#1 Real Estate Accounting Services

Accounting and Bookkeeping Challenges in the Real Estate Sector

The real estate industry in the United States significantly contributes to the economy. While there is ample room for business expansion in this sector, managing bookkeeping and accounting for builders and the construction industry presents unique complexities. Here are some challenges faced by accounting services for real estate, particularly in the construction sector, concerning accounting and bookkeeping:

Project Accounting

In the builders and construction industries, projects often extend over lengthy periods, and businesses typically handle multiple projects simultaneously, leading to a wealth of data. This necessitates the implementation of project accounting, distinct from general accounting.

Payroll Compliance

Managing diverse human resources involves dealing with varied payment schedules, different documentation requirements, and more. Ensuring compliance with Federal and State laws is crucial for a business to follow mandatory payroll processes.

Property Management Software

Property Management Software aids businesses in monitoring income and expenses while collaborating with agents. Integrating data from this software into accounting and bookkeeping systems is essential.

How Does GoLive FPO Help You Tackle the Challenges of the Construction Industry?

Accounting and bookkeeping for real estate businesses is not a simple one, and we at GoLive FPO understand this thoroughly. Our real estate accounting services are designed to alleviate the challenges you encounter in real estate accounting. With a decade of experience collaborating with real estate agents, organizations, and companies, we boast comprehensive knowledge of every facet of accounting and bookkeeping in the real estate industry, ensuring meticulous service for your business.

At GoLive FPO, we leverage top-notch accounting software tailored for real estate agents and excel in the use of property management software such as Buildium, Yardi, and AppFoli. Simultaneously, we take it upon ourselves to ensure your business remains compliant with all laws, regulations, and payroll processing requirements. With our experts handling your accounting, bookkeeping, payroll, and taxation functions, you can focus entirely on your core activities. As one of the premier online real estate accounting services in the USA for real estate businesses, we offer real estate accounting services in Austin, Miami, Denver, Chicago, Los Angeles, and various parts of the United States (US).

Real Estate Bookkeeping and Accounting Services We offer at GoLive FPO

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & Credit Card Reconciliation
  • Accounts Receivable & Payable Management
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financials Statements
  • Financial Ratios Reporting
  • Budgeting Quarterly/Yearly
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on Managing Revenues, Expenses & Cash Flows
  • Planning Individual & Corporation Taxes
  • Finalizing State & Federal Taxes and Payments
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Accounts Payable

We make sure you never breach payment terms with your clients by preparing a daily, biweekly or weekly report for accounts payable and sending the same to you on time. Our outsourced accounting service covers the scanning of invoices to ensure payment terms and other processes that adhere to your company policy. It will be our responsibility to ensure that things are exactly as they should be and inform you when they are not.

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Accounts Receivable

If you are not sure how much you ought to receive from your debtors, you cannot expect your business to sustain, let alone talk about growing. It is essential to make sure you receive what the others owe you that too on time to keep that cash flow moving. It is our duty to ensure you receive money from your debtors on time. We provide this by reminding you of the overdue payments or by contacting the clients directly on your behalf.

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Financial Reporting

With years of experience working with US clients, we know exactly what is needed by the regulatory bodies and produce the same for you. We got you covered, whether financial statements, periodic reports, debtor reports, bank reconciliation reports, financial analysis reports, ratio analysis or any ad-hoc report. We can even get in touch with your CPA and make sure everything is there as and when he wants.

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Payrolls

We look after payrolls for our clients, including pay calculation, reimbursement, deduction, payslip generation, amount to be withheld for federal and state income tax, social security and Medicare contribution amount, payment of tax, and tax return preparation. We will be happy to look after all or a part of them for you. Our online accounting service will help you keep a vigilant eye on the complete payroll activity for your business.

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TAX Filing

With the experienced Accountant and CPA in our team who has been serving USA Clients for an extended period, we can prepare and lodge your tax returns and also planning your tax liability in the most efficient way

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Business Set-Up Assistance & Advisory

We help you out in structuring your business that suggests which business structure will suit you best among Sole Proprietorship, Partnership, Corporation (C Corp, S Corp, B Corp & Non-profit) and Limited Liability Company (LLC).

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Why Hire GoLive FPO for your Real Estate Accounting and Bookkeeping needs?

As a business within the Real Estate Industry, your primary focus revolves around property management and construction, not delving into accounting, bookkeeping, or taxation intricacies. Recognizing the significance of accounting as an indispensable function, GoLive FPO provides specialized Accounting and Bookkeeping services tailored for real estate accounting services in the USA. By entrusting us with your financial functions, you empower your business to thrive while ensuring meticulous care of essential operations. Here are several compelling reasons to consider hiring us:

Compliance

Our team stays abreast of all mandatory laws and regulations, safeguarding clients against compliance issues related to payroll, taxation, and other federal and state laws.

Decade long Experience

With over a decade of dedicated service to the real estate industry, our profound understanding of industry-specific requirements enables us to optimize and streamline your bookkeeping and accounting systems.

Cost-saving

Enjoy up to a 50% cost reduction compared to hiring an in-house or local accountant, gaining access to an extensive array of accounting and bookkeeping services.

Satisfaction Guaranteed

Having collaborated with Real Estate, Building, and Construction businesses across the US, we've cultivated a substantial number of satisfied clients, fostering ongoing relationships.

Limitless Consultation

Avail yourself of unlimited phone and email consultations with seasoned professionals, allowing us to tailor a plan based on your distinct business needs.

Customise service and report

We deliver tailor-made services and reports to align with your specific business requirements, whether it be a particular report or a designated timeline. You dictate your needs, and we deliver accordingly.

Frequently Asked Questions (FAQs)

The real estate industry encompasses a spectrum of activities, from property transactions to rentals. Efficient management of these processes, including accurate record-keeping of listings, clients, finances, and business networks, requires the expertise of a professional well-versed in both the industry and accounting. Maintaining precise descriptions and comprehensive reports throughout these processes is vital for compliance with federal laws and regulations. Beyond regulatory adherence, proper accounting in real estate proves advantageous for personal financing and taxation purposes.
The primary objective of real estate accounting is to uphold accurate records, presenting a realistic portrayal of the business's status. Whether dealing with a small or large company, real estate accountants universally track essential elements such as commission income, association fees and expenses, rental estate license costs, and marketing expenditures. These professionals are also responsible for recording office-related charges and travel costs. Beyond expense tracking, real estate accountants play a pivotal role in preparing precise financial statements, conducting internal audits, and managing tax filings.
Several key skills distinguish an adept real estate accountant, making them an invaluable asset to real estate firms and agents. These skills include:
• Educational Qualifications: Possession of a high school diploma and a bachelor's degree in accounting or real estate.
• Relevant Experience: Prior experience in accounting, property accounting, real estate accounting, or within the real estate industry is a significant advantage.
• GAAP Proficiency: Accurate knowledge and application of Generally Accepted Accounting Principles (GAAP).
• Technical Competence: Proficiency in utilizing Excel and other accounting software.
• Software Proficiency: Familiarity and expertise in property management software.
• Communication Skills: Effective communication, both written and verbal, enhances collaboration and understanding in the work environment.
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