Real estate bookkeeping can be time-consuming, especially with large sums of money, a high number of transactions, and governmental regulations inherent to real estate.
When managing properties and maintaining real estate financial records, there are no shortcuts or ways around it.
Good real estate bookkeeping enables property managers to take advantage of growth opportunities and catch issues before they become problems.
By creating a reliable filing and tracking system through consistent real estate bookkeeping methods, financial data can be used to quantify how profitable your properties are and analyze your operation.
Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. can see to it that your real estate books are well-organized and managed with standard processes according to state and local real estate guidelines.
Our experts understand administrative codes and stay on top of changes.
We’ve helped many real estate businesses ditch their spreadsheets and implement cloud-based accounting software instead.
Imagine being able to access, modify, and update information anytime from anywhere with Internet access; for some, it can be life changing!
Simple, portable, organized real estate bookkeeping that easily showcases all of your transactions.
Good real estate bookkeeping requires a useful Chart of Accounts.
The Chart of Accounts is a customizable list of categories used to classify transactions. For instance, you might classify a plumbing charge as “Repairs,” a payment to a gardener as “Landscaping,” and a natural gas expense as, “Utilities.”
There is a common mistake we’ve seen many entrepreneurs make with their real estate bookkeeping: combining business and personal finances.
When personal and business funds are combined, it can be complicated to determine which transactions belonged to the business and which were personal. The confusion can result in disorganized real estate bookkeeping, poorly managed cash flow, missed growth opportunities, and inaccurate tax returns.
USE A SEPARATE BUSINESS BANK ACCOUNT FOR ALL REAL ESTATE BUSINESS TRANSACTIONS. Then you can easily see processed and pending business transactions on your bank statement.
Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. is available to assist with separating business from personal accounts if needed.
In order to stay on top of your bank accounts, transactions must be verified that they’re correctly reflected in your bank balance and accounts must be monitored for fraudulent activity through bank reconciliation.
Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. can reconcile bank and credit card accounts on a quarterly, monthly, weekly, and even daily basis depending on business needs.
Real estate transactions come with a lot of supporting documents!
They must all be saved. You might need them to compare with accounting records, solve discrepancies, or have as backup when necessary.
We have simple, safe solutions for managing documents (not in a shoe box!).
We get rid of clutter by putting everything digitally in the cloud including leases, contracts, invoices, receipts, tax returns, bank and credit card statements, insurance information, and more.
Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. can simplify your real estate bookkeeping and increase your peace of mind so that you can engage in more fulfilling, profit-growing work.