Below are some of the processes you can expect to encounter when you outsource your Real Estate bookkeeping and accounting needs to us. The process overview for our Property Management bookkeeping and accounting can be found here.
- Setting you up for our real estate bookkeeping and accounting services:
When you outsource with The Real Estate Bookkeeper, we begin with our onboarding process in which we assess your bookkeeping and accounting needs and desires and then develop our Engagement Contract with you. Our Engagement Contract outlines our strategies to make sure your services are streamlined and efficient, and also makes sure that we are all on the same page about what services are needed, desired and provided. This includes the optimization of your Xero bookkeeping and accounting system, as well as setting up integrations with third-party financial accounts (think bank and credit card accounts).
2. Collection of Your Data and Documentation:
You have the ability to have your bills and documents be sent directly to The Real Estate Bookkeeper via email, and this is our preferred method for document collection as it streamlines our processing of the documents into the Xero system. You also have other options such as scanning your documents and then uploading them into our document center, or emailing them to us directly. We use these document collection procedures for vendor bills, payment, bank statements, credit card statements, expense receipts and reports, credit card receipts, etc.
3. How We Perform the Work:
The Real Estate Bookkeeper processes Accounts Receivable, Bank and Credit Card Account Reconciliations, Accounts Payable, Payroll and all of your desired bookkeeping and accounting needs. We set up our systems so that your work is processed in a timely, consistent manner, whether that be daily, weekly or monthly. We also automate your account statement downloads, meaning all bank and credit card activity will feed directly into the Xero software solution automatically.
4. Giving You the Financial Information You Need to Be Profitable and Grow:
Along with the standard financial reports (Balance Sheet, Profit and Loss Statement and Cash Flow Statement), we also have the ability to create or customize other types of financial reports designed on your business objectives. You schedule monthly consultation calls with us where we review your end-of-month financials, which have been presented to you in an easily understandable format.
5. Your Involvement in the Xero Bookkeeping and Accounting Software
Your level of involvement in the Xero software itself depends on the level you wish to be involved in the actual bookkeeping and accounting tasks of your business. We offer several different programs from DIY (you perform the daily tasks and we review and oversee) to total outsource where we perform all accounting and bookkeeping tasks for you. Multiple users with varying permission levels can be set up within the software so that you and your staff can see and work on all or specific areas within the software.
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