Accounting and Bookkeeping Problems Faced by Businesses in the Real Estate Industry
- Home
- Real Estate Accounting Services
Accounting and Bookkeeping Problems Faced by Businesses in the Real Estate Industry
Project Accounting
In the builders and construction industries, projects can span months, years, or even decades, with businesses often managing multiple projects concurrently, each on its own timeline. This diversity in project durations and timelines generates a substantial amount of data that needs meticulous management through project accounting.
Payroll Compliance
In the real estate industry, various roles exist within human resources, each with its distinct payment durations. Managing payroll processing can be both intricate and time-consuming due to these varied payment schedules. However, it remains essential for businesses to ensure compliance with diverse legal requirements governing payroll and labor laws.
Property Management Software
In the real estate industry, property management software is essential for efficiently managing properties, while accounting and bookkeeping software handle financial aspects. Integrating data seamlessly between these systems ensures accurate financial management and operational efficiency.
Real Estate Accounting Services by TaxPeak
TaxPeak Accountants specializes in providing comprehensive accounting services tailored specifically for the real estate industry. With over a decade of experience in accounting for real estate agents and contractors, our team is deeply familiar with every aspect of real estate accounting and bookkeeping. We offer specialized services including real estate bookkeeping, payroll management, and other accounting functions crucial for real estate businesses.
For the best online bookkeeping services in the real estate sector, TaxPeak Accountants is your ideal partner. We utilize top-tier accounting software designed for real estate agents and property management, ensuring seamless integration and efficient management of your financial processes without the need for local installations. Our services cater to a wide range of clients, including estate agents, contractors, rental property owners, short-term stay businesses, homestay operators, and more.
Real Estate Accounting Services We offer at TaxPeak Accountants
We provide the following bookkeeping services –
- Bank & Credit Card Reconciliation
- Accounts Receivable & Payable Management
- Payroll Calculation & Tax Payments
- Inventory Management & Reconciliation
- Monthly Financial Statements
- Financial Ratios Reporting
- Budgeting Quarterly/Yearly
- Cash/Revenue/Expenses Forecasting
- KPI Reporting
- Strategic Advice on managing revenue, expenses, cash flow
- HMRC VAT Filing
- Preparing & Planning for taxes
We provide daily, biweekly, or weekly accounts payable reports as per your requirement. This ensures that you never breach payment terms with your clients. Our outsourced accounting service covers invoice scanning to ensuring payment terms adhere to your company policy. We will make certain things are exactly as they should be, and it is our responsibility to raise a red flag with you when they are not.
Accounts receivable is a vital part of any business; without it, you cannot expect your business to sustain itself, let alone talk about growing. You must be sure how much you receive from your debtors and how much others owe you while ensuring this is done promptly to keep that cash flow moving. We remind our clients of the overdue payments or by contacting the debtors directly on the client’s behalf to ensure that our clients receive money from the debtors, which is done in time.
We know exactly what is needed for UK Accounting and the requirement of regulatory bodies, and we can produce the same for you as we have years of experience working with UK clients. This includes Periodic Reports, Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis, and much more. We also connect with your chartered accountant and ensure everything is there as and when he wants, you can trust us with your financial reporting requirements and ensure you adhere to all UK GAAP standards.
Tax Peak Accountants outsourced payroll services include receipt and analysis of payroll data, reporting payroll taxes, issuing payments and reports to employees, and reporting data to end-user. We look after our clients’ biweekly, weekly, or monthly payrolls, including PAYE, Pension Contribution, National Insurance, Tax Calculations, HMRC, and Deductions, along with emailing salary slips to employees. Let us help you by keeping a vigilant eye on the complete payroll activity for your business with our online accounting service.
Why Choose TaxPeak Accountants Real Estate Accounting Services?
At TaxPeak Accountants, we specialize in providing tailored accounting and bookkeeping solutions for the real estate, building, and construction sectors across the UK. Whether you’re a real estate agent, contractor, construction firm, or landlord managing multiple properties, our services are designed to meet your specific needs. Our expertise ensures meticulous financial management, including comprehensive bookkeeping and accounting services, uniquely crafted to support the dynamic operations of your industry. Choose us for reliable, industry-focused financial solutions that help streamline your business and enhance financial clarity.
Compliance
Our experts will keep up to date with any new laws and regulations so that they can apply this knowledge to your organisation and it does not face any non-compliance.
Decade long Experience
We have over a decade-long experience in the real estate industry, so we can streamline your bookkeeping and accounting systems for increased productivity.
Cost-saving
With our services, you can save 50% more than hiring an in-house professional accountant or local accountant, while you will get access to a long list of accounting and bookkeeping services.
Satisfaction Guaranteed
Having worked with the UK Real Estate, Building, and Construction businesses for a while, we can guarantee your satisfaction like all our clients.
Limitless Consultation
We can contact our experts for boundless phone and email consultations. Any query, trouble, or issue related to the services, we are here to help with it all.
Customise service and report
We provide customised services and reports as per your specific requirements. We personalize it all if you want particular reports or the same on different timelines.
Frequently Asked Questions (FAQs)
Real estate accounting is required by everyone involved in the real estate business to handle the finances and prepare business plans. Some more factors make real estate accounting important to run an efficient business.
• Evaluating business expenses- Real estate accounting involves analyzing the daily expenses and ensuring that the payments made are accurate and just as per the market.
• Maximizing revenue- Maximizing profits means decreasing expenses and analyzing the business portfolio to see if the incomes can be increased in terms of rent, etc. It can be a daunting task and thus needs a professional accountant with knowledge about the industry and the accounting processes.
• Minimize debts- Heavy debts put a business under threat, and thus businesses always try to keep the debts at a minimum. A real estate accountant carefully analyzes the interest rates for mortgages and helps in managing high-rate accounts. It helps in minimizing the risks involved with the debts.
• Estimating property value- The lesser transactions in the real estate business make it difficult to know the property’s actual value. Good and up-to-date accounting software can help estimate the property’s actual value. It is possible as the accounting software and the accountants follow the valuation regulations for the properties.
• Staying updated with the market- Accurate and meticulous accounting makes sure that the books are prepared as per the current market status and requirements. It also helps in keeping check with the latest tax implications.
• Devising business strategies- Real estate accounting helps develop business strategies and plans by comparing relative data and identifying the assets that are performing well.
The responsibilities of the real estate accountant focus on the transactions related to the real estate business like sales, leasing, etc. Though the specific duties vary as per the nature of the business, there are some basic services that the real estate accountant provides. Following are the services provided:
• Maintaining records of accruals and expenditures on a monthly, quarterly, and yearly basis
• Filing tax and tax returns and preparing tax reports
• Supervising accounting controls at every level
• Managing accounts payable on the business level
• Handling accounts receivables, including tenants’ bills and invoices
• Managing business fixed asset accounts
• Managing credit applications for finances
• Overseeing repair and maintenance expenses
• Preparing financial statements on a monthly, quarterly, and yearly
• Handle real estate investment companies for financing purposes
• Analyzing the real estate market and preparing reports for the business
