Real Estate & Family Homes

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Real Estate & Family Homes

Real estate industry and Family Homes is an industry that seeks more attention, risk and of course more profit than ever we can imagine. It has its own unique challenges and risk factors involving an organized pre-planning, summarizing costs, analyzing variables, the interest of clientele and stakeholders requiring strategic planning. The business conducts most of the activities consuming more time and requiring integrated real estate accounting solutions and an effective operational control over the project executions.

Considering the future of the company, it is important to integrate a strong property management bookkeeping system, which can enable quick analytics. This system should be well enough to control cost, reduce capital expenditure and improve service terms with clientele.

Ascentry can help to improve the internal control system with enhanced operational efficiency through their cost-effective real estate accounting and finance services.

Areas to focus more by management especially in Real Estate Industry

Wrong classification of costs

Combining personal transactions with business transactions

Not keeping track of cash expenses

Lack of proper record-keeping

Mismanagement of cash flows

Even a partial outsourcing with the property management bookkeeping can help in capitalizing the expertise and knowledge of the team; whereas in hiring a single person of real estate and family homes accounting domain to make you dependent all the time on their availability and interest to work. This will keep your organization equipped, emphasized on remunerative part of the business e.g., sales, marketing, and client satisfaction.

Set Up Chart of Accounts

Preparing and sending periodical Invoices to tenants

Recording receipts from tenants/buyers/prospective buyers

Verifying and recording bills from vendors

Payment to vendors

Processing employees’ pay and update payroll file

Recording depreciation and other adjusting entries

Project wise expense segregation and allocation

Recording the revenue and expense as per stage of completion of contract

Month-end or year-end closing entries

“Assentry Consulting & Advisory Services LLP” is now known as “Ascentry Consulting & Advisory Services LLP”.