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How Much Does it Cost to Hire a Virtual Accountant for Real Estate Business?
When you are running a real estate business, keeping your expenses low is a high priority in order to sustain in the competitive market. Thus, a lot of real estate companies across the globe try and handle their administrative as well as operational tasks on their own, till the time they can easily manage.
However, there comes a time when it becomes almost impractical to carry out these tasks, such as accounting and bookkeeping when your business expands. Handling accounting or bookkeeping for real estate can pull you away from your core business activities that require your constant attention.
This is when you should consider outsourcing your accounting tasks to a team of virtual accountants who are experts in the real estate sector. However, outsourcing is not an easy decision for a lot of businesses since they are concerned regarding the costs involved.
It is not easy to provide a basic or generalized answer to the question regarding the costs involved in hiring a virtual accounting service provider for real estate sector. In contrast with employing a full-time in-house accountant, the costs involved in hiring virtual accountants will differ depending on the kind of service required by you.
We at Cogneesol offer comprehensive virtual accounting services for real estate businesses, from basic bookkeeping, A/P, A/R, tax preparation, financial reporting to payroll processing. We work hand in hand with your CPA to provide accurate and timely accounting solutions.
When you sign up with us, our accounting team of experts would schedule an initial telephone call to understand your business requirements better, evaluate your current books and real estate accounting software.
Thereafter, we will provide you with suggestions for an accounting solution that would help in streamlining your internal processes and align with your business objectives. We provide customized solutions as per your requirements and scope, and you will only have to pay for the services you hired us for.
It is good to question yourself being a real estate business owner regarding what it actually is costing you for not outsourcing your accounting and bookkeeping. The DIY approach can work till a certain extent, however, it is worth noting about the costs you can save when you outsource to a virtual accounting company:
Costs of recruiting, training and managing in-house team: Hiring an in-house accountant often is a time-intensive and expensive process. You need to pay for his/her salary, perks, vacation time, infrastructural requirements and a lot more.
There are also some less tangible expenses that you need to bear, such as time and efforts spent on recruitment, hiring and training the staff. At times when you have less work pressure, you would still have to bear these expenses.
It is an altogether different situation with virtual accountants. You will be paying only for the real estate bookkeeping services you opted for and agreed to.
Expenses related to hardware and software: There are a lot of do-it-yourself applications available in the market nowadays to help you get kick started with your accounting if you are a startup real estate company.
Nevertheless, it becomes costlier to handle and keep your accounting software updated as your business expands. Virtual bookkeepers and accountants are proficient in working with such accounting platforms, and when you hire them, you’ll get correct and accurate financial data.
We at Cogneesol provide bank-level data protection and security to make sure your financial information remains safe always.
Avoid costly errors: Here, we are not asking you to bring in complete professionalism in anything and everything you undertake. However, accounting is a very crucial task and should not be handled all on your own, particularly if you don’t have any technical expertise in this aspect.
You must also not ask your friend or a family member to look after your books. Hiring experts in this field will help you streamline your operations and realize profits. Errors in tax returns can have huge implications on your real estate business, and can also lead to business downfall.
Finding it challenging to manage your books? Tired of costly accounting errors? No problem! We, at Cogneesol, have got you covered. We have a team of professional and certified virtual accountants to help you with your bookkeeping and accounting requirements.
To learn more about us, email at email@example.com or call us at +1 646-688-2821.
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