procedures, real estate businesses can have a better understanding of
their financial performance and make informed decisions to improve profitability and efficiency.
their financial performance and make informed decisions to improve profitability and efficiency.
- Use an accounting software
An accounting software can simplify your bookkeeping process by automating many tasks, such as invoicing, expense tracking, and bank reconciliation.
- Keep track of expenses
It’s important to track all your business expenses, including rent, utilities, property taxes, repairs and maintenance, and advertising expenses.This will help you to claim all the deductions you’re entitled to, and also help you to identify areas where you can cut costs.
- Reconcile your bank statements
Make sure to reconcile your bank statements regularly to ensure that your records match your bank’s records.
- Separate personal and business expenses
Keep your personal and business finances separate. This means opening a separate bank account and credit card for your business.
- Keep accurate records of rental income
Make sure to keep accurate records of your rental income, including the amount, date received, and the name of the tenant. This will help you to accurately report your rental income and also track late payments.
- Stay organized
Keep all your financial records, including invoices, receipts, and bank statements, in one place. This will make it easier to track your expenses and prepare your taxes at the end of the year.
- Hire a professional
Consider hiring a professional bookkeeper or accountant who specializes in the real estate industry. They can help you with complex accounting issues and ensure that your books are accurate and up-to-date.
- Establish a Chart of Accounts
Establishing a chart of accounts is a vital step for real estate accounting. It is a list of all the accounts that need to be tracked in order to measure the financial performance of the business. The chart of accounts should be set up in a way that accurately reflects the unique needs of the real estate business.
- Record Income
It is important to record all sources of income in a timely manner. Income can come from various sources like rent, lease payments, or other services. This information should be recorded accurately and promptly.
- Track Expenses
Real estate businesses have various expenses that need to be tracked, including property maintenance costs, insurance premiums, property taxes, and mortgage payments. Tracking these expenses can help identify areas where costs can be reduced.
- Monitor Cash Flow
Monitoring cash flow is essential for any business, and real estate is no exception. Cash flow analysis helps in understanding the inflow and outflow of cash from the business. It helps in determining how much cash is available to meet business expenses and how much cash is required to keep the business running.
- Perform Bank Reconciliations
Bank reconciliations are important to ensure that all transactions recorded in the business books match the bank statement. This helps in identifying any discrepancies between the two and rectifying them.
- Prepare Financial Statements
Financial statements provide a snapshot of the financial health of the business. It includes the income statement, balance sheet, and cash flow statement. These statements help in understanding the profitability, liquidity, and financial position of the business.
- Close the Books
Closing the books involves preparing the financial statements and ensuring that all accounts are reconciled. This helps in preparing the business for tax filings and audits
What Services Does Meru Accounting Offer
to the Real Estate Industry?
Meru Accounting provides end to end real estate bookkeeping and real estate accounting services for agents, investors, developers, property managers, and real estate companies. Our services help businesses stay compliant, organized, and financially strong.
These services cover all major areas of financial management. We help track expenses, commissions, and daily transactions with accuracy. We also support profit forecasting, cash flow analysis, and asset evaluation. Regular bank and credit card reconciliations ensure records stay clean and error free. Clear financial reports give real estate businesses a better view of their financial performance.
In addition, we offer virtual bookkeeping services and QuickBooks bookkeeping solutions. This reduces the need to invest in costly tools or in house resources. Overall, we help real estate businesses maintain accurate books, improve cash flow, reduce expenses, and support long term financial stability.
01. Bookkeeping for Real Estate Agents
We offer specialized bookkeeping for real estate agents to track commissions, listings, marketing expenses, and client payments. This supports smooth accounting for real estate business operations and clear financial visibility.
02. Bookkeeping Services for Real Estate Investors
Our bookkeeping services for real estate business help investors track rental income, property expenses, and cash flow accurately. Clear reports support better decision making and long term investment planning.
03. Bookkeeping Services for Real Estate Companies
We provide complete real estate bookkeeping services for companies managing multiple properties. This includes daily transaction tracking, payroll support, and updated financial records.
04. Property Management Bookkeeping Services
Our property management bookkeeping services focus on rent tracking, maintenance costs, lease payments, vendor bills, and owner statements. This reduces errors and improves financial control.
05. Property Management Accounting Services
With structured property management accounting services, we manage tenant billing, vendor payments, rent rolls, expense allocation, and reporting. This strengthens overall real estate accounting accuracy.
06. Real Estate Accounting Services
Our professional real estate accounting services cover financial reporting, asset tracking, and tax ready records. These services support both residential and commercial real estate accounting needs.
07. Accounting Services for Real Estate Developers
We offer accounting services for real estate developers, including accounting for real estate development projects. This includes tracking land costs, construction expenses, and project budgets.
08. Commercial Property Accounting
Our team handles commercial property accounting and accounting for commercial real estate leases, including lease income, escalations, and CAM charges. This ensures accurate commercial real estate accounting records.
09. QuickBooks Bookkeeping Services
We provide QuickBooks based real estate bookkeeping services, including setup, transaction recording, reporting, and reconciliation. This improves accuracy and real time visibility.
10. Bank and Credit Card Reconciliation
We reconcile bank and credit card accounts regularly to ensure all transactions are recorded correctly and match actual balances.
11. Virtual Bookkeeping Services
Our virtual bookkeeping services allow real estate businesses to access expert bookkeeping and real estate accounting services without hiring in house staff.
12. Financial Reporting Services
We prepare clear financial reports such as income statements and cash flow reports to support informed accounting for real estate business decisions.
13. Real Estate Financial Write Up Services
Our financial write up services organize historical records and bring accounts up to date. This supports audits, lending requirements, and long term planning.
Don’t let accounting hold back your property growth.
Managing a commercial property takes time and effort. Meru Accounting handles your commercial property management accounting with clean records, on time reports, and easy bookkeeping. Spend less time on numbers, stay in control of your income, and focus on growing your real estate business.
FAQ's
Real estate bookkeeping tracks money for properties, like rent, repairs, and bills. It keeps books clear, cash flow smooth, and taxes correct.
Our real estate bookkeeping services cover daily entries, bank and card reconciliation, payroll, rent tracking, bills, and reports. These help keep accounts neat and plan costs well.
- Bookkeeping for real estate agents tracks sales, commissions, listings, and expenses. It gives clear data to make smart choices and manage taxes easily.
Real estate accounting services track project costs, property income, and leases. They support accounting for real estate development and commercial property accounting.
- Yes. Outsourcing accounting for real estate lets you get expert help without hiring full-time staff. It cuts errors, saves time, and keeps reports accurate.
Hiring Virtual Accountant With Meru Accounting
- Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
- We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
- Help you with switching from your traditional software to Xero and Quickbooks.
- We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- Cost-saving
- Access to skilled and experienced professionals
- Better management of books of accounts
- Decreased chances of errors
- Improve business efficiency
- De-burdens in-office employee’s dependency
- Better turnaround time
- We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
- You have to share your accounting software login details.
- Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
- Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
- Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
- Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
- We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
- For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
- We can provide to you once we move ahead in our interview.
- We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
- Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
- BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
- Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
- No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
