When a small real estate business owner is ready to delegate the company finances, a commercial real estate accounting firm is usually the best answer. An accounting or CPA firm is familiar with all aspects of taxation and auditing. Partnering with an accounting firm can save you a lot of time, money and tears.
You must also choose whether you want to partner with a general financial institute, or a specialized firm. Most of the time, picking a CPA or accountant that specializes in the real estate industry makes the most sense. A real estate specific accountant will be experienced in several major construction industry issues, including dynamic and diverse laws in different states and countries, contract and tort liabilities, and financing and capital.
Choosing a CPA that specializes in real estate industry also ensures the following:
1. It will be easy to communicate your needs to CPAs and firms specializing in the real estate industry.
2. They can offer qualified, industry-specific suggestions to help you get the most out of your revenue.
3. They have the right tools and knowledge available to keep your books balanced and your taxes legal.
Decide what real estate accounting services you need for your small businessNot only are there specialized accounting firms that cater to your specific industry, but their individual services differ also. Make a list of everything you need from a real estate CPA. Where some businesses just need someone to just prepare federal taxes and generate financial reports, others require more complex services.
Choose from real estate accounting firms with reliable customer serviceGood customer service is always a priority when you're outsourcing your finances. A company you partner with must offer assistance whenever you need it, as well as knowledgeable customer service representatives. Ask your accounting firm prospects how committed they are to customer service and how they prove it.
Pick accounting for real estate that gets you online accessOnline access is a must these days, especially if running your business keeps your busy during normal business hours. When you choose a real estate industry CPA, ask what they have to offer in the way of online tools and resources. Some accounting firms offer a library of reading material and client logins, so you can track your account anytime, anywhere.
- The qualifications and experience of a real estate CPA usually differs from those of an accountant. Therefore, your first decision is whether you want an accountant with general bookkeeping knowledge, or a licensed CPA.