Table of Contents:

Services
Real Estate Bookkeeping

Real Estate Bookkeeping: Roles and Services

Offshore Real Estate Bookkeeping Helps You Maintain Your Finances

The success of a real estate firm primarily depends on the core activities that generate leads and potential revenue. Instead of focusing on clerical work, administrative tasks can easily be delegated to other expert members of the team.

Remarkably, one of the key functions of a professional bookkeeper is to determine the firm’s reports on profits and losses. Since they handle complex tasks like book closure and correcting financial errors, their routine duties demand meticulous attention to detail.

In this article, we’ll feature the job description, average salary, and specialized insights of real estate bookkeepers. We also created a precise cost comparison in the Philippines vs other countries (USA, UK, CA, AU, and more).

Offshore Real Estate Bookkeeping Helps You Maintain Your Finances

Powering Global Brands

Looking for something else? Dive into these related articles:

Interested to know what particular duties and responsibilities you can assign to a real estate virtual assistant? In this article, we featured the ins and outs of hiring a REVA.
Leveraging accounting services help real estate businesses minimize risks and make informed financial decisions. Learn more about real estate accounting services in this article.
Hiring a transaction coordinator is essential for ensuring smooth and efficient transactions, from listing to closing. Did you know that you can hire a real estate transaction coordinator in the Philippines to reduce labor costs and access a larger talent pool? Discover more in this article.
Looking to outsource various real estate roles to optimize your business process? Read this article about outsourcing to the Philippines to understand why it’s the top choice for real estate businesses.
Interested to know what particular duties and responsibilities you can assign to a real estate virtual assistant? In this article, we featured the ins and outs of hiring a REVA.
Hiring a transaction coordinator is essential for ensuring smooth and efficient transactions, from listing to closing. Did you know that you can hire a real estate transaction coordinator in the Philippines to reduce labor costs and access a larger talent pool? Discover more in this article.
Leveraging accounting services help real estate businesses minimize risks and make informed financial decisions. Learn more about real estate accounting services in this article.
Looking to outsource various real estate roles to optimize your business process? Read this article about outsourcing to the Philippines to understand why it’s the top choice for real estate businesses.
Interested to know what particular duties and responsibilities you can assign to a real estate virtual assistant? In this article, we featured the ins and outs of hiring a REVA.
Leveraging accounting services help real estate businesses minimize risks and make informed financial decisions. Learn more about real estate accounting services in this article.
Hiring a transaction coordinator is essential for ensuring smooth and efficient transactions, from listing to closing. Did you know that you can hire a real estate transaction coordinator in the Philippines to reduce labor costs and access a larger talent pool? Discover more in this article.
Looking to outsource various real estate roles to optimize your business process? Read this article about outsourcing to the Philippines to understand why it's the top choice for real estate businesses.

What is Real Estate Bookkeeping?

What is Real Estate Bookkeeping

Real estate bookkeeping comprises tracking and organizing financial transactions related to properties, investments, and operations. Precise record-keeping and financial management are both crucial to the bookkeeper role, particularly within the real estate industry.

In the digital world, the bookkeeping process has been made easier and more accessible. A cloud-based accounting software is utilized for virtual bookkeepers to properly organize their records.

Through this, bookkeepers will no longer worry about misplaced documents and have difficulty in reviewing them. Streamlining the bookkeeping processes also comes in handy with the help of outsourced staff members.

What is Real Estate Bookkeeping

Duties & Responsibilities of a Real Estate Bookkeeper

The general tasks of a real estate bookkeeper widely vary on the company’s size, specific needs, and goals. While the duties can also be customized, here is a job description related to real estate bookkeeping:
  • Accurately record business expenses related to advertising, infrastructure, and rent.
     A bookkeeper must have excellent organizational skills in logging and classifying various real estate transactions. This includes property maintenance, repairs, and professional services among others.

  • Manage accounts payable and receivable
    This process involves processing and issuing invoices, verifying payment details, and following up on outstanding payments.

  • Bank and credit card reconciliation 
    Reconciling bank statements with bookkeeping records ensures accuracy and identifying any discrepancies

  • Calculating settlement figures and commission splits
    Verifying the precise amount involved in real estate settlements and ensuring strict adherence to relevant agreements.

  • Paying suppliers and making end-of-month disbursements to landlords
    Handling disbursement of funds to landlords and promptly compensating suppliers to foster a positive business relationship.

  • Generating financial statements such as P&L (profit and loss), balance sheets, and cash flow statements.
    Provide a clear overview of the business’s financial performance which enables informed decision-making.

  • Provide support in financial forecasting and analysis
    Assist in creating and maintaining budgets for real estate projects and portfolios.

  • Manages payroll for the staff
    Smaller real estate organizations with fewer staff members may require their bookkeepers to handle payroll-related tasks.

  • Monitor rent and lease agreements
     Tracking rental income and expenses, calculating rental escalations, and ensuring timely rent collection.

  • Gathering financial data required for tax purposes
    Preparing tax returns in collaboration with tax professionals and establishing compliance with applicable tax laws and regulations.

Learn how much a Real Estate Bookkeeper costs!

Learn how much a Real Estate Bookkeeper costs!

Why Does Every Real Estate Business Need a Bookkeeper?

Why Does Every Real Estate Business Need a Bookkeeper

A bookkeeper is essential in every real estate business as their financial reports help business owners make informed decisions. Aside from the convenience of professional handling of daily finances, this function gives a clear overview of your business’s cash flow.

Generally, a bookkeeper plays a significant role in fostering the financial well-being and success of a real estate business. By outsourcing a virtual bookkeeper, business owners can focus on core operations and other revenue-generating tasks. It is also crucial to maintain accurate and error-free financial records which help track trends and support strategic planning & budgeting.

Bookkeepers ensure strict compliance with tax laws and regulations and prepare financial statements for tax filing. At ShoreAgents, we offer cost-effective bookkeeping solutions that can save you considerable funds. We help you recruit highly qualified candidates with specialized skills needed for your business success.

Why Does Every Real Estate Business Need a Bookkeeper

What is the Cost Difference Between Bookkeepers Globally?

There’s no question that a bookkeeper can work virtually, but which is the best option: to hire one locally or virtually? Let’s examine the cost difference table featuring local and virtual real estate bookkeepers after understanding their significance and main benefits.

In comparison to the Philippines, the list of salaries for other countries does not cover additional costs. The amount of salary listed in the Philippines, however, includes government charges, employee benefits, and ShoreAgents’ fees.

Countries Local Salary ShoreAgents' Salary (Philippines) Cost Difference
Australia $68,250 AUD $23,956 AUD $44,294 AUD
United States $47,726 USD $16,139 USD $31,587 USD
New Zealand $57,240 NZD $25,958 NZD $31,282 NZD
Canada $59,625 CAD $21,307 CAD $38,318 CAD
United Kingdom £27,721 GBP £13,402 GBP £14,319 GBP
Singapore $46,544 SGD $22,074 SGD $24,470 SGD
Countries

Local Salary:

$68,250 AUD

ShoreAgents’ Salary (Philippines):

$23,956 AUD

Cost Difference:

$44,294 AUD

Local Salary:

$47,726 USD

ShoreAgents’ Salary (Philippines):

$16,139 USD

Cost Difference:

$31,587 USD

Local Salary:

$57,240 NZD

ShoreAgents’ Salary (Philippines):

$25,958 NZD

Cost Difference:

$31,282 NZD

Local Salary:

$59,625 CAD

ShoreAgents’ Salary (Philippines):

$21,307 CAD

Cost Difference:

$38,318 CAD

Local Salary:

£27,721 GBP

ShoreAgents’ Salary (Philippines):

£13,402 GBP

Cost Difference:

£14,319 GBP

Local Salary:

$46,544 SGD

ShoreAgents’ Salary (Philippines):

$22,074 SGD

Cost Difference:

$24,470 SGD

Evidently, the cost difference between hiring locally vs virtually in the Philippines is enormous. Not only can you save money, but you also get to access a talent pool for your real estate business.

With the price of one local staff member, you can recruit two or more in the Philippines. Aside from cost-efficiency, you can expect your staff to be efficient in English and handle various tasks.