Real Estate Accounting Services

With our extensive experience in the residential real estate markets, especially in New York City, we offer a comprehensive suite of accounting services tailored specifically for property management. Our mission is to simplify your accounting processes, ensuring accuracy and compliance, so you can focus on maximizing the potential of your real estate investments.

We understand that real estate accounting encompasses a wide range of tasks and responsibilities. Our firm is equipped to handle all your accounting needs, providing you with peace of mind and the assurance that your financial records are in expert hands. Here are the key services we offer:

1. Property Tax Management

Managing property taxes can be a daunting task, especially with the frequent changes in tax laws and regulations. Our services include:

1. Accurate calculation and timely payment of property taxes
2. Filing of property tax returns
3. Appeals and protests against property tax assessments
4. Keeping track of tax deadlines to avoid penalties

2. Maintenance of Escrow Accounts

Escrow accounts are essential in real estate transactions to hold funds securely until the completion of certain conditions. We provide:

1. Regular monitoring and reconciliation of escrow accounts
2. Ensuring compliance with legal requirements
3. Detailed reporting of escrow transactions

3. Accounts Payable/Accounts Receivable (AP/AR)

Efficient management of AP/AR is crucial for maintaining the financial health of your real estate business. Our services include:

1. Timely processing of invoices and payments
2. Monitoring of accounts receivable to ensure timely collection
3. Managing vendor relationships and ensuring accurate record-keeping
4. Regular reporting and analysis of AP/AR status

4. Capital Improvements Budgeting

Planning and budgeting for capital improvements are vital for enhancing the value of your property. Our expertise includes:

1. Detailed budgeting for capital improvement projects
2. Cost-benefit analysis to prioritize projects
3. Financial planning and securing funding for improvements
4. Tracking and reporting on project expenditures

5. Line of Credit Analysis

A line of credit can be a valuable financial tool for managing cash flow in real estate operations. Our services include:

1. Analyzing the best line of credit options for your needs
2. Assisting with the application process and negotiations
3. Monitoring and managing the use of the line of credit
4. Providing insights and strategies to optimize credit utilization

6. Repairs and Maintenance

Regular repairs and maintenance are essential to preserve the value of your property and ensure tenant satisfaction. Our services cover:

1. Budgeting and planning for routine maintenance and repairs
2. Coordinating with maintenance personnel and service providers
3. Tracking and reporting on maintenance expenses
4. Ensuring compliance with health and safety regulations

7. Budgeting and Financial Planning

Effective budgeting and financial planning are the cornerstones of successful property management. We offer:

1. Comprehensive financial planning and analysis
2. Preparation of annual budgets and forecasts
3. Monitoring and adjusting budgets as needed
4. Strategic planning to achieve long-term financial goals

8. Working with the Board of Directors

Collaborating with the board of directors is essential for the smooth operation of any residential real estate property. Our services include:

1. Preparing detailed financial reports for board meetings
2. Providing expert advice on financial matters
3. Assisting with the development and implementation of financial policies
4. Facilitating clear and effective communication between management and the board

Our Offerings

Outsourcing your accounts receivable management to us offers numerous advantages that go beyond cost savings and efficiency improvements. Here’s how we add value to your business:

• Expertise and Experience: Our team of CPAs and tax professionals has years of experience in the real estate sector, particularly in New York City. We stay up-to-date with the latest industry trends and regulatory changes to provide you with the most accurate and relevant advice.
• Tailored Solutions: We understand that each real estate property has unique needs and challenges. Our services are customized to meet the specific requirements of your property, ensuring that you receive the support you need to succeed.
• Accuracy and Compliance: In real estate accounting, accuracy and compliance are paramount. We use advanced accounting software and meticulous processes to ensure that your financial records are precise and compliant with all regulations.
• Transparent Communication: Clear and transparent communication is at the heart of our service philosophy. We keep you informed at every step, providing detailed reports and explanations to help you make informed decisions.
• Commitment to Your Success: We are committed to your success. We go above and beyond to provide you with the highest level of service, helping you achieve your financial goals and maximize the value of your real estate investments.

Contact Us for Real Estate Accounting Services

Ready to take the stress out of real estate accounting? Contact us today to learn more about how our expert accounting services can benefit your property management operations. Whether you are a property owner, manager or part of a board of directors, we have the expertise and solutions to meet your needs. Let us handle the numbers so you can focus on what you do best – managing and growing your real estate portfolio.