Working as a REALTOR®, real estate agent, or property manager means constantly opening the door to someone new and constantly being on the go. Just as you and your clients are always moving, so are the aspects of real estate accounting. We invite you to make us your home for all your accounting needs.
Whether you are selling property to someone else or renting out your own to make some extra income, you have a legitimate business endeavor and need to treat it as such – especially if you’ve invested in multiple rental properties.
In this industry, bookkeeping tasks can be very tedious because of the large number of regulations and myriad of transactions across a number of locations. That’s why organization is the key to managing real-estate accounting.
So, what does that mean for you? It means you’ll need to make sure your financial records are in order, so when it comes time to report your income and file taxes, you have everything you need. Accurate, IRS-compliant financial reporting starts with proper bookkeeping and accounting. Plus, as you likely know, rental property income and expenses can be unpredictable, making it imperative that you use accurate financial records to forecast and plan.
If you’re new to being a landlord or investing in real estate or being a realtor who sells property, understanding these processes can seem overwhelming. However, Mitchell & Associates is here to help with your real estate accounting.
We would love to make an offer to your company to provide tax and accounting services.