Virtual Real Estate Accountant

Running a real estate agency takes a lot of work. Apart from the core responsibilities, such as updating property listings, conducting open houses, and closing deals, there are more behind-the-scenes tasks that are crucial to sustainable success. You need to ensure tasks in other areas of your real estate agency are successfully ticked off.

When it comes to the “number-crunching” side of the business, like bookkeeping, expense tracking, and compliance, why not delegate to a virtual real estate accountant? A real estate accountant is a remote professional who has the technical skills and industry expertise needed to effectively handle a real estate agency’s financial management requirements.

You may be an expert in all things real estate, but it’s best to let an accountant take the lead if you want to achieve and maintain financial health. Let’s get to learn more about this type of remote professional.

Outsourcing your accounting requirements to a virtual assistant (VA) can be a game-changer for your real estate business. Here’s why:

Cost Savings

Virtual real estate accounting services can be an efficiency-boosting solution for real estate agents. Accounting VAs provide support remotely, eliminating the need to invest in additional work space, equipment, and other expenses related to traditional hiring.

Having this cost-effective setup allows real estate professionals to maximize their budgets by allocating resources to core business activities, including marketing and client acquisition. Instead of bloating costs, real estate agents can invest in strategies that drive revenue and growth.

Time Savings

Accounting tasks are essential to every business. However, they demand a lot of time and energy. These tasks can be even more challenging if you’re not well-versed in the field. That’s when engaging the services of a remote real estate accountant becomes invaluable.

Real estate accountants can work on essential yet time-consuming accounting and bookkeeping tasks. Instead of working tiring hours behind the desk, you can invest valuable time into more high-level responsibilities.

Expert Financial Management

On top of saving time and money, working with a real estate accountant means putting your real estate agency in capable hands. They have the skills needed to put your business in the best position possible to succeed.

By having a remote accounting expert working with your team, you can confidently delegate financial tasks such as bookkeeping, budget planning, and tax preparation. They take on these various tasks to ensure your books are in order and you make data-driven financial strategies based on expert reports.

Industry Expertise

Virtual real estate accountants not only have the right financial management skills but also an understanding of what accounting for real estate means. They are familiar with the financial complexities that come with managing multiple listings, fluctuating cash flows, and real estate-related tax requirements.

Compliance and Risk Management

Real estate experts must know and abide by various financial and legal regulations. Abiding by these rules and laws is crucial for protecting their business’s reputation and maintaining their professional licenses.

A real estate tax accountant ensures your agency remains compliant by accurately tracking and reporting income, documenting business expenses, and following industry-specific tax laws. Additionally, they help you create accurate financial reports and eliminate or minimize common mistakes that lead to hefty fines or problematic legal issues.

From tax preparation to financial analysis, real estate accountants can provide expert support on various accounting tasks. Here are some of the common duties you can expect a real estate accountant to work on:

• Prepare and file tax returns
• Bookkeeping
• Ensure timely submission of tax documents
• Comply with financial audits
• Conduct accounts reconciliation
• Identify eligible tax deductions
• Track income-generating efforts
• Monitor deductible expenses like repairs and utilities
• Track asset values and depreciation
• Develop and execute cost-saving strategies
• Generate internal reports for data analysis and strategy planning
• Create financial reports for compliance
• Manage amortization schedules
• Offer advice on property acquisitions, investments, and other financial decisions
• And other related tasks

You need to be selective when looking for a person to handle the finance side of your real estate business. Here’s a list of must-have qualities of a good real estate accounting VA.

Background in Finance or Accounting

Finding someone with suitable technical skills is a must. They must be able to understand accounting principles and strategies needed to manage your business’ financial requirements.

One way to ensure you’re engaging the right person is by looking for the following:

• A degree in accountancy or other related fields
• CPA (Certified Public Accountant) or CMA (Certified Management Accountant) certification
• Proficiency and experience in bookkeeping, accounts reconciliation, and other accounting tasks

Confidentiality

Real estate accountants will naturally have access to your business’ finances. Additionally, they may also have visibility on other business dealings like sales contracts and acquisitions. Make sure the virtual accountant you choose has a record of maintaining strict confidentiality and safeguarding sensitive information.

Look for candidates who are aware of and abide by data protection protocols. They must know how to navigate secure file-sharing platforms and encrypted communication applications. Plus, you may want to consider working with an agency that offers additional vetting procedures like criminal background checks.

Attention to Detail

In accounting, a slight error can make a huge impact on financial reports and alter make-or-break decisions. You need an accounting VA that is meticulous, doing their due diligence to double and triple check reports before finalizing.

It’s crucial to have someone who knows the value of accurate and foolproof reports. They must appreciate the potential impact their work has on the overall trajectory of the business.

Knowledge in the Real Estate Industry

A VA with industry expertise has the solid foundation needed to quickly adapt to your business’ structure. This knowledge will save you time by eliminating the need to orient them on industry-specific processes, including tracking commissions or handling property-related expenses.

Their familiarity is a strength that allows them to do more than pushing numbers. Their expert support will allow you to stay complaint, maintain accurate records, while helping you improve your financial standing.

Not all remote professionals offer the same level of support and expertise. It’s important to invest time and energy into screening candidates to ensure you land the right accounting VA for you. However, if you want a more effective and time-saving option to getting top-tier real estate accounting services, we at 20four7VA can help.

We’re a remote staffing company with over a decade of experience helping businesses achieve new milestones. Our dedicated team matches clients with pre-vetted remote talents that provide support in various business areas, including marketing, administrative responsibilities, and accounting.

20four7VA’s end-to-end remote staffing solutions include:

• Access to our global talent pool
• Free client-VA matching service
• Dedicated account management
• IT helpdesk
• VA training
• HR support
• Performance management
• And more