Whiz Consulting is a prominent name in the accounting and bookkeeping industry. Recently, they revealed their latest specialized real estate accounting services. These services specifically cater to the accounting needs of businesses engaged in real estate. The accountants at Whiz Consulting stated, "The real estate industry undertakes voluminous transactions. Since both the amount and number of transactions are heavy, accounting becomes pretty complex. These firms look for a real estate CPA near me to manage these complications. It prompted us to devise specialized services to cater to their needs perfectly."

The real estate accounting industry faces various challenges like managing numbers for multiple projects simultaneously, complying with the payroll requirements of temporary and permanent employees, and integrating accounting and bookkeeping software with property management software. Such complexities act as a hurdle for real estate industries to grow. No sector can function without crunching accurate numbers. Accounting provides insights into the financial performance and position of the company. It influences decision-making, resource allocation, and seamless functioning. The real estate CPA near me facilitates generating and presenting financial statements to internal and external stakeholders. Also, they help the firm file taxes and avail of deductions for savings. 

"At Whiz Consulting, we undertake thorough analysis to investigate the causes behind an accounting struggle of a real estate firm. We devise solutions and accounting strategies that cure their pain and relieve them of any burden. We employ the latest technologies and proficient accounting professionals to tackle the real estate accounting challenges," said the experts at Whiz Consulting. The real estate business must ensure compliance with legal and payroll regulations without compromising the quality of core operations. 

The real estate CPA near me at Whiz Consulting covers the following services:

Bookkeeping- Maintaining accurate and up-to-date information about the financial transactions in the books. Handling payroll, receivables, payables, inventory, etc., for financial statement generation and tax reporting. Undertaking reconciliation periodically based on the transaction volume. 

Accounts payable- Ensuring that real estate firms never breach suppliers by paying them timely. Generating reports and ratios for insights into payables performance and alerting if anything is incorrect. 

Accounts receivable- There's nothing worse than having your cash stuck in receivables and being unable to recover it due to inefficient management practices. The real estate CPA near me ensures speedy collections and proper focus on overdue receivables. They also help minimize bad debts to the least. 

Financial reporting: A proficient and qualified accounting team can ensure the production of financial statements per the real estate business needs, regulatory bodies, and industry standards. These reports go beyond financial statements to include analysis, KPI reports, debtor details, reconciliation statements, etc. These records aim at providing in-depth knowledge about the company's financial performance, position, and progress. 

Payroll:  A real estate construction business hires employees on a temporary, contractual, or permanent basis. The taxation rules differ for all these methods. Therefore, these firms require a real estate CPA near me to pay such employees on time, track billable hours, withhold federal or state income tax, take care of Medicare and social security taxes, etc. 

Business set-up advisory: Real estate businesses must know which business structure will suit their operations, vision, and mission and opt for it accordingly. These include sole proprietorship, partnership, Limited Liability Company (LLC), C or S-corporation, etc.  

Filing taxes: Real estate businesses that need help with preparing and lodging tax returns and saving through deductions must find a suitable real estate CPA near me. No industry can escape compliance and adherence to the legal and taxation rules. Filing correctly on time and calculating precise amounts are crucial to avoid penalties. 

About Whiz Consulting:

Whiz Consulting is a well-established accounting and bookkeeping firm serving small, medium, and large businesses in the US. They offer basic bookkeeping, accounts receivable, payables, reconciliation, invoice processing, payroll, tax filing, financial reporting, etc. The consulting services include KPI reporting, project accounting, management accounting, business advisory, virtual CFO, and ratio analysis services. They have a team of proficient accountants with years of experience in their respective fields. 

https://www.whizconsulting.net/us/real-estate-accounting-services/