Property Accountant

What is a Property Accountant?

A Property Accountant is a key position that handles the financial aspects of a real estate company’s rental properties and manages the business side of property management. They play an essential role in forming the financial backbone of the property management business and contribute to its success. They are responsible for handling all the financial and technical tasks involved in managing commercial or residential properties.

If the real estate company manages properties on behalf of the owners, the Property Accountant will often interact with the owners to explain financial statements. They also prepare financials and other information to assist the owners in understanding the profitability of their properties and making decisions about purchasing new properties. They handle all aspects of rental deposit accounting, including setting up and managing the trust account where rent, tenant deposits, and bonds are deposited and from which disbursements are made.

ShoreAgents can aid you in hiring a virtual Property Accountant by developing a comprehensive job description and recruiting potential candidates for you to choose from. This can simplify the process of finding the ideal virtual Property Accountant for your property management needs.

What is the salary of a Property Accountant?

The salary for a property accountant depends upon several factors, including experience, the job’s complexity, and the job’s specific location. The compensation varies by region and city in large countries, such as the United States. You can save a considerable amount of money by hiring a property accountant who will work in a low-cost area.

A ShoreAgents property accountant is based in the Philippines, a lower labor-cost country. A ShoreAgents property accountant will have all the talent and experience but will be available at a fraction of the price of a local accountant.

What is the average salary for a Property Accountant?

The table below is a guide based on the annual average property accountant salary. The cost savings are significant.

Consider that the salary amounts listed for most countries do not include additional costs such as government charges, employer contributions, supplemental insurance, or the cost per employer for equipment. The salaries listed for the Philippines, however, do include government charges, ShoreAgents’ fees, and employee benefits.

As you can see, the cost of a ShoreAgents virtual property accountant in the Philippines is less than one-third of what you’d pay in most other countries.

The average salary of a Property Accountant in Australia

AU

$90,052 AUD

$68,830 SGD

Local

PH

$25,412 SGD

based in the Philippines

Can a Property Accountant work virtually?

Given the cost savings, you’re probably asking whether a property accountant can successfully do their job virtually.

The answer is: Absolutely if you have the suitable systems in place. Almost all the accountant’s duties can be handled by computer or telephone from anywhere in the world. ShoreAgents can help ensure you have the right software tools to manage all the financial reporting and communications tasks required for your remote property accountant. You’ll need

An online rent portal
A cloud-based accounting software and management and communications tools
A clearly defined job description
Buy-in from current staff
Clearly written financial procedures

Local Property Accountant Vs. Virtual Property Accountant

The advantages of hiring a virtual property accountant include:

Cost

If you hire offshore, the lower cost is a significant benefit. The salary for a property accountant in the Philippines is significantly lower than in Australia, New Zealand, the United Kingdom, the United States, Canada, and Singapore. Yet, you’ll receive the same professional accounting services from a virtual accountant in the Philippines as you would from a local accountant.

Specialist Skills

The ShoreAgents recruitment process ensures that those candidates we present to you are highly qualified accountants with knowledge of property management. ShoreAgents is the only BPO provider managed daily by an experienced real estate agency owner. Real estate industry knowledge is engrained in our culture.

Ease

Hiring an employee locally requires a considerable amount of time you could otherwise spend securing additional properties to manage. You’ll also need to find desk space and a computer for the individual to work at your site.

Working with us is easy.

First, you sign up.
You complete your company profile, which gives us inform ation about your business and needs.
You submit a work order for your virtual property accountant.
A ShoreAgents team member calls you to clarify.
We present candidates for you to interview.
You choose the one most suited to your company.

You don’t have to advertise or do background checks. We’ll do all of that for you. We’ll also provide a desk, computer, Webcam, and two monitors.

As long as you have good processes in place and the proper software, hiring a virtual property accountant vs. a local one has no downside.

But, of course, the decision to hire virtually is up to you. If you want all these advantages, contact us. ShoreAgents is an experienced real estate staffing solutions firm. We can help you develop the processes and acquire the software necessary for the success of your virtual property accountant.

Retention

Accountants are professionals and remain engaged when they can work with others in similar professions. ShoreAgents provides the opportunity for them to work with other property accountants. We also provide continuing education about the real estate industry. Because we understand real estate human resources issues, we know what’s required to retain employees.

What are the duties of a Property Accountant?

Although property accountant duties and responsibilities may vary slightly from agency to agency, here’s a list of some of the more common tasks involved in rental property accounting.

Creating and managing the trust account where rent, deposits, and bonds are placed, making disbursements to landlords and maintenance staff as needed.
Setting up and maintaining the chart of accounts in your software
Paying salaries and deducting taxes and other costs as required
Preparing monthly financial reports and providing an analysis of operating expenses
Preparing budgets based on expected rental income and maintenance costs
Ensuring the accuracy of the tenant ledgers and the general ledger
Supervising accounting information and communicating with all internal and external customers about the information
Working with the property owner to ensure compliance with all loan and bond documents.
Producing tax reports
Supervising internal accounting controls and answering any questions or resolving disputes related to them
Managing cash flow issues
Overseeing accounts receivables and acting to collect any delinquencies
Managing the accounting for any fixed assets
Analyzing real estate markets and preparing reports that help owners determine whether to make an additional property purchase as requested
Forecasting performance through short and long-term financial projections
Oversee or assist with the annual company audit

Most property accountants have a college education. At a minimum, they have earned a bachelor’s degree in accounting. They may also have an MBA or some additional business studies beyond the accounting degree. They also know how to use most of the popular accounting and business software tools.

Personal characteristics of good property accountants include excellent organizational skills and the ability to communicate effectively with many different people. A good understanding of the real estate industry is also a necessary job requirement for a property accountant.

Property Accountant Role

Here is a list of the major property accountant duties. We’ve put a tick next to each one the accountant could do virtually and a cross by those that someone must do in person. If some aspects of the task can be done virtually, but some require in-person work, we’ve put both a tick and a cross.

Managing the trust account

Setting up the chart of accounts

Managing receivables, including collections

Developing financial and tax reports

Providing analysis to the owner about the potential of buying other properties

Paying salaries and deducting taxes

Providing financial forecasts

Working with other leaders to develop budgets

Working with property owners to ensure compliance

As you can see, a virtual property accountant can definitely do the job virtually. A virtual property accountant can meet the needs of almost every real estate property management business. ShoreAgents can partner with you to find the perfect virtual property accountant at an attractive price.

Where to hire a Property Accountant?

Basically, the decision of where to hire a property accountant comes down to local vs. virtual using an offshore staffing firm.

Hiring a local accountant requires:

Writing a job description based on your own resources
Posting it and advertising the job locally
Culling through applications, many of which will be irrelevant
Interviewing applications
Conducting background checks
Negotiating salary
Buying a computer and finding desk space
Hiring someone

Also, once you find an accountant, they may not have much experience with property management. You’ll have to provide training on that yourself.

As you can see, hiring locally requires a lot of time. Think about what you could do with all that time if you didn’t have to spend so much time hiring an accountant. You could spend more time communicating with building owners, finding other rental properties that might be for sale, and boosting your business.

Also, consider that a good accountant is typically in high demand. You could spend all that time hiring an accountant, only to have them leave for a better job within a short time. You’ll also have to find and equip a workspace for the new hire.

Now, let’s consider using ShoreAgents, an offshore staffing solutions firm. ShoreAgents is experienced at filling property accountant jobs. ShoreAgents can help you develop your job description, advertise and recruit, and then narrow down applicants to the most suitable for you to interview. We also fully equip the workspace with a computer, two monitors, webcam, and headphones. And, we provide training in the real estate business.

Finally, ShoreAgents is located in the Philippines. Outsourcing to the Philippines is a smart option because

The lower labor costs mean you receive more value for your money.
The country offers a highly skilled workforce of more than 45 million people.
Filipinos speak fluent English and are eager to work with foreign companies.
Filipinos are hard workers and are willing to work at unusual hours to serve clients around the world.
Because of the country’s history, Filipinos share cultural similarities with European-influenced cultures, such as Britain, Australia, New Zealand, the United States, and Canada.
BPO is a large portion of the country’s economy. Therefore, the country has a well-developed BPO infrastructure.

We can meet your hiring and retention needs whether you are looking for one employee or a whole team of employees.

We are ShoreAgents, your real estate offshore staffing experts. We provide highly skilled, trained staff to support the entire real estate industry and every niche within it.

Property Accountant

What is a Property Accountant?

What is the salary of a Property Accountant?

What is the average salary for a Property Accountant?

AU

PH

NZ

PH

GB

PH

USA

PH

CA

PH

SG

PH

Can a Property Accountant work virtually?

Local Property Accountant Vs. Virtual Property Accountant

Cost

Specialist Skills

Ease

Retention

What are the duties of a Property Accountant?

Property Accountant Role

Where to hire a Property Accountant?

<img class="size-full wp-image-33843 alignright" src="https://www.shoreagents.com/wp-content/uploads/2022/11/Hiring-at-ShoreAgents-in-the-Philippines.jpg" alt="Hiring at ShoreAgents in the Philippines" width="2048" height="1365" />

ShoreAgents is a BPO company that specializes in providing virtual staff to the real estate industry. They work remotely from our office but are fully dedicated to serving your business needs.Unit 2 2/F Business Center 6, Philexcel Business Park, Ma Roxas Highway, Clark Freeport, 2023

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ShoreAgents is a BPO company that specializes in providing virtual staff to the real estate industry. They work remotely from our office but are fully dedicated to serving your business needs.Unit 2 2/F Business Center 6, Philexcel Business Park, Ma Roxas Highway, Clark Freeport, 2023

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Services

About Us

Glossary

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ShoreAgents is a BPO company that specializes in providing virtual staff to the real estate industry. They work remotely from our office but are fully dedicated to serving your business needs.

Unit 2 2/F Business Center 6, Philexcel Business Park, Ma Roxas Highway, Clark Freeport, 2023

ShoreAgents is a BPO company that specializes in providing virtual staff to the real estate industry. They work remotely from our office but are fully dedicated to serving your business needs.

Unit 2 2/F Business Center 6, Philexcel Business Park, Ma Roxas Highway, Clark Freeport, 2023