Choosing Outsourced Accounting for Real Estate Businesses

Outsourcing accounting only makes sense if you choose the right partner. Learn how to find the option that best suits your real estate business.

What to Look for in an Outsourced Accounting Firm

Whether you are in property management, construction, commercial brokerage, or portfolio ownership, accounting for real estate businesses is rarely straightforward. No firm can survive without it, yet few want to dedicate the immense resources (time, talent, expertise etc) necessary to do it perfectly. Fortunately, in-house accounting isn’t the only option. For many of these businesses, outsourcing some or all of their accounting obligations is a lot more appealing.

But that raises an important question: How do you find the right outsourced accounting firm?

Each one claims to be the best, but only some will provide the level of service and build the level of trust that firms need to outsource confidently. With that in mind, look for these qualities in whoever you choose to work with:

Industry-Specific Expertise

The real estate industry encompasses many different business models, each with their own nuances and unique accounting challenges. Don’t assume that every firm understands each real estate business model and knows how to resolve specific challenges. Instead, look for an outsourcing partner with a track record of success with your business model and a demonstrated mastery of the financial aspects that matter to you. Industry-specific expertise greatly expands the range and quality of services a firm can offer.

Tech-Driven Services

The best outsourced accounting firms create a synergy between accounting and technology. By leveraging best-in-class technology, these firms uphold accounting best practices while adapting for the needs of today. They also offer clients the benefits of better tech, which include faster reporting with deeper financial insights, automation to further reduce a client’s workload, and easier access to business-critical financial data, all without requiring a client to invest in or learn something new.

Deep Client Commitment

Some outsourcing firms work for clients; others partner with them. Partnership means learning the ins and outs of the business, having strategic conversations about obstacles and goals, and proactively guiding the company to avoid common pitfalls. Great firms become stakeholders in their client’s success – not just service providers.

Expansive Service Offerings

An outsourced firm should provide all the services you require, and be happy to orient those services however necessary. The list of services available should include the basics: accounts payable and receivable, reconciliations, cash flow management etc. The list should also include more advanced services like budgeting, forecasting, KPI tracking, and strategic planning. Top firms operate like world-class accounting departments from which you can pick and choose as few or as many services as you require.

Results Oriented

Outsourced accounting shouldn’t just make life easier; it should make your business

stronger. That means improving productivity and efficiency, reducing the number of errors and mistakes, and delivering a return that’s significantly greater than the investment. Look for a firm that promises results and holds itself accountable if it doesn’t deliver.

Finding a firm that checks all these boxes isn’t easy, but you should consider it mandatory if you’re going to trust someone with your finances. Instead of searching far and wide, connect with an experienced accounting firm from the start, one with a deep background serving the real estate industry. Schedule a free consultation with the team at RealCount.