The Role Of An Accountant In Real Estate Industry

Role of an Accountant in Real Estate

An accountant is an unquestionably imperative member of the real estate team as it plays a huge role. The accountant can help to discover and control as many tax benefits as possible, follow the legitimacies of the ever-changing tax code, and keep track of the ongoing business transactions and help to stay organized, by means of a financial record-keeping system that makes logic.

Bharti Jogia-Sattar has been working as finance and accounting executive in the greater Los Angeles metropolitan area with specialization in the real estate market. She has been serving as the finance and accounting executive for more than twenty two years now.

Bharti says that well-managed real estate accounting is important since working in real estate means dealing with large sums of money on a day to day basis and this is true if you:

  • Manage residential or commercial real estate for clienteles
  • Offer residential sales and lettings services
  • Operate a real estate organization hiring appointed salespeople
  • Run a building construction firm
  • Manage the accounts of a housing association
  • Manage an investment trust

In all of these designations, well-managed real estate accounting can make all the transformation.

Spending hours in calculating, examining and enlisting of accounting records and reports can take a heavy toll. It tends to impact on the actual operation of the business. Therefore, it is always a better option to look out for a real estate accountant as he or she can get the work done in an effective manner. This is one of the best options available for business industry in present times. Whether you are a small firm or a big one, it is mandatory for you to present your flawless financial record at AGMs. This will decide the future and market position of your business. So, hiring the services of reputed accountant who has specialization in real estate is of utmost importance.

Bharti Jogia-Sattar says that a real estate accountant comes up with financial plans and prepares reports for property owners as well as real estate developers. They are involved in numerous property related happenings such as tax reporting and budget, planning and investment. Their main liability is to assist customers or employers in arranging financial records and numerous reports for real estate dealings. These records and reports consist of property sales, tenancies, time sharing and rent payment.

In addition to this, an accountant is also supposed to deal with development expenditures, functioning prices and incomes. Other reports such as profits and expenses cycle reports, cash basis income statements, lease abstracts and other reports associated to financial plan will be also a part of the real estate accountant. If there are administrations looking to obtain and develop property, they can also ask take assistance of the accountant in providing them with asset analysis and development. Moreover, an accountant in the real estate industry is also supposed to take part in activities such as assessment, asset appraisal and capitalization.

Thus, the role of the accountant in real estate industry is a very significant one.