Real Estate Accounting Services
Monitoring real estate accounting and bookkeeping constantly can be a challenge for realtors. However, it is crucial to remain profitable in the competitive market. That's where our real estate accounting services can assist you. Whether you are a real estate agent, broker, or property manager, we've got you covered. At Cogneesol, we offer our clients the peace of mind that comes from having a skilled team overseeing every aspect of their accounting and tax planning. We enable you to focus on serving your clients and growing your revenue. On the other side, our team diligently manage your accounting processes, identify opportunities to boost cash flow, and develop a comprehensive tax planning strategy.
Our real estate accounting and bookkeeping services extend beyond mere service – we maintain open lines of communication throughout the year, ensuring that you are continuously informed and in control. Your financial statements are meticulously reconciled, and our expert advice is always at your disposal. We take pride in our accessibility and are ready to assist you promptly with any financial concerns or tax queries.
Our Real Estate Accounting & Bookkeeping Services
Real Estate Bookkeeping
- Setting up the Chart of Accounts
- Recording expense receipts from tenants
- Recording invoices from suppliers
- Paying suppliers
- Processing payroll and providing the paychecks
- Recording depreciation and other adjusting entries
- Entering bank details
- Segregation and allocation of project-related costs
- Construction in progress reports
- Month-end or year-end closing (reconciliations & preparing cash projections)
- Recording the transactions by Properties/class or Jobs
- Inter-company transaction processing
Real Estate Accounts Payable
- Entering and processing invoices using accounting software to track expenses at multiple levels
- Managing overhead-related bills, such as utility bills (Recording meter readings, allocating expenses across multiple properties & making utility bills payment online)
- Managing expenses related to insurance (Keeping track of the due date and amount to be paid for an insurance premium)
- Handling disbursements (Entering checks for printing after getting approval & generating related disbursement reports)
- A comprehensive review of various payable batches (Property wise, account wise & vendor wise)
- Processing of 1099s
- Preparing Accounts Payable Aging Summary and Details report
Real Estate Accounts Receivable
- Setting up leases in accounting software
- Processing the rent of tenants on a monthly basis
- Generating rent statements
- Processing and analyzing of rent collection on a monthly basis
- Late fee application in case of delayed payments
- Updating move-in, move-out or termination record of tenant
- Keeping track of utility consumption and estimating billbacks
- Analyzing tenant ledger reports to determine any discrepancy
- Keeping track of security deposit of tenants
- Preparing Accounts Receivable Aging Summary and Details report
- Preparation of cash-based or accrual-based property control reports on a monthly basis
- Maintaining financial schedules, such as amortization and depreciation
- Comparison between actual expenses and monthly budgets for preparing variance reports
- Preparing financial reports like Profit and loss by Months, previous year comparison, Profit and loss by Properties, Balance sheet by month, previous year comparison, Balance Sheet by properties, Trial balance, Cash flow statement, and General ledger.
- Payroll setup
- Payday calculations and direct deposits
- Payroll taxes calculation and form-filling
- 941, 1099, 940 and quarterly state tax returns
We Support Multiple Accounting Software
With expertise in every accounting software and platform, our team of highly skilled professionals offer fast learning curves and swift implementation of solutions.
Our Key Differentiators
Best Talent Pool
Make use of the capabilities of our skilled in-house resources; having numerous years of real estate bookkeeping experience to let you stay ahead in the market.
We, at Cogneesol, provide customized accounting for real estate brokers or agents, which are in accordance with their particular business requirements and the current market demands.
Leverage cutting-edge technology and infrastructure without needing to make extra investments, thus saving costs, and utilizing the same budget for business growth.
High Accuracy Rate
By using accounting outsourcing services for real estate firms, the accuracy benefits of almost 99.95% can be availed at the hands of experts.
Our team believes in offering first-class property accounting and bookkeeping services, that too within your budget. We charge only what we think we deserve!
When you outsource your real estate bookkeeping tasks, you get them completed within strict deadlines, enabling you to maintain the records in a timely manner.
Security and Protection
We ensure complete security of your financial data since our services take advantage of secure FTP servers & encrypted emails for data transfer.
Who We Serve
Construction & engineering companies
Landowners & developers
Our Promise in Real Estate Accounting Services
You can take out day-to-day real estate bookkeeping tasks from your to-do list by outsourcing them. We, at Cogneesol, promise to maintain your books in an orderly manner and prepare personalized financial reports.
Our real estate accounting services assist you in finding out and preventing unnecessary expenses and accurately keeping track of where your money is actually going. Cogneesol works in accordance with the clients’ business model, work methodology, and objectives before project initiation to satisfy their requirements. Our focus is on taking a proactive action at each and every phase, in order to help you attain excellent results within limited timelines.
As a real estate professional, should you be looking for a company that can help you attain excellence in your finance and accounting procedures, your search ends at Cogneesol!
It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
The team is extremely good with project accounting. With many projects at different levels of completion, we needed a good partner that would maintain our project books as per law and generally accepted accounting principles. Cogneesol gives us this very support. We are amongst the most compliant in the industry!
Cogneesol adopts industry best practices to bring the highest standards of accounting and reporting into our business. Auditors and regulators respect us for our accurate books of accounts. The team has been our accountants for a good many years now. Their sense of ownership and discipline are commendable and extremely beneficial.
We needed simplified accounting processes in order to be able to concentrate more on vital business activities. Cogneesol’s professionals came on board, revised accounting and reporting operations and put in place a structure to bring efficiency and effectiveness. We now have a realistic and accurate view of our business operations at all times.
Get in Touch With Us
We combine deep industry experience and expertise to build finance and accounting solutions that will make your organization future-ready for scale and new technologies. Have specific questions, or want a guided tour of our services? Get in touch with us!