If you have a real estate or construction firm, you probably know that the bookkeeping of the real estate industry is a tedious & time-consuming process. It follows many state regulations and a myriad of transactions. Therefore, it is essential to maintain organised books of accounts to do real estate accounting. You need a standard process to collect financial information, an appropriate accounting method, and create a consistent filing & tracking system for starting real estate accounting.
Who uses Real Estate Accounting?
Real estate accounting is used for effective property management. In real estate, a large flow of cash needs to be managed and organised for running the organisation effectively. Knowing how to do real estate accounting & tracking progress is essential to check the profitability of your business. You must be acquainted with real estate accounting if you are associated with any of the following categories:
- Run a building construction firm
- Provide residentials sales
- Run a real estate agency
- Manage an investment trust
- Run a real estate agency
- Handle the accounts of a housing association
How MYOB Online helps to do Real Estate Accounting?
MYOB Online is a cloud-based software offered by an Australian bookkeeping, tax, and accounting software company. It provides a range of services, including MYOB Essentials, Essentials Payroll and an inventory control system.
Top 3 Benefits of MYOB Online to do Real Estate Accounting-
- Have a Clear View of your Staff
If you are determined to scale your business on an enormous level, you will need more workforce to help in managing your business. You might hire employees, salespeople, contractors and agents, and it is essential to control them wisely to pay them on time without errors. Misclassifying them or not paying on time might lead to back wages, audits, penalties, and interest. If you classify someone as an employee, you need to deduct taxes and pay employer taxes, but you don’t have to deduct taxes in the case of contractors.
Also, many employers offer commissions and incentives necessary to pay correctly and on time in real estate. MYOB online completes your pay runs and manages employees & contractors.
- Scan & Upload Receipts in an Instant
Whether it is a real estate company or some other industry, every company needs to keep an eye on its banking details & requirements. And, for that, it is essential to record every transaction. But manually recording all transactions is a time-consuming and chaotic process, and there is a high chance of errors. With MYOB, it is easy to scan & upload receipts in no time. It helps in sending photos of invoices directly to your software. And to do it effectively, you should have a record of all supporting documents for easy and faster accounting.
- Understand Your Cash Flow
It is essential to understand the cash flow for performing any financial activity. Unfortunately, not all business people are aware of them and might make some errors. For performing accounting effectively without affecting core business activity, every business needs assistance. Therefore, many new business owners choose to hire outsourced bookkeeping and other finance-related services to run their business. MYOB helps in easy tracking & preparing your BAS, GST and super tax time without the mountains of paperwork.
Final Words-
In the real estate industry, a large flow of cash needs to be managed and organised for running the organisation effectively. Besides the mentioned benefits, MYOB helps get paid faster, lodging STP directly with the ATO and managing multiple currencies. If you have a real estate or construction firm and want to learn more about MYOB for your business, Whiz Consulting is the best option.
Contact us to know more about our outsourced bookkeeping services in Australia.
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