Bookkeeping for Real Estate and Construction Businesses
Our bookkeeping services are the cornerstone of your real estate or construction business. Let us help you lay the foundation for financial success.
Don't get buried in the numbers! Let us handle your real estate bookkeeping.
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More often, businesses in the real estate industry face the following bookkeeping challenges:
Classification of Costs
The costs of real estate and construction projects are often classified as direct or indirect costs, and the distinction between the two can be challenging to determine. Additionally, businesses in this industry must navigate the complexities of accounting for depreciation, inventory and work in progress. These challenges can lead to errors in bookkeeping, inaccurate financial statements, and potential legal and financial repercussions.
Disbursement Management
One of the primary challenges is managing the sheer volume of transactions, as there can be numerous disbursements associated with a single project. This can make it difficult to track and record all expenses accurately, leading to potential errors in financial statements. Additionally, managing cash flow can be challenging, particularly for large projects that require a significant upfront investment.
Project-Based Expenses Tracking
Real estate businesses involve many projects, each with unique expenses and revenue streams. Tracking expenses accurately and assigning them to the correct project is critical for financial reporting, project management, and tax purposes. However, tracking project-based expenses can be challenging due to the volume of transactions and the complexity of accounting for project-specific expenses.
Payroll Processing
Real estate businesses often have a large workforce, with employees ranging from full-time staff to contract workers, each with unique pay rates, benefits, and tax requirements. Managing payroll can be complicated and time-consuming, particularly when dealing with union contracts, prevailing wage requirements, and other industry-specific regulations. Additionally, payroll processing involves many transactions, including deductions, overtime pay, and reimbursements, which must be accurately recorded and reported.
IBN offers specialized bookkeeping services for real estate and construction businesses. Our team of experienced bookkeepers understands the unique challenges your business faces and provides customized bookkeeping solutions to meet your specific needs.
We can help you track the costs associated with each project and monitor cash flow, and manage payroll. We also provide regular financial reporting to help you understand your business's financial health. The reports include balance sheets, income statements, and cash flow statements.
And even if your books have gotten disorganized or messy, we can help clean them up and get you back on track.
We also offer property management accounting services, which help you manage the finances associated with owning and operating rental properties, including rent collection, expense tracking, and financial reporting.
With our specialized bookkeeping services for real estate and construction businesses, you can rest assured that your financial needs are being handled by experts who understand the challenges of the industry.
Experienced Bookkeepers
We have a solid track record of adequately handling retail bookkeeping for firms across the United States, with over 22+ years of expertise.
Value-Driven Approach
Our goal is not just to lower your costs but also to give value that exceeds the cost.
Ready to Scale
Our efficient management systems enable you to quickly increase or decrease the number of bookkeeping services required.
Minimal Input Required
Our certified bookkeepers manage all parts of the bookkeeping process, enabling you to sit back and relax.
Your Data is Safe
You can trust IBN's capacity to secure your data since we use cutting-edge security technologies to protect our clients' information.
Utilize Best Tools
Our experienced bookkeepers can work with whatever accounting program you like, or we may recommend one that would be appropriate for you.
