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