Bookkeeping for Realtors
With over 9+ years of experience, we are a trusted partner for accounting and bookkeeping services in the US. Whether you’re a startup, a small business, or an established enterprise, our services can meet the unique needs of your industry. Our deep understanding of US regulations and best practices can empower your financial journey and drive you toward long-lasting success!
Business Tax return filing by Certified
CPA / Enrolled Agent
(Starts at $350)
Bookkeeping And Accounting for Realtors
- Professionals who assist clients in the purchase, sale, or rental of real estate are known as realtors. They are essential in helping people navigate the difficult process of buying or selling real estate since they have knowledge of current market trends, property values, and negotiation strategies. To keep accurate records of their financial activities, including commissions received, costs expended, and taxes due, realtors need to be proficient in bookkeeping and accounting.
- Realtors may check their revenue, keep an eye on their expenses, and make sure they’re complying with tax laws by practicing sound financial management. With Meru Accounting, realtors can streamline their financial processes and focus on delivering excellent service to their clients, while ensuring their financial health and compliance with regulations.
- Accounting for realtors involves managing the financial aspects of real estate transactions, including income tracking, expense management, and tax planning. Effective accounting for realtors ensures accurate financial records, compliance with regulations, and insightful reporting, helping real estate professionals optimize their financial performance and make informed business decisions.
Embracing Accounting Software and Tools
- In today’s digital age, realtors have access to a wide array of accounting software and tools designed to streamline financial management. These technologies can automate many aspects of accounting for realtors, from tracking income and expenses to generating financial reports and even assisting with tax preparation.
- By utilizing these tools, realtors can significantly reduce the time and effort required for bookkeeping tasks, allowing them to focus more on growing their business. Additionally, cloud-based solutions offer the advantage of accessibility from anywhere, enabling realtors to manage their finances on the go.
Financial Analysis and Business Planning
While accurate record-keeping is fundamental, the true power of proper accounting for realtors lies in using that data for strategic decision-making and business planning. Regular financial analysis can provide realtors with valuable insights into their business performance, helping them identify trends, strengths, and areas for improvement. Key financial metrics to monitor include gross and net income, expense ratios, and profit margins. By analyzing these figures over time, realtors can make informed decisions about where to allocate resources, which marketing strategies are most effective, and how to price their services competitively. Furthermore, this data forms the foundation for creating realistic budgets and financial projections, which are essential for long-term business planning and growth.
Core Aspects of Bookkeeping and Accounting for Realtors
1. Recording Transactions:
- Revenue: Commissions received from the sale and leasing of real estate. Marketing expenses include flyer printing, social media marketing, website upkeep, and advertising subscriptions.
- Business Subscriptions: Software, professional associations, real estate platforms.
- Travel Expenses: Tracking mileage and gas costs precisely using mileage tracking apps or logs.
- Professional Fees: Dues, licensing fees, continuing education costs.
- Office Supplies and Equipment: Office supplies, computer equipment, and software licenses.
2. Sturdy Expense Management Framework:
- Creating a method to effectively classify and monitor spending on marketing, travel, and office supplies.
- Simplifying the organization and receipt gathering process for tax purposes (digital or physical storage options).
- Determining possible cost-saving measures by conducting routine analysis. Settling memberships, looking at free marketing options, or locating office supply discounts in bulk is important.
3. Management of Accounts Payable and Receivable:
- Keeping track of any unpaid commissions. Following up on payments on schedule.
- Overseeing the payment of suppliers and service providers (such as a virtual assistant or photographer). To keep up positive working connections, pay their payments on time.
- Providing clients with invoices that are professional and easy to understand, and setting up a regular payment plan
4. Financial Analysis:
- Income Trends:To maximize workload planning and marketing tactics, analyze income trends and pinpoint peak earning seasons.
- Marketing ROI: Monitor return on investment (ROI) to assess the success of marketing campaigns. Investing in strategies with the highest rate of return.
- Budgets: Establish spending plans for the future, taking into account projected tax payments, marketing expenditures, and business expansion. Making sure there are enough resources for ongoing needs.
- Financial Forecasts: Estimate future earnings in light of anticipated activity and market developments. Being ready for future changes in income and modifying plans appropriately.
5. Extending Service Offerings
To generate extra income, think about providing property management services to current customers.
- Investing in Marketing: Use data analysis to make targeted marketing investments that appeal to their ideal customer base.
- Creating a Team: To support the expansion of their firm, determine whether it would be more cost-effective to hire virtual assistants or form a real estate team. Taking into account elements like an increase in workload, prospective income increases, and related expenses.
Benefits of bookkeeping and accounting for Realtors
- Simplified Finances & Time Saved: Outsourcing financial responsibilities allows you to free up time for client prospecting, property showings, and deal closings.
- Benefits from Taxation and Lower Liabilities: To reduce tax obligations, find realtor-specific tax deductions and collaborate with an accountant.
- Perspectives on Profitability and Business Performance : An in-depth grasp of their profitability can be obtained by examining their revenue, costs, and financial patterns.
- Compliance and Risk Reduction: Making sure tax laws are followed and steer clear of fines for breaking them.
- Scalable Growth Strategies: As their real estate company grows, modifying accounting and bookkeeping procedures.
How do bookkeeping and accounting benefit Realtors?
- Track Revenue and Expenses: To determine profitability, keep precise records of commissions, advertising expenditures, travel charges, and other business expenses.
- Handle Client Payments and Vendor invoices: Making sure that clients are paid on time, and steer clear of late fees on vendor and service provider invoices.
- Optimize Taxes : To reduce tax liabilities, identify realtor-specific tax deductions (such as home office and marketing) and collaborate with an accountant.
- Make Well-Informed Decisions: Examining financial data can determine peak earning periods, the efficacy of marketing campaigns, and the amount to set aside for upcoming expansion plans.
- Save Time & Gain Insights: Handing over bookkeeping and accounting responsibilities to professionals to free up time for essential business operations and obtain insightful financial data through expert analysis.
Why Choose Meru Accounting?
- There are many advantages to choosing Meru Accounting for bookkeeping and accounting services designed specifically for realtors. Meru Accounting has specific knowledge of the real estate sector and is aware of the particular needs and financial obstacles that realtors must deal with. Our staff offers complete assistance, which includes precise transaction recording, careful monitoring of earnings and outlays, and strict adherence to industry rules.
- Realtors may assure openness and accuracy in their financial records, improve business performance, and streamline their financial procedures by utilizing our services. Realtors may concentrate on their clients and primary company operations while we precisely and professionally manage the complexities of their finances done by Meru Accounting’s dedication to excellence and personalized service.
Meru Accounting’s Services for Realtors
Meru Accounting offers Realtors a wide choice of bookkeeping and accounting services that are customized to meet the particular demands of their business.
Meru Accounting can manage the daily documentation of your real estate transactions, including:
- Commissions earned from sales and rentals of real estate.
- Expenses related to the business, such as travel, subscriptions, and marketing.
- Monitoring driving distance and associated costs.
- Taking care of tax deductions and payments.
- We assist you in putting in place a system that will effectively track and categorize business spending.
- Simplifying the organization and gathering of receipts for taxation.
- Locating possible cost-saving opportunities.
- Managing payments due to suppliers and service providers is one area where Meru Accounting can help with accounts payable and receivable management.
- Monitoring unpaid commissions from clients or brokerages.
- Efficiently sending invoices and collecting money from clients.
Produce consistent reports that offer financial perspectives, such as:
- Gain and Loss Claims: Examine your earnings (commissions) and outlays to determine your total profitability.
- Statements of Balance: Obtaining a comprehensive financial health assessment at a particular moment in time, including information on their Statements of Bank
 It can be difficult for self-employed people to navigate the complex tax rules.Â
- Finding realtor-specific tax deductions (such as home office expenses and continuing education) is one area where we can assist.
- Maximizing tax breaks to lower your taxable income.
- Ensuring adherence to rules and deadlines for tax filing.
With our experience in peak earning seasons and income trend analysis, they can gain insightful knowledge.
- Recognize your cash flow trends to make sure you have enough money for operations.
- Growing the range of services they offer (e.g., property management).
- Putting money into lead creation and marketing initiatives.
- Assembling a real estate team or hiring virtual assistants
- Outsource bookkeeping and accounting duties to free up your important time to concentrate on client prospecting, property showings, and deal closing.
- Meru Accounting has expertise working with realtors and is familiar with the unique financial requirements of the industry, such as standard tax laws and deductions.
- We customize our offerings to satisfy your changing financial requirements as your real estate company expands, like managing a larger staff or taking on more complex financial operations.
- For convenient access to your financial data at any time and from any location, we may provide cloud-based accounting solutions. This enables them to work with them remotely and keep an eye on their finances.
Meru Accounting provides invaluable bookkeeping and accounting services that are specifically designed to meet the demands of real estate agents. Realtors can concentrate on their primary duties of serving clients and closing deals by outsourcing their bookkeeping and accounting needs to Meru Accounting. As a realtor, you can get more financial clarity, regulatory compliance, and overall success in this industry with Meru Accounting’s assistance.
It helps track commissions, expenses, and tax deductions to maximize profits.
Home office expenses, marketing costs, vehicle mileage, and business meals are deductible.
QuickBooks, Xero, and Realtyzam are great for managing real estate transactions and finances.
It records earned and pending commissions, ensuring accurate financial forecasting.
Cash flow statements, profit and loss reports, and expense breakdowns are essential.
Yes, it organizes income and expenses, making tax filing smoother and ensuring compliance.
It tracks spending on ads, staging, and client gifts to optimize return on investment.
It saves time, ensures accuracy, and helps realtors focus on closing deals.
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
