PUBLISHED: August 19, 2022
Experienced real estate agents know that accounting software is essential for tracking income and expenses, monitoring cash flow, and producing financial reports for your business. If you’re in the real estate industry and considering switching to digital accounting or updating your current system, then this article can guide you through the Top 4 Features of the Best Accounting Software for Real Estate Agents.
Track Properties and Property Deals
Real estate agents track different kinds of property information in the course of their work. The best accounting software for real estate agents must have a database module that can track properties. It is ideal to have a database of properties that you’ve looked at, were listing, do want to buy, or have sold.
You may also want to track property deals. This might include the terms of the deal, the price and the time frame for completing the deal. You might even want to track the potential profit for each deal, and keep tabs on potential profit and loss.
Financial Tracking
Real estate agents are also responsible for keeping track of their income and expenses in the course of their work. A Sales and Purchases management module that can handle different types of income and expenses should be included in the best accounting software for real estate agents.
The best accounting software for real estate agents must be able to track the amount of each payment made, whether it was paid or due, the amount of each payment, and the payment due date. It should also be able to track the amount of each expense, the expense paid and the expense due date.
Produce Financial Reports
The best accounting software for real estate agents must be able to easily produce financial reports for your business. It should be able to create reports for a variety of purposes: for management, for investors, for contractors, or even for potential clients.
In real estate accounting, the accounting software for real estate agents must be able to produce basic profit and loss reports, or more complex cash flow reports. Whatever reports you produce, you should be able to export them in a format that can be easily shared with others. It’s also important to be able to create custom reports, to tailor reports to your individual needs.
Automated BIR-Ready Tax Filing Tracking
Like any other real estate and property-related businesses, being government compliant is important. It also must be BIR CAS Ready software so the burden in producing these reports is lessened. It can not only track your income and expenses; it should also help you stay compliant and penalty-free by helping you follow tax regulations in your business.
If you’re an entrepreneur in real estate, then it is critical that you use the best accounting software for real estate agents. This will help you manage the unique challenges of operating in real estate.
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