It’s a fact that every business needs a reliable accounting expert to handle the overall finances. Particularly in the real estate industry as it requires accurate reports to determine the progress of your business operations.
If you’re looking to hire a real estate accountant, you will learn the following core elements in this article:
Real estate accounting refers to the financial management of real estate investments. This typically involves tracking all of the financial transactions related to buying, selling, and renting properties.
Duties related to real estate accounting will certainly empower your business to manage finances effectively and optimize tax strategies. With a real estate accountant, you can make informed decisions for the overall success of your real estate ventures.
Understanding transaction-related accounting techniques is crucial for real estate professionals. Particularly to those who are dealing with large-scale property transactions.
The tasks and obligations of an accountant may vary depending on the company’s specific demands. The typical job description includes the following:
The expertise of accountants in the real estate business can bring several advantages. Their contributions offer growth and success to real estate ventures.
An accountant can work with your bookkeeper, ensuring that everything is entered correctly based on their advice. They create a chart of accounts to make sense for the accountant. But most importantly, it will be beneficial for you as the owner.
Real estate has specific areas where an ordinary accountant may lack understanding. For example, trust accounts, commission splits, and property advertising.
We have seen instances where property advertising gets mixed up with business advertising. These aspects should be treated separately. Property marketing expenses are typically billed to the seller and can be recovered. While business advertising costs should be categorized individually.
These are important to make sure you can have clear reporting and make good decisions. To ensure effective financial management, they can collaborate by:
These are important to make sure you can have clear reporting and make good decisions. To ensure effective financial management, they can collaborate by:
Yes, a property accountant can certainly work virtually. This is particularly because most of the duties can be accomplished online. However, it’s important to ensure that you have suitable systems in place.
A good example is providing software tools for effective financial reporting. At ShoreAgents, we take care of the following:
The primary factor affecting a real estate accountant’s salary is their location. Although there are other considerations such as skillsets, experience, and specific duties. This means that if they live in high-cost-of-living areas, their wages are likely to be high as well.
As a result, several companies globally look for offshoring options. Let’s take a look at the salary comparison of an accountant.
Note that the salary amounts displayed for other countries below exclude additional costs. In comparison to the wages in the Philippines, it includes government charges, benefits, and ShoreAgents’ fees.
| Countries | Local Salary | ShoreAgents' Salary (Philippines) | Cost Difference |
|---|---|---|---|
| Australia | $90,052 AUD | $27,575 AUD | $62,477 AUD |
| United States | $69,069 USD | $18,577 USD | $50,492 USD |
| New Zealand | $81,420 NZD | $29,880 NZD | $51,540 NZD |
| Canada | $73,632 CAD | $24,526 CAD | $49,106 CAD |
| United Kingdom | ÂŁ39,307 GBP | ÂŁ15,423 GBP | ÂŁ23,884 GBP |
| Singapore | $68,830 SGD | $25,412 SGD | $43,418 SGD |
Local Salary:
$90,052 AUD
ShoreAgents’ Salary (Philippines):
$27,575 AUD
Cost Difference:
$62,477 AUD
Local Salary:
$69,069 USD
ShoreAgents’ Salary (Philippines):
$18,577 USD
Cost Difference:
$50,492 USD
Local Salary:
$81,420 NZD
ShoreAgents’ Salary (Philippines):
$29,880 NZD
Cost Difference:
$51,540 NZD
Local Salary:
$73,632 CAD
ShoreAgents’ Salary (Philippines):
$24,526 CAD
Cost Difference:
$49,106 CAD
Local Salary:
ÂŁ39,307 GBP
ShoreAgents’ Salary (Philippines):
ÂŁ15,423 GBP
Cost Difference:
ÂŁ23,884 GBP
Local Salary:
$68,830 SGD
ShoreAgents’ Salary (Philippines):
$25,412 SGD
Cost Difference:
$43,418 SGD
It’s evident that an accountant’s salary in the Philippines is significantly lower than in other countries. The best part is that real estate businesses can enjoy working with a talented workforce in the Philippines.
The ideal software for real estate accounting needs should be based on your business size. You have to utilize one that is sensible and user-friendly.
The software should let you manage your funds and help you keep tabs on what goes in and out of business. Today’s programs allow for more control over your finances, but that doesn’t mean they will always work out. Hiring a professional who can work with whatever software is necessary can make a difference in your work.
The software must also be cloud-based, meaning that you can access the data in moments from any site. At ShoreAgents, we tailor a comprehensive accounting service for big or small businesses. This guarantees your operations are optimized so you can focus on core duties.
Yes, you can certainly hire a certified public accountant in the Philippines. The good news is that there are several qualified talent pools of CPAs in the country.
Accountants typically hold a bachelor’s degree in accounting or finance and may pursue additional certifications. This includes Certified Public Accountant (CPA), Chartered Accountant (CA), or Certified Management Accountant (CMA).
These certifications demonstrate advanced knowledge and expertise in accounting principles, financial analysis, and tax regulations. The CPA exam in the Philippines is a 4-part test that accountants can complete within 18 months. The passing rate in the Philippines is approximately 42%.
It’s truly a challenge to find the best candidate for your real estate accounting needs. Particularly if you’re looking for an accredited accountant.
This is why at ShoreAgents, we do the heavy lifting work for you. We can help you find and filter top-notch accountants to work for your real estate business.
Our trained experts in the Philippines are well-versed in your tax rules and reporting standards. We operate from secure offices equipped with all the necessary materials for their work. From candidate searches to onboarding, ShoreAgents provides excellent real estate staffing solutions.
Filipino accountants understand foreign tax laws well. Especially if they have undergone training or have prior experience working with various clients. Hiring an accountant experienced in handling foreign tax obligations is advisable and Filipinos are the perfect fit.
In the Philippines, accountants spend at least 4 to 5 years on a bachelor’s degree in accounting. Many Filipino accountants pursue professional certifications which require a deep understanding of taxation, including global tax principles.
At the same time, the accounting education system in the Philippines is robust. They provide comprehensive training on taxation for both domestic & international tax laws. English is also widely spoken in the country. So Filipino accountants have the advantage of understanding tax laws from other countries.
Before selecting an accounting service provider, it’s best to gauge your options. Factors such as their real estate experience and client reviews are important.
Our accounting solutions for real estate companies at ShoreAgents are built to optimize your operations. Here are some of the roles that you can outsource with ShoreAgents:
ShoreAgents offers real estate staffing services that can guarantee to help you find outstanding real estate accountants. Let us know about your business needs and we will help you achieve them! Take a look at our hiring process at ShoreAgents:
In summary, the expertise of a real estate accountant highly contributes to the success of a real estate business. Real estate accounting involves managing different types of accounting aspects in the real estate business including accounts payable.
While real estate companies may look into hiring locally, outsourcing still presents more advantages. By partnering with ShoreAgents, businesses can streamline their accounting processes. At the same time, optimize tax planning strategies and focus on their core operations with confidence. You also don’t need to worry about overhead costs and recruitment.
We've had almost a 25% increase in volume of appraisal listings and sales. I could recommend ShoreAgents more highly enough just to further improve the efficiency and effectiveness of how you work.
We've used multiple Outsourcing companies and ShoreAgents has surpassed our expectations by far. From the quality of candidates we receive to the ongoing support, and everything in between. Kath and Mark have made the hiring process a breeze. We're so thankful to work with an amazing team!
As someone who owns a thriving Real Estate Training and Recruitment company, I know the importance of having things run smoothly behind the scenes. Hiring a VA has been a game-changer for me in achieving this. Although it took some initial effort to set up, having marketing tasks consistently handled on autopilot has resulted in significant success. I am truly grateful to ShoreAgents for providing an excellent VA service that I would highly recommend to anyone looking to streamline their business operations.
The whole Outsourcing process at ShoreAgents has been amazing—starting from recruitment to processing, onboarding, HR, and everything in between.
