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Bookkeeping Services for Real Estate Agents and Realtors

As a real estate agent, you work within a wide range of business activities and are required to manage every part of your sales and client process in order to build your brand and business. Sales, marketing, expense tracking, taxes, commissions, events - you need top quality bookkeeping software to keep your business moving forward.

At Accountor CPA, we are dedicated to helping our real estate, landlord, broker, and property management companies find the best bookkeeping software for realtors. We understand the importance of keeping your brand dynamic and connected and know that the management and paperwork behind the scenes is essential for success.

We provide services for bookkeeping for real estate agents across Canada to help them stay on top of their financial documents and money management. Whether you are an established realtor or just starting your career, we can help you grow your business by handling the bookkeeping.

You do not believe in cookie cutter solutions for your clients, and neither do we. That’s why Canadian real estate agents have chosen Accountor CPA to manage their bookkeeping with a free consultation.

Our Realtor Bookkeeping Services

Bookkeeping for realtors is a lot more than just downloading software or a mobile app. It requires regular upkeep and management that can take hours out of your week or day. Invoicing, tracking expenses, compiling documents, client management, overseeing cash flow - these are just some of the tasks that must be done at least weekly.

Most real estate agents or landlords do not have the time to handle these time consuming tasks on a regular basis. This is where Accountor CPA realtor bookkeeping services comes in.

To suit your needs, Accountor CPA offers scalable and fully customizable bookkeeping services. If you are just starting out as a real estate agent or are an onsite landlord, we can provide basic bookkeeping services to get you started. As your business grows and becomes more complex, we increase your services seamlessly.

Some of the real estate bookkeeping services we offer are:

  1. Regular reporting
  2. Real estate ookkeeping software set up
  3. Documenting receipts
  4. Organizing expenses
  5. Issuing invoices
  6. Adding new clients
  7. Managing property tracking
  8. Project management documentation
  9. Collecting payments
  10. Paying bills
  11. Reconciling credit card statements and bank statements
  12. Tracking how much time you spend on projects
  13. Tracking PST/GST/HST
  14. Running payroll
  15. Preparing tax filings

Good bookkeeping software for real estate will fully encapsulate all of these tasks so you can access everything from one app or website easily.

Use your valuable time to expand your business and work with your clients. Leave the bookkeeping tasks and management to us.

What to Look For in Real Estate Bookkeeping Software

When looking at the real estate bookkeeping software options available, there are a number of aspects to keep an eye out for that indicate a robust program. The best bookkeeping software for realtors is one that allows them to separate their real estate and personal expenses and income.

You should also look for real estate bookkeeping software that:

  1. Tracks and manages properties online, including land, houses, apartments, condos, and commercial
  2. Easily integrates property management and accounting functions
  3. Includes Client management tools
  4. Provides Easy receipt uploading and expense management
  5. Connects to bank and credit card accounts
  6. Reconciles bank and credit card accounts
  7. Allows access for multiple users
  8. Allows access across multiple devices
  9. Is cloud-hosted with robust security
  10. Manages financial statement information and reporting (balance sheet, income statements, and cash flow statements)
  11. Separates profit and loss by property or sale
  12. Tracks vehicle mileage
  13. Includes a mobile app
  14. Assists in tax preparation
  15. Marketing functions and features

Seem complicated? You should expect a lot from your bookkeeping software. Accountor CPA can help you find the best software to suit your real estate business.

The Best Bookkeeping Software for Realtors

Accountor CPA has been working with real estate agents and landlords in Canada for years providing bookkeeping and accounting services. We have experience working with a number of real estate bookkeeping software programs and online services. What are our recommendations for the best bookkeeping software for realtors?

QuickBooks Online

QuickBooks Online is the most robust real estate agent bookkeeping software on the market. You can separate income, expenses, assets, and liabilities by property to get a detailed view of your return on investment on each property. Track bills, integrate your bank and credit, prepare financial statements and tax documents with ease, and track mileage all from the app. If you are taking your realtor bookkeeping seriously and need a centralized app where you can access all apps and information related to finances, QuickBooks can be the solution you are looking for.

QuickBooks Online also offers QuickBooks Self Employed if you are operating as an independent realtor. It offers some of the same great functions as QuickBooks Online with a few exceptions. You are not able to track profit/loss by property and cannot track unpaid bills, but you can still separate your personal and business expenses, which is key for running a successful real estate business. QuickBooks Self Employed also includes the same great tax preparation options.

Xero

Xero is one of the best bookkeeping software for realtors on the market. It is cloud based and offers unlimited user access, making it a good solution as you expand your business and have other employees or administrators that need access to financial documents. Importantly, it allows for tracking profits and losses by property to allow for you to find properties or neighbourhoods that are good or difficult sellers for you.

You can track assets, income, financial statements, outsanding bills or payments, paying off debts, and investors and shareholders. It has robust features that can handle an real estate agent or realty business and help keep finances on track.

Expensify

Expensify is one of the leading bookkeeping online services for the easiest expense tracking. With receipt scanning, mileage tracking, workflow planning, and dozens of third-party integrations, Expensify is a great choice if you are looking for reporting based on specific properties and clients. It also has reconciliation functions and custom reporting, so you get an accurate view of your bookkeeping at all times.

RealtyZam

RealtyZam is one of many bookkeeping software for real estate agents made specifically for the industry. Its main benefit is that it allows for easily tracking costs associated with each deal or property, so you can see your profits and losses organized in a way that helps you make decisions about how and where to expand or shrink your focus. It is cloud-based and allows for receipt scanning right on the mobile app to track expenses.

This software does not have functions that make it a good option for landlords or property management companies - it focuses only on realtors. It also does not support tracking assets and liabilities or unpaid bills, so it does not always produce an accurate overview of your current cash flow and future projections.

Wave

If you are a real estate investor and looking for landlord bookkeeping software, Wave has options that may be right for you. You can connect your bank and credit accounts and prepare financial statements to track rent paid or losses. It has free options that supports one user only. However, you are not able to separate profits and losses by property. This makes it an acceptable solution for landlords with a few rooms or properties, but not for larger property management operations.

The Best Bookkeeping Software for Rental Properties and Landlords

Landlords managing their own rental properties face their own challenges when it comes to bookkeeping and accounting. Landlords require bookkeeping software for rental properties to ensure that they are following all provincial legislation as well as local bylaws and clearly tracking all the expenses and communication with their tenants.

Landlords need to be able to show expenses paid on the property, rental income, and any other income or expenses related to terms of the rental agreement. Bookkeeping software for rental properties and landlords ensures that tax filing is simplified and there is clear documentation of all communication and exchanges with the tenant for liability purposes.

Accountor CPA’s landlord bookkeeping software and services allows us to take this stress from you so you can focus on fostering a positive relationship with your tenant. You gain the peace of mind that you are operating as a professional landlord, meeting all bylaw and tax compliance laws, and providing a good home for your tenant when you work with professional bookkeeping services for landlords.

Using QuickBooks for Real Estate Bookkeeping

QuickBooks Online provides a wide variety of options and customizations to fit how you run your real estate business. It provides scalable real estate bookkeeping solutions to show you your cash flow at all times. This real estate bookkeeping software is a robust option for real estate agents, real estate investors, and landlords alike.

The team at Accountor CPA can help you set up QuickBooks to suit your business. Specific functions can be linked to your properties for sale or rent, your clients or tenants, and vendors. You can easily organize your business operations and link different financial statements to each category to track profits and losses in neighbourhoods or demographics.

You can also easily track debts, which can be particularly important for landlord bookkeeping software if properties are vacant. For larger property management and rental property enterprises, you can track investors and shareholders contributions and payouts.

The biggest benefit that comes with using QuickBooks for real estate bookkeeping is that you are not going at it alone - you have the support of the Accountor CPA team. We handle set up and introducing you to the easy-to-use platform and work behind the scenes to ensure your books are being tracked and managed well. With QuickBooks, collaboration with your accountant and bookkeeper is easy.

Real Estate Agent Bookkeeping That Benefits You

Real estate agents need professional bookkeeping software and services to keep their business organized and separate from their personal finances. Bookkeeping for realtors changes the way you look at your career. At a minimum, it helps you minimize expenses as you grow your business. Even more often, it allows you to find innovative ways to use your money to find new clients and beat out your competition.

With cloud-based bookkeeping software and solutions, the sky is the limit on how you can use your bookkeeping to grow.

Why do real estate agents need modern professional bookkeeping services?

Track expenses

When it comes to real estate, every expense counts. You need to be able to track everything from mileage, to business cards, to entertainment, to marketing. Easy to use bookkeeping software allows you to do this seamlessly, sometimes by simply taking a photo of the receipt. A professional bookkeeper can help you minimize the unnecessary expenses and find ways to cut back to maximize your income without impacting your business services.

Track sales

You can use bookkeeping software for realtors to track specific details about your sales and commissions so you can gain insight into the best ways to grow your business. Integrating your bank and credit information and you can pay bills and make deposits directly from the software to save time.

Create a business budget

Bookkeeping is the tried and tested way to be able to analyze your finances. Creating a budget for your personal expenses and your business expenses is nearly impossible without the help of real estate bookkeeping software and a professional bookkeeper. You get insights into creating a budget that fits your lifestyle and grows your business without stretching you thin.

Professionalism

As a realtor, you build your brand based on your reputation and word of mouth. Professional bookkeeping services allow you to provide timely and accurate invoices and show your clients you are professional and experienced. When you run an organized operation, good word travels fast.

Manage invoices and payments

Staying on top of accounts receivable for vendors or event-related spending can take hours per week, not to mention the time it takes to follow up. Manage invoices with invoice issuing and automatic email reminders so vendors can pay right away without hassle on your end.

Comprehensive Advice

Bookkeeping for real estate agents does more than just track spending. The reports generated and analyzed can help find gaps in financial planning and make recommendations for budget planning that you may not otherwise notice.

Simplified Tax Season

Claiming personal tax credits, expenses, and reporting realtor income can be difficult at year-end. When tax season comes, you already have a record of expenses and financial activities in your bookkeeping software. Good bookkeeping software for realtors will help also utilize tax planning and prepare tax documents for you.

Real Estate Agent and Realtor Bookkeeping in Canada

Real estate bookkeeping software is useful for everyone involved in the real estate industry. Whether you are a broker, a realtor, a landlord, or interested in real estate investing, we can help you improve your control over your finances.

Whether you work with a qualified bookkeeper year-round, get recommendations for a bookkeeping app or software, or just need some advice to get started with good bookkeeping basics, the team at Accountor CPA is here for you. We know the importance of every dollar for real estate agents and are dedicated to helping you make the most out of your money.

Our experienced team bookkeepers and Chartered Professional Accountants (CPAs) can help you find the right software and develop a system that suits your business. We can help you create budgets, plan for the unexpected, and manage your expenses more easily.

Take control of your finances with our real estate bookkeeping software and services. Contact Accountor CPA today for a free consultation.