Players in the real estate business have a whole lot of things on their hands apart from having to focus on core competencies. Managing data is on the top of the pile. This includes proper storage of property valuation details and sales, adhering to mortgage stipulations of different countries and conforming to all laws of the land. Having ready reports of cash flows also helps in taking quick business decisions. This is especially true in the Real Estate business as any delay in seizing business opportunities and closing deals can be financially damaging.
Given this scenario where fast moves have to be made to gain a competitive edge, back office functions can often be a drag. This is why more and more real estate experts are choosing to outsource these activities, carving out time to concentrate solely on business growth and development. Spinning off Real Estate Bookkeeping to agencies who have professional expertise to handle it is paying in the long run. These agencies have fully automated their bookkeeping systems so that the best of services can be given to clients.
What then are 5 top of the line accounting software that are used by these outsourced agencies to optimize business operations for the real estate industry?
- QuickBooks – One of the advantages of QuickBooks is its invoice management features. More often than not you have to deal with thousands of invoices spread out globally. Bookkeeping services using QuickBooks will track every invoice throughout its lifecycle, easing problems with cash flow. The software also facilitates bank reconciliation so that you are always in the know of your true financial standing.It is very crucial for those in the real estate industry to have updated financial reports round the clock. QuickBooks offers latest reports so that you can be sure that you are on solid grounds when negotiating agreements or offering lucrative deals to clients. QuickBooks Accounting Services also comprehensively processes your payroll functions. Simply upload employee particulars and amounts payable and all calculations including tax computation will be fully taken care of.
- Xero – This is one of the most versatile software for the real estate industry. Do not get tied down to your office to see your financials. Monitor them from any remote location on your smart phone, laptop or tablet and take business decisions when meeting clients anywhere in the world. Plus, hundreds of third party applications specific to your industry can be integrated in this software. Thus you have a platform that can be tailor made to your needs with such add-ons as inventory and invoice management or reconciliation of credit card or bank accounts.A very important feature is that you can authenticate any transaction with proof to back it up. Make a payment, drag and drop scanned copies of sales deeds or invoices in Xero and refer to them whenever needed on the go.
- Netsuite – There are certain bookkeeping parameters that should always be kept updated and be visible to you. These include accounts payable and receivable, bank reconciliation and income and expenses. It is because these govern cash flow and reserves and indicates the extent to which future investments can be committed. In Netsuite, a real time dashboard is available from where the position of these heads of accounts can be instantly seen.Seamless integration between your systems and Netsuite services offered by Real Estate Bookkeeping agencies is crucial to tracking and monitoring such areas as vendor management and enables you to take correct business decisions through optimized processing of operational data. Netsuite also takes care of total payroll management.
- Quicken – The advantage of Quicken for the real estate sector is that the software is compatible with Windows and Mac versions so that there is never any problem keeping a track of your financials on the go. Access your accounts and statements of finances any time from any location on your laptop. Refer to the latest updated reports before making any important business judgments. Even though your data is transmitted over the Internet, you can be sure that they are always safe and secure because Quicken facilitates 128 or 256 bit encryption for added security.Further, Quicken enables you to transfer data to other relevant software. For example, you can export employee particulars to other systems that specialize in tax calculations.
- Sage – There are a number of versions of this software ranging from low to high end applications and your Real Estate Bookkeeping agency will customize a solution based on it. An advantage here is that Sage allows you to track your cash flow almost on a real time basis. Once you know your actual liquidity position you can go forward and take vital investment or purchase decisions. It also helps you to track sales trends so you are always in the know of the state of your business and can take corrective decisions any time. Enabling comprehensive invoice management and online computation and submission of tax and VAT returns are other features of this software.High end version of Sage allows automating of business processes through optimized sales, marketing and customer service operations. In the real estate scenario, all three are equally important to maximize business development and profitability.
The above analysis takes into account the key points of bookkeeping related to the real estate industry only. There is more to these software than that detailed here. Further, there are certain specifications of each of them that are common to all and the suitability of one over another rests on the size and specific requirements of real estate companies.
If you need top end real estate bookkeeping services to advise and guide you in this regard, contact Cogneesol at cogneesol.com. Our qualified accountants will help you take a correct decision on the precise bookkeeping software that will maximize your business operations.