Being one of the most volatile, challenging and dynamic industries in the world, the real estate and property management industry requires accurate and efficient accounting services.
The whole task of tracking, collecting and recording the data generated by the high volume transactions, translating them into easy to read format for analysis all while making sure that the bills are paid and collected on time requires meticulous accounting planning and execution for the accounting professionals.
Real Estate Accounts Payable with Back Office Accountants
Particularly Real Estate Accounts Payable, that involves managing scheduled payments, pass-through- payments, one time and adjusted payments and more, involves loads of work that plays a crucial role in cash flow management. Given how volatile and challenging real estate business can tend to be, the business owners may not have enough bandwidth to deal with crucial accounting processes like Real Estate Accounts Payable. The majority of the businesses are also not blessed with a full-scale accounting department that can efficiently take care of all the necessary accounting processes efficiently and accurately.
But guess what? They don’t have to. Us folks at Back Office Accountants are here to help you manage, optimize and deliver streamlined, efficient and simple, the best Accounts Payable for real estate and property business.
Outsource to Back Office Accountants and Avoid Real Estate Accounts Payable Problems
Every restaurant business is plagued by a set of common Accounts payable challenges which hold back real estate and property management businesses from achieving their full potential
Here are common Accounts Payable problems real estate businesses had to endure until they leveraged the Real Estate Accounts Payable Services from Back Office Accountants
- Tedious & Time-Consuming Manual Invoice Processing: No matter the business sector, the manual invoice has always been a problem in an Accounts Payable. When it comes to real estate business sector, the problem amplifies, given the high-volume transactions and also the number of formats the invoice arrive-in. While manual invoice process has always been a tedious and time-consuming task in AP, the multiple invoice formats i.e. manual and e-invoices pose a lot of challenges for the AP resources to record, process, and track or correct the error in AP.
- Invoicing Errors – Duplicate Invoices: Given manual invoice processing is itself time consuming, the errors associated with invoicing can be notoriously difficult to correct when invoice volume is high and resources are short. In most cases vendors send multiple invoices as a reminder for faster payment, resulting in double payments, errors such as these can cop severe blows to financial position. So without adequate AP resources and expertise a lot of time, effort and also money is wasted – a common problem for all Real Estate Accounts Payable Process.
- Reluctance to switch to automated AP solutions: As the majority of the real estate business has been around for a long time, most of them still rely on age-old practices which come with their own set of challenges and problems. For example, manual or hybrid, the processing is almost always performed by relying on paper-based processes, spreadsheets, or other manual and time-consuming processes which increase the likelihood of errors burns more time and often difficult to manage and optimize for better performance. In the age of automated solutions, customized real estate Accounts Payable solutions, cloud storage and computing, manual and paper-based processes hold back the real estate accounting from achieving better performance.
- Compliance Problems: Naturally real estate industry is stricken with ever-changing compliance problems that are difficult to abide by without accurate real estate bookkeeping and accounting process, especially Accounts Payable. Manual and paper–based processes make it difficult to audit to avoid compliance problems.
Solve Your Common Problems and Improve Your Accounts Payable Performance with Back-office Accountants
Equipped with advanced automation tools and Accounts Payable software, our Accounts Payable experts at Back Office Accountants craft and execute an optimized Real Estate Accounts Payable strategy that can help you streamline your Real Estate AP process and aligns with your cash flow, working capital and compliance requirement like a hand in a glove.
Automated and Customized Solutions: We leverage advanced automated tools and software to help you streamline every step and accelerate the entire AP process with efficiency and accuracy, be it manual, automated or e-invoice processing. Our Accounts Payable Specialists currently work and hold remarkable expertise in the following tools and software for Accounts Payable Processing
- Great Plains
- Yardi Voyager
- MRI (by Intuit Real Estate Solutions)
- Microsoft Excel (in VLookUp, Pivot)
Perfect Compliance: With a full-scale Accounts Payable team specialized in real estate and property management business, we take extra effort to make sure everything that goes under the AP is in perfect compliance with US regulations.
Maintain and Foster Vendor Relationships: From invoice processing to payment processing and, monitoring, every step of the AP is thoroughly executed and fostering a good vendor relationship is given focus.
How Back Accountants Can Help You with Your Real Estate Accounts Payable?
Being an expert remote accounting firm that also offers complete back-office accounting services we leverage our expertise in accounting to deliver comprehensive Accounts Payable Services for Real Estate Businesses & Property Management businesses.
Here is a list of a few tasks performed by our Real Estate Accounts Payable Experts at Back Office Accountants
- Tracking & recording all the real estate and property management transactions.
- General ledger and customized Accounts Payable Services for businesses.
- Invoice processing, payment and receipt processing using automated tools and accounting software followed by payment monitoring.
- Track the cash flows and make necessary amendments based on goals and requirements.
- We perform the valuation of the trader as per Canada & USA real estate regulations.
- Calculate and report real estate insurance, depreciation and taxes in line with our trade regulation terms.
- We also deal with renewal, late fees, expansion and termination related to lease agreements and manage tenant accounting activities.
- Preparation of real estate income statements, cash flow statements balance sheets for real estate businesses, and also property reports according to US GAAP.
- Financial analysis reports for businesses for investor-related reporting.
Our Accounts Payable Services for Real Estate and Property Management include but are not limited to the above process. With an expert team of AP experts, we can help you revamp, craft and execute a customized AP processor also can provide you fill gaps in your current AP process and assist with our advanced tools and expertise.
Some of the Real Estate Businesses leveraging our Real Estate Accounts Payable include
A well-known commercial firm based in Atlanta (GA) managing rental homes in the southeast as well as offering property management services.
A well-known real estate firm in Bethesda (MD) that has developed several million square feet of multifamily and commercial real estate; owns and manages over 10,000 single-family homes.
A reputed Real Estate Investment and Property Management Company in Atlanta (GA) that acquires single-family houses as investment properties in the South-eastern US.
Back Office Accountants: Save money, time, and focus more on your business
Complex financial data generated from the huge volume of financial transactions which originate from multiple areas, arrive in different formats and need to be diversified to other routes for bill payments to – AP professionals have their task cut out for them when it comes to accounting for real estate and property management businesses.
But as we said, you don’t have to burden your team. Our Accounts Payable experts at Back Office Accountants can provide your streamlined, optimized and accurate Accounts Payable for Real Estate Businesses that saves cost, time and helps you focus more on your business.
If you are a real estate business looking for Accounts Payable Services, just fill-in this form here and let us get back to you: https://www.backofficeaccountants.com/contact-us/