Businesses are being started all over. Many of the real estate agents who have well-established businesses as well as those who are starting afresh don’t have the essentials that would enable them to perform the basic accounting functions relating to their businesses. Businesses are started in virtually every other industry and one doesn’t have to be an expert in every field Just as marketing is a function of each and every business, so is accounting.
Here are some of the financial services that you will enjoy from a professional account ting firm;
General accounting services
Services which fall under these categories capture transactions of are of clerical nature and tend to be recorded daily. Some of these services include the issuing of monthly water fees, paying electricity bills and so on. Recording of all monthly revenue and expenses as well as recording the ratios of the paid amounts in relation to the available cash held forms part of the job. Under general accounting roles, the accountants will advise the real estate agent on the need to adhere to the ‘accounting concepts and principles’.
Preparing of monthly lists of unpaid bills
All receipts are supposed to be recorded on a daily basis and so should daily expenses. The proper recording of these transactions helps the accounting firm, as well as the agent, know the income and expenditure in any given month. The preparation of these statements helps the accountant establish the unpaid or due bills at the end of the month. The preparation of these statements should be done in collaboration with the monthly bank statements which also help in reconciling the bank statements and cash in hand.
Preparation of financial statements
Preparation of monthly income and expenses statements helps the accountant know the financial position of the real estate agency. The agency is able to make sound decisions whether financial or otherwise which would not be the case had the statements not been prepared. Financial statements are very important because they show how healthy the agency is. They indicate whether the agency is making a loss or a profit.
Tax is an obligation for each and every citizen. The agency has an obligation to forward to the government, any amounts it has collected on its behalf. Computation of tax and forwarding of the same to the government requires some expertise. Your accounting firm will do this with ease.
A real estate agency can opt to take any one of the services highlighted above or all of them. Either way, there will be great benefits to be enjoyed once a real estate agency decides to go for financial services offered by a professional accounting firm.