Why You Should Hire a Real Estate Accountant
Hiring a real estate accountant can help you both prepare reports and create winning financial strategies to help your firm succeed. With in-depth knowledge of both taxes and real estate regulations, they can help you navigate the often confusing world of real estate transactions. This article will cover:
- What is a real estate accountant?
- How to choose a real estate accountant
- Tips for finding the best real estate accountant
- 5 reasons to hire a real estate accountant
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What is a real estate accountant?
A real estate accountant is an accountant that specializes in preparing reports and financial strategies for both real estate developers and property owners. Duties of a real estate accountant include tax preparation, consulting, and strategy, in addition to budgeting and annual reports. Real estate accountants are often the go-betweens for lawyers, advisors, and banks, and help with all referral and day-to-day questions.
How to choose a real estate accountant
When deciding on a real estate accountant, make sure to consider their certifications and licenses. You want to ensure that they’re a certified public accountant with experience in real estate property and tax preparation/strategy. Ask about the specific tax areas they specialize in. If they’ve never worked in real estate before, look elsewhere.
Tips for finding the best real estate accountant
To find the best real estate accountant, consider the following:
- Do they have other accreditations besides being a CPA?: It’s important to find someone who continues to learn and pursue new areas of knowledge, not someone who stopped advancing as soon as they passed the exam.
- How are their referrals and online reviews?: Ask around; make sure that their referrals and online reviews are positive.
- How long have they been in business: You want someone with extensive experience in tax and real estate. Try to find someone who has seen market fluctuations and different business scenarios and can guide you from experience.
5 reasons to hire a real estate accountant
Here are 5 reasons you should hire a real estate accountant:
- A real estate accountant can help you optimize your investments
They know the ins and outs of both taxes and real estate operations. They’ll be able to help you plan and budget your next transaction, as well as prepare your financial reports. Need help figuring out items like your cash-basis income statement or operational costs? Your real estate accountant has you covered.
- They stay up-to-date with the latest tax updates and real estate codes
Real estate accountants stay current with the most recent updates in tax changes as they relate to real estate. You won’t have to worry about running afoul of any tax or real estate financial regulations since your accountant will be taking that load off your shoulders.
- A real estate accountant can help you make objective business decisions
By performing duties such as asset evaluations and budget analysis, your real estate accountant can help you make sound, objective business decisions that are rooted in facts and figures.
- They can help you grow your real estate business
If your business deals with developing and/or acquiring property, you’ll want to have a real estate accountant to provide their extensive knowledge of investment analysis, development expenses, and real estate trends. They will also be able to assist on a more micro-level, with tasks like lease abstracts and property sales reports.
- Real estate accountants can save you money
Take advantage of tax-saving strategies year-round, not just when you need to file your returns. Working with a real estate accountant can allow you to discover new tax-saving opportunities and make strategic business decisions by considering the tax-implications ahead of time.
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