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5 Key Factors to Consider When Selecting a Real Estate Accounting Firm

Real estate accounting is a challenging aspect of work. This is why most businesses choose to outsource this function to an accounting firm so that they can receive appropriate assistance with their accounting needs.

However, choosing the right real estate accounting firm for your real estate business can be challenging. So, let us look at the key factors that you need to consider while selecting your accounting firm:

Experience:

Experience is a definitive indicator of how competent and versatile any accounting firm is. If your accounting firm has extensive experience, it will show up in its track record about how well-versed they are with accounting functions, rules, regulations, or compliance. An experienced accounting firm will also have a structured team that provides practical, error-free, and productive accounting.

For example, The Real Estate Accountants team can help you with your complex real estate accounting requirements. A dedicated team of accounting experts helps give your real estate company the much-needed strategic advantage in a competitive real estate market.

Area of Expertise:

Conventional accounting firms typically possess extensive proficiency across all aspects of accounting and bookkeeping functions. However, real estate is a different ball game altogether. An experienced real estate enterprise must manage various income sources spanning multiple departments. Such a business needs to be aware of all the rules and regulations, including those related to compliance.

The accounting firm needs to possess dedicated expertise in accounting and bookkeeping tailored specifically for the real estate sector so that outsourcing to this real estate firm becomes more manageable for your business. The Real Estate Accountants is a leading remote real accounting firm. We offer a full spectrum of back-office accounting services for real estate firms.

Certifications:

The best way to verify the overall experience of a real estate accounting firm is to verify its credentials. This can be done by verifying the various certifications it has obtained in its real estate accounting journey.

You have the option to review the certifications, awards, and accomplishments the accounting company claims to get a fair idea of the outsourcing firm’s experience. The Real Estate Accountants is certified for ISO 27001:2013 certification for its information security management system. It is also in compliance with Internal Revenue Service publication 4557 guidelines.

Technology Stack:

Technology makes accounting less time-consuming and more efficient. The same holds for real estate accounting. The proliferation of technology has simplified automation and streamlining of accounting tasks so real estate accountants can focus on strategy and critical thinking.

It is a good idea to verify the technical stack used at the real estate accounting firm in question to ensure that your accounting work does not suffer from a lack of technologically advanced tools. The Real Estate Accountants is proficient in using software like Ramp, Netsuite, Buildium, Bill.Com, Coupa, Expensify, Yardi, SAP, Stampli, and Sage.

Client Portfolio:

Verifying the client portfolio of the prospective accounting firm is perhaps the most crucial aspect of the selection process. This serves as proof of work as it completely validates the accounting firm’s expertise, experience, and skill sets. You can also ask for case studies, testimonials, feedback, and reviews of projects the real estate accounting firm has undertaken.

How The Real Estate Accountants Can Help! 

At The Real Estate Accountants, we specialize in providing outsourced real estate accounting and tax solutions to a diverse clientele within the real estate industry, including property management companies, realtors, and construction companies. Our services include: 

Our offshore real estate accounting & tax services are meticulously tailored to align precisely with each client’s unique requirements. At The Real Estate Accountants, we offer real-time insights & reporting for data-driven decision-making.

We understand your unique needs for real estate accounting. Our expertise encompasses intricate areas of the real estate industry, such as day-to-day bookkeeping, property-wise reporting, accounts payable & expense management, accounting of property sale/purchase, etc.

Closing Thoughts:

In conclusion, choosing the right real estate accounting firm for your business requires careful consideration of several vital factors. Experience, expertise, certifications, technology stack, and a robust client portfolio are crucial factors. By prioritizing these aspects, you can confidently select an accounting firm that meets and exceeds your real estate accounting needs, ensuring efficiency, accuracy, and success in your business endeavors. If you seek a back-office accounting firm that offers a blend of expertise, experience, and advanced technological resources, feel free to reach out to us.

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