Real Estate Accounting Services By Al Rafay Consulting

The real estate business has expanded and evolved greatly with the passage of time. It involves a good number of transactions and accounts management that should be compliant with the land regulations of the state. There are a lot of things and processes involved in the property business but the most essential part of the real estate business is to manage accounts with a systematic approach. Real estate accounting could be a mentally draining job if you are not familiar with modern tools and knowledge of accounting.

What Is Real Estate Accounting?

Real estate accounting deals with the large sums of money that are involved in the property management business. The record and track of these large sums being transacted in the business are referred to as real estate accounting. You must be familiar with the term real estate accounting if your area of work includes one of the following:

• Owning a property business
• Working as a property dealer
• Working in the accounting department of the housing association
• Managing a construction company
• Work with a real estate services provider

Importance Of Real Estate Accounting

To manage your real estate business effectively and productively, you must understand how real estate accounting works. This will help you to manage your business effectively and allow you to monitor your business progress to make it more productive. Understanding this area of business will enable you to see that which property is performing well and from where you are making a profit. Real estate accounting systems enable you to compare the financial performances of rented properties and help you to calculate taxes and billings.

Al Rafay Consulting Real Estate Accounting Service

Al Rafay Consulting (ARC) is an experienced group of professionals that offers their services to help you manage your accounts with the most reliable and efficient online tools available in the market. Real Estate accounting is an excruciating and time taking job but at the same time a very important one because it is necessary for every property manager to keep a record of all the data and working tasks being performed by different property dealers.

The property managers/dealers will find the services of Al Rafay Consulting to be more than helpful to keep the records up to date with the modern online tools. In this article, we will discuss some of the ARC services concerning real estate accounting.

ARC offers its expertise in some of the key areas of Real Estate accounting, here we will discuss some of the crucial aspects and services being offered.

Manual Billing

AFC offers its expertise in manual billing. Our manual billing system designates on a landing page that is also called a manual billing management dashboard. This landing page of the manual billing management dashboard displays all the details of all the existing billings. We have centralized our work to make it easy for users to navigate through the billing management dashboard. For this purpose, we have added some filters and sorting to make the search accurate and less time-consuming for the users. 

Users can access any specific details and views of any billing on the dashboard. They can have that detail on an excel sheet because our manual billing management dashboard supports the feature of ‘export to excel’ for user convenience. 

Electronic Billing Forms

Electronic billing forms are developed to capture the input of the user and start the billing request electronically. Different businesses have different demands and processes for billing so we have ensured to validate the correct billing process according to the company requirement. ARC makes sure to capture correct data according to the requirements of certain business types and the satisfaction of the user. Accounting electronic billing forms can have customized fields and validations according to the company requirements.

Approval Process Automation

The approving of added bills manually, after the issuance of the bill, is always a hectic process. It is not an easy job to manage but rather a complex process is involved in doing so. ARC has made this process an automated part of our system and we call it approval process automation. Our system works in such a way that when a new thing is added to a bill or a new billing is added, our automation system enters a workflow. Entering in a workflow state means that the system goes into the billing from start to end and analyzes all the entries and then approves the new billing. This system is efficient and takes less time than the manual process. 

Reporting & Analytics

ARC has developed a system where you can search using filters and produce a reporting view of a specific billing. These filters and sorting to search a specific billing help business executives generate real estate accounting billing reports according to their requirements. These reports provide a quick insight into billing updates that are produced through the reporting view been developed into our system to have specific billing details. 

You can also export these custom-generated reporting views with the feature included in our system. Users can also make copies of these custom reports by using filters and sorting-based search. The system is developed in such a way that you can customize it to generate reports sorted out on basis of views, filters, and validation of your business. 

5 Essential Elements Of Accounting 

Real Estate Accounting is shaped in a way that it has some key point on which is form its structure. These are called the five elements of real estate accounting and are considered the basis of the accounting. 

Assets

The possessions of a company that are used for the profit/benefit of the company are called assets. In a property business a piece of land, a building, or an amount of money owed by the company is categorized as assets. In accounting terminology, the assets are categorized as fixes and current assets but in real estate accounting the term in use is “principal assets”.

Liabilities

The term liability refers to the amount of money that company is in debt. The money that a company owes is called its liability so it is the opposite of the asset. In the same manner, as the asset is further categorized into two types, the liabilities also have two types. 

Fixed Liabilities

These are debts that are not needed to be paid in a short time (within a year) but rather have a fixed period of time to pay them.

Current Liabilities

Current liabilities are the debts that are not to hold for a longer period of time. They are to be paid in a short period of time, the maximum period being one year approximately.

Equity

This term indicates the worth of the company in the market. If you want to understand it in simple words then equity is the difference between the assets of the company and its liabilities. This difference determines the market worth and value of the company. In a mathematical formula assets minus liabilities is equal to equity.

Expenses

Expenses refer to the money spent in your business including the salaries of the staff working with you. This amount does not include the debts or liabilities of your business. 

Income

The term income is generally an amount of money that is generated for selling your assets and providing services. In the real estate business, the amount coming in as rent of the property is alco categorized under the term income. 

Accounting is an essential and integral part of any business whether it is a real estate business or any other business. The accounting department helps you to determine your progress in the business. It enables you to comply with the state rules for business and paying your taxes. Without proper knowledge of managing accounts, it is difficult to run a big business like real estate. 

It is a job for an expert and hiring a professional accountant company with exposure to modern online tools enables you to work smoothly with your everyday business matters. Al Rafay Consulting has a track record of satisfied customers who are still enjoying our service with peace of mind.