Real estate, book keeping, Rules for Bookkeeping

5 Ground Rules Of Real Estate Bookkeeping

For any real estate business, proper bookkeeping is a critical aspect of the business. What is the main goal of bookkeeping? The main goal of the bookkeeping is to have a standard and accurate records of all your transactions. Bookkeeping provides a clear record of financial transactions for your business which is useful for future reference. It assures that you …

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 …

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 …

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 …

4 Reasons Why Smart Companies Separate Real Estate Assets From Their Business

If you are one of those people who chooses to hold real estate and other assets separately, then you are doing the smart thing. The general reasons why people do so is because they fear liabilities that could affect property ownership or liabilities for injuries suffered on the property. However, the valid motive why anyone should choose not to combine …

Accounting Done Timely: an accounting checklist for small businesses

When you are running a business your attention gets pulled in many directions leaving you always stretched for time. But in the midst of all that if you don’t pay a little attention to properly maintaining your accounts and book-keeping, it will come back to bite you hard. If you are a tad careful taking measures to keep your accounting …

Bookkeepers. What does this financial breed of people do?

Whatever kind of business or enterprise you run, if there is money involved then there is accounting involved. And unless you’re doing it yourself, it usually is your bookkeeper who handles this part of the business. So what do they actually do? Who is a bookkeeper? Essentially, your bookkeeper will track and document the daily financial transactions of the company. …

The 7 Basics About Business Budgeting

In business, you keep hearing the word ‘budgeting’ and it really sounds so wonderful to think that with a little planning all your finances will be smooth-sailing. Prioritise, allocate, and done! Theoretically speaking, true. But in truth, making a budget isn’t as simple as you would like to imagine. It is a crucial part of the success of any business …