A real estate industry CPA understands that accounting for real estate is unique. Standards, rules and regulations surrounding accounting and auditing for real estate transactions vary substantially from other CPA specialties. Accounting real estate professionals must be able to identify accounting and auditing problems surrounding real estate transactions and come up with solutions that benefit their clients.

To specialize in real estate accounting and to become a real estate CPA, it is necessary to acquire specialized training and education to fully understand the intricacies in the arena of real estate accounting services. Enhance your chances of being considered by real estate CPA firms with the following CPAs and firms specializing in the real estate industry education and training musts:

1. Purchase real estate accounting reference materials to maximize and complement any training or learnings.

2. Attend educational seminars that touch on accounting real estate subjects.

3. Learn at your own pace with accounting real estate self-study courses or materials.

Action Steps
The best contacts and resources to help you get it done

Maximize your learnings with real estate accounting reference materials

There are a lot of detailed laws and regulations that real estate CPAs must keep track of. While it is virtually impossible to memorize them all -- an up-to-date reference book readily available will allow you to tap into this knowledge whenever needed.

I recommend: The Thomson Reuters/RIA Federal Income Taxation of Real Estate Guide covers current real estate tax laws, rules and regulations, including real estate income sheltering guidance. Maria K. Davis' reference book entitled "Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals" covers real estate accounting rules. It can be purchased via the John Wiley & Sons website.

Attend educational seminars covering accounting real estate subjects

Educational seminars allow you to learn and interact with experts in the field. CPA real estate seminars will give you the opportunity to ask questions of these subject matter experts as well as network with other industry peers.

I recommend: CPA-Resource's seminar entitled "The 8 Greatest Estate Planning Techniques" and The Center for Professional Education's seminar "Financial Accounting & Reporting Real Estate Transactions" are intended to broaden one's understanding of real estate accounting.

Complete accounting real estate self study courses

Self study courses allow you to learn at your own pace; slowing down at challenging parts and breezing through easier sections. Additionally, these types of courses allow you the benefit of learning without taking away time from your job.

I recommend: CPA2Biz provides a self-study course in Real Estate Accounting and Auditing. The National Tax Institute's self-study curriculum includes a course called "Critical and Legal Tax Issues for Accountants," covering the topic of real estate legal and tax matters and their tax ramifications.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When searching for educational opportunities to become a real estate industry CPA, be on the lookout for courses that offer continuing education credits (CEUs) toward your CPA licensure. This will allow you to kill two birds with one stone by specializing in the real estate accounting field and keeping your license current by taking courses that satisfy mandatory CEU requirements.

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.

Action Steps
The best contacts and resources to help you get it done

Decide what real estate accounting services you need for your small business

Not 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.

I recommend: Cherry, Bekaert & Holland LLP and Eide Bailly are both national CPA firms that offer comprehensive, specialized services to the real estate industry.

Choose from real estate accounting firms with reliable customer service

Good 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.

I recommend: Plante & Moran is a leading national CPA firm focused on accounting needs for midsize companies. Grant Thornton is also a national CPA firm that provides real estate accounting services.

Pick accounting for real estate that gets you online access

Online 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.

I recommend: BKD LLP and McGladrey & Pullen LLP both offer many online tools and resources, including web-based client service centers for client contact and convenience.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  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.