Three Benefits to Outsourcing Real Estate Property Accounting

Operating profitably in today’s real estate industry is exceptionally challenging. Margins are disappearing, and the future is unknown as the demand for real estate shifts. Real Estate Outsourced services offer cloud accounting clients immediate and long-term financial and time savings, a sense of security, and protect and support an organization’s assets and business initiatives. But what are the advantages of outsourcing property accounting? Here are three top benefits of choosing this solution. 

Key Benefits of Real Estate Outsourced Services: Property Accounting

1. Staffing to Enhance Your Financial Accuracy  

A knowledgeable and experienced team is vital to success and growth in real estate, but staffing is also the biggest challenge. Finding a quality team ready to support and carry out your interests is important. An outsourced accounting team helps clients feel at ease with their accounting books and records because they know the team stays current on compliance issues.  

Outsourcing can eliminate payroll, payroll taxes, and full-time benefits for employees. Instead, trained real estate outsourced professionals perform routine tasks from bookkeeping, P/AR management, and other monthly financial reporting tasks while maintaining the utmost quality of service and accuracy. Real estate outsourcing services can also help limit the negative impacts of any turnover within an internal accounting department and allow your team to focus on the business. 

2. Leverage Specialized Services for Real Estate Projects 

Real estate outsourcing services gives clients personalized access to experts in the property and construction accounting field and other firm real estate resources that otherwise would not be available internally. Clients can leverage their access to our experience and skills, offering them a greater competitive advantage. The Real Estate Outsourced Services Accounting team can perform special services and projects, including construction and job cost accounting, prepare AIA applications, draw requests, RPIE filings, TC-201 filings, process AP, annual 1099 preparation and software conversions. These specialized tasks can overwhelm a client’s staff and hold up progress. 

3. Mitigate Risks and Focus on Core Business Activities  

Clients create an extra layer of protection by handing certain risks over to a team of capable real estate professionals with specialized attention rather than handling risks in-house. By transitioning the accounting functions to an outsourced team, clients’ in-house staff can direct their efforts toward their core competencies. Organizations can streamline operations by automating as many daily, weekly, or monthly functions as possible.