Keeping track of financial records and preparing your Business Activity Statement (BAS) is essential for running a successful business, but it can be tedious and time-consuming. One solution is to hire an outsourced real estate accountant or bookkeeper to manage these tasks, saving time and money in the long run by streamlining financial processes, identifying cost-saving opportunities, and ensuring compliance with regulations. This can provide peace of mind for the business owner to focus on growing the business.
As a real estate business owner, you probably have more important things to focus on, such as finding new properties to sell or lease, or managing your existing portfolio. And that’s where outsourcing your bookkeeping and accounting comes in. Not only will it free up your time, but it will also give you the peace of mind that comes with knowing that your financial records are in order.
Why Hire a Full-time Virtual Real Estate Bookkeeper or Accountant in the Philippines?
Hiring a full-time virtual Real Estate Bookkeeper or Accountant in the Philippines can be beneficial for your business because of the cost-effectiveness of the solution. Philippines is known for its skilled and educated workforce, many of them are proficient in English and have a good understanding of western business practices. Hiring a full-time virtual employee in the Philippines can save you a significant amount of money compared to hiring a full-time employee in your home country. The cost of living and wages are generally lower in the Philippines, which means that you can get the same level of expertise and experience for a fraction of the cost.
Additionally, a full-time virtual employee in the Philippines can be more flexible in terms of working hours, allowing you to have coverage during your own business hours. They can work during your own business hours ensuring seamless communication and integration. This can help to minimize any potential delays or misunderstandings that can occur when working with an outsourced team that is based in a different time zone.
Why Outsourcing is the Best Choice for Real Estate Professionals
Outsourcing your bookkeeping and accounting to a virtual assistant or firm can provide many benefits for real estate professionals, including:
Saving Time: One of the biggest advantages of outsourcing your bookkeeping and accounting is that it allows you to focus on your core business activities, such as finding new properties, negotiating deals, and managing clients. By outsourcing these tasks to a virtual assistant or firm, you can save time and energy that would otherwise be spent on keeping your financial records in order.
Reducing Costs: Outsourcing your bookkeeping and accounting can also help you reduce costs. Hiring a full-time bookkeeper or accountant can be expensive, especially when you factor in salary, benefits, and office space. Outsourcing these tasks to a virtual assistant or firm, on the other hand, can be much more affordable, especially when you consider the lower labor costs in countries like the Philippines.
Ensuring Accuracy: Another benefit of outsourcing your bookkeeping and accounting is that it can help you ensure that your financial records are accurate and up-to-date. Virtual assistants and firms that specialize in bookkeeping and accounting are trained to keep accurate records and stay current with the latest tax laws and regulations. This can help you avoid mistakes and penalties that could be costly.
Improving Efficiency: Outsourcing your bookkeeping and accounting can also help you improve the efficiency of your business. Virtual assistants and firms that specialize in bookkeeping and accounting are equipped with the tools and technology needed to keep your financial records organized and up-to-date. This can help you stay on top of your expenses and income, manage your cash flow, and make better-informed business decisions.
How to Outsource Your Bookkeeping and Accounting Effectively
To outsource your bookkeeping and accounting effectively, it is important to follow these steps:
Step 1: Identify Your Needs: The first step in outsourcing your bookkeeping and accounting is to identify your specific needs. This includes determining what tasks you need to outsource, such as bookkeeping, accounting, tax preparation, and payroll. You should also determine how often you need these tasks completed and what level of expertise is required.
Step 2: Research Your Options: The next step is to research your options for outsourcing your bookkeeping and accounting. This includes looking for virtual assistants or firms that specialize in bookkeeping and accounting, and that have experience working with real estate professionals. You should also consider factors such as cost, location, and availability.
Step 3: Choose the Right Virtual Assistant or Firm: Once you have identified your needs and researched your options, it is time to choose the right virtual assistant or firm for your business. This includes evaluating the qualifications and experience of the virtual assistant or firm, and reviewing their references and portfolio. You should also discuss your specific needs and expectations with them to ensure they are a good fit for your business.
Step 4: Set Up a Communication and Reporting System After you have chosen a virtual assistant or firm, it is important to set up a communication and reporting system. This includes determining how often you will communicate with your virtual assistant or firm, and how you will receive and review reports on your financials. This will help ensure that your virtual assistant or firm is meeting your needs and that you have access to the information you need to make informed business decisions.
Outsource Your Real Estate Bookkeeping and Accounting for Long-term Savings
It’s not uncommon to come across qualified staff with degrees and experience working for Australian clients, who understand the tax system and can work on a part-time basis if needed. This is a specialized role and outsourcing it to a professional can save you a significant amount of money in the long run.
In 2021, it’s more important than ever to have your financial records in order, and outsourcing your bookkeeping and accounting is a smart move for any real estate business. Don’t let messy books hold you back from achieving your business goals. With the help of an outsourced real estate accountant or bookkeeper, you can rest assured that your financial records are accurate and up to date, giving you the peace of mind, you need to focus on growing your business.
Contact us today to learn more about how we can help elevate your real estate business.