Ultimate Guide To Bookkeeping For Real Estate Agents And Realtors: Best Practices for 2024

Automate MAC payment processes, simplify reporting and deployment, and more. Seamlessly integrate applicant screening, renters insurance, and more into your leasing process. Automate lead communication, convert quality prospects, and manage your processes—all from a single log in. Leverage powerful, AI-backed data to make smarter decisions that help you save and 
increase NOI.

Is there any alternative accounting software that real estate agents can use?

We know that real estate professionals require a specialized approach to handle the complexity of real estate transactions, financial reporting, mortgage payments, and tax laws. Late payments pose a significant challenge in real estate bookkeeping, particularly for property managers and landlords. Rental income is a primary source of revenue for real estate businesses, and delays in rent payments can disrupt cash flow and impact financial stability. Late payments may result from tenant issues such as financial difficulties or disputes, requiring diligent follow-up and collection efforts by bookkeepers.

• The project tracking feature is a good fit if you’re an agent juggling multiple properties.
• With a proven track record of servicing residential, commercial, and industrial real estate businesses, get the benefit of endless innovation that is designed to deliver solutions for the future.
• By outsourcing these tasks to experts in real estate accounting, agents can focus on closing deals and growing their business.
• Record gross income first, then deduct splits or brokerage fees to get a true picture of earnings.

Tax filing

Our platform provides automation of data inputs from the majority of key providers to sidestep typical Why Professional Real Estate Bookkeeping Is Essential for Your Businesses errors. We’ve partnered with real estate-centric platforms such as Zillow, Realtor.com, and MLS—ensuring your financial records are always precise. Bench Accounting offers bookkeeping services tailored specifically towards Realtors, keeping your finances in check so you can focus on selling homes. Real estate agents have a unique set of bookkeeping and financial tracking needs compared to other businesses.

• This blog is your full guide towards real estate bookkeeping in the U.S.
• We track income, cleaning fees, platform commissions, and operational costs accurately.
• During tax time, having well-organized financial records can save you time and stress when calculating real estate tax.
• For 2023, the rate increased to 65.5 cents per mile driven – creating over $650 in deductions for every 1,000 miles.
• The magic happens when our intuitive software and real, human support come together.

Real Estate Bookkeeping Solutions

Managing your real estate business involves diversification across several positions. From tracking job costs to creating invoices and managing bills, managing your financial needs is simple. At any point, you can look at your business account and know money coming in is business-related income, and money going out is a business expense.

The mobile app lets you manage your bookkeeping on the go, which is ideal if you’re always in the field. Not only do you get detailed financial reports, but Bench also has tax prep services that make tax season way less stressful. The right accounting tool helps simplify these processes and ensures you’re always on top of your finances, allowing you to focus your attention elsewhere. Get $30 off your tax filing job today and access an affordable, licensed Tax Professional.