Three Benefits to Outsourcing Real Estate Property Accounting
August 30, 2021
By Twinkal Shah
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. Outsourced cloud accounting offers clients both immediate and long-term financial and time savings, a sense of comfort and security, and protects and supports a company’s assets and business initiatives.
So how does outsourcing benefit property accounting specifically? Here are three top benefits to choosing this solution:
Consistent Team of Experts
Knowledgeable and experienced staff is vital to the success and growth in real estate and is also its biggest challenge. It’s important to find a quality team ready to support and carry out your interests. An outsourced cloud accounting team helps clients feel at ease with their accounting books and records because they know that the team stays up to date on compliance issues.
On average a company can spend anywhere between 40-80 percent of their gross revenue on staff compensations. Outsourcing offers lower operational costs which can deliver significant savings to our clients. Outsourcing can eliminate payroll, payroll taxes, and full-time benefits for employees. Routine tasks are completed by trained, experienced personnel while maintaining the utmost quality of service and accuracy. This also helps limit negative impacts of any turnover within an internal accounting department and let’s your team focus on the business.
More Support on Specialized Projects
Clients have personalized access to experts in their field and resources that would otherwise not be available internally. Clients can leverage their access to our experience and skills, offering them greater competitive advantage.
Special services and projects can be performed by the Outsourced Cloud Accounting team, including things like RPIE filings, TC-201 filings, and software conversions. These specialized tasks can be overwhelming for a client’s staff and can hold up progress.
Risk Mitigation and Increased Ability Focus on Your Business
Clients create an extra layer of protection by handing certain risks over to a team capable of offering specialized attention, than if it were handled in-house.
By transitioning the accounting functions to an outsourced team, client’s in-house staff can direct their efforts towards their core competencies. Operations can be streamlined when a company optimizes and automates as many of the daily, weekly, or monthly functions as possible.