Specialized expertise
Outsourcing provides access to expert knowledge for accurate and compliant financial reporting.
Cost Savings
Reduce staffing, training, and technology costs associated with accounting
functions.
Improved Efficiency
Improve efficiency with real-time financial data and insights for informed property management and decision-making.
Best Real Estate Accounting and Bookkeeping Outsourcing Services- CapActix
Real estate industry is an industry that seeks more attention, risk and of course more profit than ever we can imagine. It has its own unique challenges and risk factors involving an organized pre-planning, summarizing costs, analyzing variables, the interest of clientele and stakeholders requiring strategic planning. The business conducts most of the activities consuming more time and requiring integrated real estate accounting solutions and an effective operational control over the project executions.
Considering the future of the company, it is important to integrate a strong property management bookkeeping system with other management functions. This system should be well enough to control cost, reduce capital expenditure and improve service terms with clientele.
CapActix can help to improve the internal control system with enhanced operational efficiency through their cost-effective real estate accounting and finance services.
Best Real Estate Accounting and Bookkeeping Outsourcing Services- CapActix
Real estate industry is an industry that seeks more attention, risk and of course more profit than ever we can imagine. It has its own unique challenges and risk factors involving an organized pre-planning, summarizing costs, analyzing variables, the interest of clientele and stakeholders requiring strategic planning. The business conducts most of the activities consuming more time and requiring integrated real estate accounting solutions and an effective operational control over the project executions.
Considering the future of the company, it is important to integrate a strong property management bookkeeping system with other management functions. This system should be well enough to control cost, reduce capital expenditure and improve service terms with clientele.
CapActix can help to improve the internal control system with enhanced operational efficiency through their cost-effective real estate accounting and finance services.
Major mistakes that we have come across, real estate clients make while preparing their books of accounts are:
Even a partial outsourcing with the property management bookkeeping can help in capitalizing the expertise and knowledge of the team; whereas in hiring a single person of real estate accounting domain to make you dependent all the time on their availability and interest to work. This will keep your organization equipped, emphasized on remunerative part of the business e.g., sales, marketing, and client satisfaction.
- wrong classification of costs
- combining personal transactions with business transactions
- not keeping track of cash expenses
- lack of proper record-keeping
- mismanagement of cash flows
Major mistakes that we have come across, real estate clients make while preparing their books of accounts are:
Even a partial outsourcing with the property management bookkeeping can help in capitalizing the expertise and knowledge of the team; whereas in hiring a single person of real estate accounting domain to make you dependent all the time on their availability and interest to work. This will keep your organization equipped, emphasized on remunerative part of the business e.g., sales, marketing, and client satisfaction.
- wrong classification of costs
- combining personal transactions with business transactions
- not keeping track of cash expenses
- lack of proper record-keeping
- mismanagement of cash flows
Our Real Estate Accounting and Bookkeeping Outsourcing Services
- Set Up Chart of Accounts
- Preparing and sending periodical Invoices to tenants
- Recording receipts from tenants/buyers/prospective buyers
- Verifying and recording bills from vendors
- Payment to vendors
- Processing employees’ pay and update payroll file
- Recording depreciation and other adjusting entries
- Project wise expense segregation and allocation
- Recording the revenue and expense as per stage of completion of contract
- Month-end or year-end closing entries
- Posting supplier invoices and processing of payment
- Apportionment labour 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
- 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
- Preparation of property control reports on a monthly basis
- Maintaining amortization and depreciation schedule
- Receipt of budget on monthly basis and comparison between actual expenses and monthly budgets and reporting on variances
- 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,
- Report of Cash flow statement and General ledger.
- Setting up Payroll
- Payday calculations with processing of payroll
- Payroll taxes calculation and form filling
- 941, 1099, 940 and quarterly state tax returns
