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Well, it's time to reinforce it. Whether you’re just setting up your real estate business or you’re a long time pro, real estate accounting and taxation can make you feel like you're teetering on the edge.
In our journey of over 12 years of helping real estate businesses grow, we’ve realized that most of them face similar problems. They just appear different on the outside. So we thought, why not create processes and workflows using real estate accounting software in order to simplify your accounting and bookkeeping. So, if you find yourself saying yes to more than 3 questions alongside, it's time you revolutionized your accounting.
Schedule a free consultation now with Gary Jain, Co-founder at Ledger Labs. He’s a certified accountant with 12+ years of multidimensional experience in helping small to midsized businesses grow and manage their revenues.
Get hands-on knowledge and astute advice on your financials in an engaging power-packed 30 minutes session.
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Just fill out the form and get an email to schedule a meeting.
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Our real estate business experts at Ledger Labs can help you:
1. Select the type of corporation suitable for you.
2.Create and set up the entity as per your need and choice.
3. Develop a pitch to motivate your buyers.
4. Help set up the entire process of financing and banking.
Here are some key financial records you should maintain:
1. Keep records of all documents related to purchasing properties, including sales contracts, deeds, and closing statements.
2. Keep track of rental income received from tenants, including dates and amounts of payments, and any late fees or penalties.
3. Keep copies of mortgage agreements, loan documents, and records of mortgage payments.
4. Keep copies of bank statements for all accounts related to your real estate business, including checking, savings, and credit card accounts.
5. Prepare and keep financial statements for your real estate business, including balance sheets, income statements, and cash flow statements.
6. Keep copies of tax returns, supporting documents, and records of tax payments for your real estate business.
As a precaution, it is always advisable for organizations to maintain financial records spanning at least past seven years. We suggest securely storing these statements and documents in an easily accessible location. If you encounter difficulties in data storage and retrieval, our real estate accounting experts are available to help.
Your dedicated accounting and bookkeeping services team will handle the closure of books and accounts on varying dates, depending on factors such as business type, operational scale, and other intricacies. Typically, our team concludes the accounts for the previous month within the initial week of the next month.
The choice of software depends on factors such as the size and complexity of your portfolio, specific accounting needs, and budget considerations. Having said that, we use QuickBooks, Yardi, Buildium, AppFolio Property Manager, Sage Intacct and similar software for core accounting and bookkeeping. For project management, we use Clickup and Asana. Further, for staying in touch with you we use all kinds of communication platforms including WhatsApp, MS Teams, Skype, etc.
Rest assured, we will have no problems working with you and for you remotely. Your dedicated team of bookkeepers and accountants will be available during business hours. All you need to do is to call, text, or email them for queries or clarifications. Further, we will have regular online meetings for updates and other communication.
We have a brief and efficient onboarding procedure for new clients. Although, we can take care of all your requirements right away, it’s better if we take time in researching your business and its environment. This helps us understand your business completely. So, the entire process of understanding your business, optimization or setting up the accounting process, policy drafting, execution, and reporting may take somewhere between 30 to 60 days.
We take your data security as seriously as you do. At Ledger Labs, we take all the preventive and safeguarding measures to ensure that your data stays safe. We do this by using multiple encryption levels that can be accessed by just us and the client. Additionally, the two-factor authentication ensures that your data is accessible to only those allowed. Further, we carry out proper background checks before hiring employees for our teams. Lastly, we also sign a non-disclosure agreement with you preventing any information leak from either side.
We have all sorts of real estate businesses on our client list. Ranging from newbie two member firms to 100+ employees’ established businesses, we cater to everyone with the same amount of zeal and dedication. We onboard a selective number of clients each season so that we can custom-build accounting solutions for them. This ensures that you get exactly the services you need while keeping in check your accounting costs. In fact, this is what makes us different from other bigger and more commercial accounting firms.
That depends on the size and complexity of your accounting transactions. However, in our experience, most clients do not prefer to carry on with their current accountants once they start working with us. This is because we take care of their accounting needs end to end. Our capable team of experienced bookkeepers, reviewers, accountants and managers make sure that your financial reports are in order, you get all the tax benefits and deductions and stay compliant at all times.
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A tech savvy accounting and bookkeeping firm serving small and midsized businesses, we focus on building scalable accounting department for our clients.
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