Real Estate Accounting Services in Tampa, FL

End-to-End Real Estate Accounting Services in tampa

It may not look like it from the outside, but accounting is one of those crucial components that form the backbone of a real estate accounting company, observing financial transactions and creating a comprehensive picture of your performance. Inconsistencies in the financial records can result in radical consequences for your real estate firm, including a sharp decline in profit margins. Retanaco Accounting is an experienced real estate accounting firm with a time of savvy financial experts and accountants who can cater to all your accounting needs. Whether it’s mortgage reconciliation or account tracking, we are ready to address your financial concerns with our all-encompassing suite of services.

Experts in all Areas of Real Estate Accounting

With our roots firmly established in the world of real estate bookkeeping, our dedicated accountants have become veterans in all sectors of real estate accounting and acquisition structures, including real estate assets, such as commercial, shopping centers, retail parks, hotels, logistics, industrial business parks, and residential. Our team can assist you with the acquisition and disposal of assets, facilitating partners for a joint venture, long-term holding of assets, restructuring bank finance, and employing development works. At Retanaco Accounting, our goal is to transform the complex local and global real estate regulations and guidelines into doable sections of your work schedule.

Experienced and Dependable Real Estate Accounting Services

Finding your way in the maze of real estate accounting and bookkeeping regulations can be grueling. This is especially true when your portfolio comprises various real estate categories. Plus, with the ever-changing nature of regulations and laws, meeting the demands for transparency and clarity in your reports only adds fuel to the fire, distracting you from your main goal – generating value for your business.

Retanaco Accounting is a real estate accounting firm offering holistic accounting services and financial operations management. From boosting your performance efficiency to increasing profit margins, our real estate accounting services can help you in more ways than one. These include:

High-quality solutions – We help our clients by offering specialized services and adapting them to their unique requirements and subjects of concern.

Consistent service – Hiring and keeping an in-house team of accountants comes with an equal quota of challenges. Retanaco Accounting offers a solution for staff changes so that your business turnover isn’t impacted by accountants leaving the firm or hiring new employees.

Industry-specific expertise –  Retanaco Accounting understands your real estate business’s individual accounting, finance, and tax requirements. Our expert support utilizes the latest finance and accounting technology to help you navigate your world.

Data security and confidential support – We understand that your company’s financial information is sensitive and needs to be safeguarded. Our team pays extra attention to upholding the privacy of your data.

Whether you wish to outsource an entire accounting department or seek real estate accounting for an individual property, we’ve got it all covered for you. Our consultants will work together for you to create customized solutions that fulfill your needs and grow alongside your business.

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Real Estate Accounting - A Complete Guide to help you throughout the year

Opting for real estate accounting services is not just an option for businesses or individuals managing hundreds of properties. Even if you’re an owner of a single unit of property, the doors of real estate accounting are open for you.

While you may wonder if that’s necessary, take a look back at the last time you sat down to manage the accounting aspect of your real estate practice and vowed never to engage with it again. Surely, you know that no matter how much you want to, you can’t ignore it altogether. This brings us to the option of partnering with a real estate accounting firm that will handle the numbers of your business while you focus on the ideas and expansion. However, trusting a stranger with sensitive details about your property can be challenging. Therefore, even if you’re handing over the reins of accounting to them, having a strong grasp of real estate accounting is a must.

If that’s what you’re looking for, here’s our complete guide to accounting for the real estate market for the new year. So let’s get started!

What is Real Estate Accounting?

As you may already know, accounting is the monthly and yearly recording and reporting of financial tasks performed by a business to ensure things run smoothly. Now, in the context of real estate, accounting is concerned with the revenue generated by your properties and the legalities surrounding them.

Following the same roadmap of standard accounting practices, real estate bookkeeping keeps an accurate record of income and expenses so that each property’s cash flow can be created effectively. This information can be used in case of a business audit or when making tax payments for the business.

Real Estate Accounting Checklist

So you’ve hired a real estate accounting firm, but how do you know they’re performing their duties appropriately? While they may be acquainted with the basics, here are a few lesser-known elements that accounting firms miss out.

Income From Commissions – One way that real estate agents generate money is through property sales, where they receive a commission for each closed deal. As their primary source of income, it’s essential that this income source is accurately tracked, reported, and monitored.

Office-Related Charges –Although you don’t need heavy machinery to facilitate daily operations, there’s still a need for basic office supplies, administrative tools, and equipment. In contrast, there may be large expenses, such as office rentals, cleaning or maintenance services, or event space.

Travel or Transportation – Not all your properties are going to be there in a single area. Similarly, your clients are going to be scattered around the city or country as well. This calls for the need for travel and transportation services to assist with selling properties, speaking with clients, and monitoring new real estate opportunities. Remember to include this in your property management accounting.

Marketing Expense –  Marketing helps you spread the word about your services. Expenses associated with marketing and advertising include:

  • Website design and development
  • Newspaper and print advertisements
  • Business cards
  • Social media management
  • Online and digital advertisements
  • Event sponsorships


Why do Real Estate Businesses Need Accounting?

Whether you deal with residential properties or negotiate large-scale commercial properties, without proper residential and commercial real estate accounting, your business is as good as gone.

Here are a few reasons why fulfilling your business’s accounting needs should be your utmost priority:

  1. Gives a clear perspective of your financial position
  2. Yearly insights into your financial performance
  3. Manage cash flows while looking out for potential red flags
  4. Achieve a streamlined process for filing yearly tax returns
  5. Monitor outgoing expenses to make timely payments
  6. Grasp tax deductions that may lessen your business’s tax burdens
  7. Accounting Best Practices Every Real Estate Agent Must Know

Now that you know why investing in real estate accounting is probably one of the best things you can do for your business, here are the five best practices you can follow to keep your accounts up-to-date.

Conduct a Monthly Review – Even if you don’t have the time to manage your real estate bookkeeping tasks, getting a software that will manage most of the behind-the-scenes work can be an excellent solution. However, you’ll still have to physically perform monthly checks and monitor your accounts regularly. Even if you’re working with an outsourced accounting team, conducting monthly meetings with them is a great way to stay in the know without investing a large chunk of your time.

Use Precise Reporting Procedures – If accurate reporting is your objective, you need to ensure that you’re working with accurate numbers. Only when your financial data is free from errors can you produce reports for our business, including profit and loss statements, cash flows, tax documents, etc.

Keep Personal and Business Funds Separate – The commissions and all other income you generate are technically yours. However, recording them in your personal bank account can result in an organizational hassle. This is where a separate bank account helps save the day in terms of more transparent tracking of every transaction and ensures your business’s finances don’t get mixed with your personal accounts and vice versa.

Make a List of All Incoming and Outgoing Transactions – Making a list of your incoming and outgoing transactions is a remarkable way of saving time and reducing the stress and effort arising at the time of preparing and filing tax returns. The list is just one example of itemizing your transactions. The point is to create patterns that will help you bring all your financial details into one place quickly and efficiently.

Learn Local Requirements – A major part of your real estate business comprises regional and local properties. This means that real estate requirements and rules will differ according to the locations of your assets. Familiarizing yourself with the regulations of your specific jurisdiction is a great way to get started. They also ensure compliance with your city, state, or county’s regulations, like business license requirements and state tax obligations.

Let Retanaco Accounting Manage Your Property Management Accounting

If you are not acquainted with accounting practices, property management accounting may seem like a puzzle to you. But that’s where our real estate accounting services come in.

At Retanaco Accounting, we make the hazy picture of real estate accounting crystal clear and effortlessly discernable for you. Whether you’re an agent, property manager, developer, or investor, our expertise in the field of accounting applies to you. If you’re looking for a reliable bookkeeper and accounting partner for your business, get in touch with us today, and let us make real estate accounting accessible for you. 

Your accountant in a Rapidly Changing Real Estate Market

As someone in the real estate market, you need accurate, timely, and relevant information to make decisions and plan your next move while recognizing trends and areas of risk. Having worked with several real estate developers, residential and commercial brokers, investors and owners, and property managers over the years, Retanaco Accounting’s commercial real estate accounting team has extensive industry knowledge and experience to aid your business in achieving its goals. We are aware of the increased demand among real estate companies for real estate audits, tax advisory services, and other real estate support. Our accountants and consultants leverage their expertise to ensure your company has a strong and sustainable vision for the future.

How can outsourcing real estate accounting help my business?

When you outsource real estate accounting from Retanaco Accounting, not only do you get a comprehensive suite of accounting services, but also:

  • Cost-savings
  • Experienced and skilled professionals looking after your financials
  • Enhanced management of accounts
  • Less chances of errors
  • Increased business efficiency
  • Reduces the dependency on hiring in-house employees
  • Faster turnaround time
Do I have to pay extra for advice on a new venture?

Our accounting professionals are available to address your concerns related to your business while offering valuable advice on a new or existing corporate structure at no additional cost.

Besides accounting and bookkeeping, what other services do you offer?

Apart from accounting and bookkeeping for real estate companies, we offer:

  • Sales tax compliance
  • Tax Preparation
  • Payroll management
  • CFO/financial controller
  • Quickbooks consulting and training
  • Quickbooks conversion from desktop to online
What accounting software does Retanaco Accounting Work On?

Our top choice to assist us with our real estate accounting services is Quickbooks. Regardless of the size of your business, we’ve found that Quickbooks is a handy tool for managing business finances and even the more complex financial tasks. Its features enable us to keep our clients updated on the financial health of their business while keeping it secure from third-party access.

What professional memberships and qualifications do you hold?

Not only do our accountants hold relevant qualifications that have enabled them to become masters of their craft, but we also hold a platinum recognition from the Quickbooks ProAdvisor Program. Besides that, we’re members of the St. Pete Chamber of Commerce and BNI (Business Network International).

I’m still unsure if outsourcing accounting services is the right approach for my business, how can you help me in this regard?

At Retanaco Accounting, we help you make decisions that are in the best interest of your real estate business. For that purpose, we encourage you to book a consultation with our team so you can have all of the information you need and can proceed forward with confidence.

Tap Into The True Potential of Real Estate With Retanaco Accounting

At Retanaco Accounting, we bring incredible support to the table for companies who choose us as their real estate accounting partners. We know the efforts we invest in your business are crucial for its success, and therefore, ensure that the financials you get to see are in their most simplified form so you can avoid delays in making smart decisions for your company. We don’t just jump into the financials head-on but take time to familiarize ourselves with your business. As a provider of real estate accounting and finance services, we ensure that through our services, you’re able to answer all your finance-related concerns while staying compliant with security and tax regulations concerning your business. Give our team a call today to schedule your consultation or fill out the contact form in our contact page.