As a realtor, you must keep track of your business finances all year. However, where do you begin tracking your numbers? QuickBooks for real estate investors is a great tool to help you keep tabs on your business finances. It might help you free up time to make intelligent decisions about growing your real estate business.
Why You Should Be Using QuickBooks for Real Estate Agent Bookkeeping
Using QuickBooks to track your expenses and income can help you get an easy view of where you can save money while giving you a clear vision of where you can work at cutting expenses in your real estate business. This will enable you to make smarter decisions in the future.
QuickBooks for real estate investors can help you manage employee-related admin, by automating your payroll taxes. The system calculates the amount you owe based on employee salaries and then files those taxes on your behalf.
Using QuickBooks will also help you evaluate the performance of your business month after month. Consistently tracking your finances with QuickBooks is a great way to create a predictable, sustainable real estate business. You can easily use the numbers to help you set realistic goals each year. These goals will also serve as a guide to creating quarterly milestones.
Using QuickBooks for real estate agent bookkeeping allows you to scale your business. Whether you have 10 or 100 agents, QuickBooks is flexible and scalable. It is the most widely used accounting software and has millions of users throughout North America.
Another benefit of QuickBooks is its customizability. You can tailor it to work the way you want it to. Integration options, including your bank, credit card, and others, are virtually unlimited. QuickBooks works with many business applications.
QuickBooks for Real Estate Investors Versus Accounting Solutions Designed for Real Estate
Real estate accounting software has its place, especially if you track items exclusive to the real estate verticals. However, this type of software has certain risks that do not address common real estate accounting pain points.
For example, accounting solutions designed for real estate are complex. They require weeks of training lead time. In the real estate business, staff turnover is a reality. You don’t have time to constantly bring new hires up to speed with a complicated accounting system full of features you don’t need. QuickBooks is easy to learn, customizable, and most should easily understand how to use it.
Additionally, many of the accounting solutions designed for the real estate industry have limited integration, meaning that you still find yourself doing manual data entry. Reports are not flexible or user-friendly. While software tailored for real estate may house the requirements needed to run your back office, it can cause more problems than they solve. QuickBooks addresses these common real estate accounting pain points by being user-friendly and customizable enough to work for any industry. It also offers more integrations than any other accounting software out there.
QuickBooks does have some limitations. For example, you may have to manually calculate commissions, trust, and escrow. Or you can integrate QuickBooks with real estate back-office software.
Get the Support You Need to Make the Most of QuickBooks
At Fusion CPA, experience has shown us that the best way for realtors to get the most from QuickBooks is when it is used and installed with the assistance of a CPA. Our accountants are QuickBooks experts, and we understand how to make the software suitable for your business.
Many clients come to us because they need help cleaning up their software after a bad install or poor use. We can help you set it up for optimum results for your business, from the get-go. If Quickbooks is set up right, your business could benefit by possibly saving time and money.
Learn more about how we can help you make the most of using QuickBooks for real estate agent bookkeeping.
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