Understanding Payroll Management

Payroll is part of the business accounting process that deals with paying remuneration to employees for the services they render to the company. Payroll management takes into consideration all the accounting regulations that dictate how and when to pay the employees. The payroll team is responsible for defining pay components, collection of payroll inputs, calculation of gross and net salary, …

3 Smart Moves To Improve First Year Depreciation in Real Estate

Real estate investments can be used maximize write-offs and minimize taxes. Investors can protect the income earned via rental real estate through depreciated deductions, especially in the first year leading to huge tax savings. This can be achieved in three different ways. 1. Cost Segregation Analysis According to the American Society of Cost Segregation Professionals, cost segregation study is “the …

3 Important Financial Statements for Budgeting

Budgeting is a critical aspect of business planning. It entails preparing financially for what lies ahead. A well-thought-out budget plan is a foundation for creating a successful action plan for the business. Budgeting enables businesses to control their finances which can be better utilized to fund current commitments or future projects. It also empowers businesses to meet their strategic objectives …

3 Reasons You Need an External Bookkeeper

Small and medium business owners often choose to keep all accounting and bookkeeping activities in-house to keep costs low. With the multitude of other business functions to take care, these activities are most often carried out hastily or left to be done “another day”. While it can be beneficial to carry on these activities in-house when the business is in …

4 Important Accounting Tips for New Real Estate Professionals

Real estate accounting is usually perceived as a tedious task, and pushed to the wayside. However, it is an invaluable activity that helps investors analyze the health of their operations, pay their taxes on time, and manage their income wisely. Therefore, all those in the real estate business need a strong understanding of the accounting and bookkeeping processes to improve …

4 Indicators It’s Time to Outsource Your Accounting & Bookkeeping

In the initial stages of starting a business, most owners find it exciting to do all the work themselves. Later, when the client base expands, they do not find the time, or are short on resources to take care of accounting and bookkeeping in-house. In fact, most of them consider it a cumbersome process that uses much of their daily …

Top 3 Bookkeeping Errors in Real Estate

The real estate industry has a number of operational issues that keep agents and investors busy throughout the day. There are issues related to rising interest rates, housing affordability, and policy changes that need to be dealt with on priority. There are sales and marketing activities that need to be pursued for new opportunities, and to sustain old ones. New …

8 Simple Tips for Personal Financial Planning

Personal financial planning is the first step towards gaining economic freedom. It is the process of assessing your current financial situation, planning for expenses, and securing your future by investing money in the right places (such as mutual funds, stocks, real estate, etc.). This wealth building exercise is done by working out daily or monthly budgets, banking, tax planning, retirement …