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8 Questions to Ask Before Hiring a Real Estate Accounting Outsourcing Firm

If you are in the real estate business, then investing in outsourced accounting services may be one of the best decisions you could ever make for your business. However, there are vital questions you need to ask before you settle on the vendor of your choice. According to recent reports, a third of business owners are dissatisfied or just moderately satisfied with the work of their accountants. You must be cautious and prudent when choosing the right Real Estate Accounting Firm. Here is a list of a few questions that you could ask:

1. Industry-Specific Services:

It is a good idea to inquire if the prospective accounting firm provides real estate accounting services that gel with your size and complexity. Since services can vary tremendously from one accounting firm to another, you must be cautious about whether the prospective real estate accounting firm provides the precise services you desire. Some real estate accountants could also offer advisory services, so you opt for just those services you need or all they offer.

The Real Estate Accountants is a leading outsourced real estate accounting provider. To address the growing outsourcing needs of small & medium as well as mid-market businesses, we provide end-to-end real estate accounting services as a one-stop solution for our clients. With several years of experience, knowledge, and integrity, we become reliable extensions of our clients’ offices so they can focus on their core competencies.

2. Affordability:

It is an excellent idea to prioritize affordability while deciding which outsourcing provider to choose. It pays to identify your budget and compare different provider costs to get the best value for your money.

At The Real Estate Accountants, we prioritize competitiveness and optimize costs while offering the best-in-class services to our clients. You can expect up to 50% cost reduction by outsourcing your real estate accounting work to us.

3. Data Security:

It is indispensable for a real estate accounting firm to have suitable security measures in place. This helps you fully leverage the benefits of accounting services driven by technology. It is advisable to focus on both in-house physical security standards and cyber security standards.

At The Real Estate Accountants, we follow the globally recognized ISO/IEC 27001:2013, the world’s best-known standard for information security management systems. Also, we strictly adhere to IRS Publication 4557 guidelines to ensure compliance with regulatory requirements and maintain the integrity of financial processes. Simultaneously, we deploy Microsoft Azure for comprehensive data management and scalability. Also, we complement this service with Microsoft Defender for advanced threat protection, ensuring the utmost security for our real estate accounting.

For enhanced efficiency and security, we operate within a paperless environment while maintaining controlled access to office spaces, ensuring data integrity and confidentiality. We provide a firewall-secured climate and employ secure file-sharing protocols to safeguard sensitive real estate and financial data. This guarantees clients peace of mind regarding data protection.

4. Turnaround Time:

This factor is highly crucial to maintaining the efficiency and productivity of your real estate business.

At The Real Estate Accountants, we tend to close the books on a monthly basis by the 8th of the subsequent month which is possible through providing real time bookkeeping services rather than after the fact services. Additionally, we respond to your questions within 24 hours or less and assure you of high standards and exceptional turnaround time.  Our processes eliminate inefficient practices and create a business that leaves negligible obstacles to productivity.

5. Experience:

The experience of a real estate accounting outsourcing firm plays a pivotal role in the outsourcing industry by ensuring proficiency in handling the complexities of real estate financial management. With years of industry-specific knowledge and expertise, experienced firms like Real Estate Accountants can offer tailored solutions that meet the unique needs of real estate businesses.

With over 17 years of dedicated experience, our seasoned team of professionals has successfully served 200+ clients. With a team size of more than 475+ individuals, we navigate the intricate financial landscape of the real estate industry. Specializing in providing tailored solutions, we pride ourselves on delivering a remarkable 50% cost savings for our clients while maintaining an unparalleled 99% client satisfaction rate.

6. Client Size:

The client size plays a crucial role in the real estate accounting outsourcing industry, influencing the level of service and expertise required.

The Real Estate Accountants caters to prestigious small and medium-sized businesses and large-scale enterprises. While we efficiently cater to more straightforward accounting solutions required by small clients as dictated by their scale and budget, we also cater to the complex needs of larger clients with extensive property portfolios and diverse investment structures.

7. How are Mistakes Covered?

At any real estate outsourcing firm, avoiding mistakes is paramount since it builds reputation, ensures transparency, and helps mitigate risks. Mistakes can damage a firm’s reputation and lead to financial discrepancies.

At the Real Estate Accountants, we have several levels to ensure that errors do not occur and financial harm is not caused. In the rare event of a mistake, we have full professional insurance to cover the liabilities.

8. Accounting Software:

It can happen that reconciling books between different software platforms can become extremely difficult. It is a good idea to verify if the potential bookkeeper is using the same software as you are. If not, are they willing to switch to your system? Also, if you are eager to move to the cloud and use cloud bookkeeping software, ensure your prospective real estate accounting firm offers the same.

Software Capabilities Real Estate Accounting

At The Real Estate Accountants, we integrate with the best software, which includes Yardi, SAP, Stampli, Sage, Ramp, Netsuite, and Buildium.

Why Outsource Accounting to the Real Estate Accountants

Outsourcing is a widely used business tactic that entails enlisting an outside company to manage tasks that aren’t central to a company’s operations. This allows businesses to concentrate on their main strengths and reduce operating expenses. Such a strategy can enhance shareholder value by making operations more efficient and freeing up resources for better allocation. Moreover, outsourcing offers access to specialized skills, technology, and infrastructure that might be impractical to build internally due to cost or time constraints. Below are some reasons why outsourcing an accounting service is necessary.

  • Allows businesses to focus on core activities.
  • Provides access to skilled professionals.
  • Reduces the risk of errors and non-compliance.
  • Helps save time and money.
  • Provides valuable insights and recommendations.
  • Enables strategic decision-making and drives growth.

Closing Thoughts

In today’s dynamic business landscape, real estate firms must carefully evaluate potential real estate accounting firms based on critical factors such as their experience, expertise, commitment to security, and utilization of advanced technology. The partnership between a real estate firm and its accounting service provider plays a pivotal role in ensuring smooth operations and sustainable growth.

Therefore, making an informed decision when selecting a remote accounting firm is paramount to the success and longevity of your business. If you’re searching for a reliable partner to handle your accounting needs precisely, look no further than The Real Estate Accountants. Visit today to discover how our tailored solutions can streamline your financial processes and drive your business forward. Make the intelligent choice and experience the difference firsthand – you’ll be glad you did!