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Real Estate Bookkeeping
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).
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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.
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 disbursem*nts to landlords
Handling disbursem*nt 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 aReal Estate Bookkeeper costs!
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Learn how much aReal Estate Bookkeeper costs!
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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.
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.
ShoreAgents Membership Levels
Standard
Bronze
Silver
Gold
Platinum
Standard
Bronze
Silver
Gold
Platinum
Member Level
Standard
Agents
1
Savings
0%
SEE BENEFITS
One full-time staff member is the minimum commitment with ShoreAgents and you will commence at the standard rate.
Member Level
Bronze
Agents
2-5
Savings
9%
SEE BENEFITS
As you are successful with one team member or may have a larger appetite to grow, you can obtain the team rate. Once you have 2 -5 team members with ShoreAgents you will achieve a 9% saving off the standard rate.
Member Level
Silver
Agents
6-15
Savings
20%
SEE BENEFITS
When you move from a team to a workforce we pass on the most significant saving wherein you will receive a 20% discount on the standard rate. We love to see your workforce develop and reward you for getting there.
Member Level
Gold
Agents
16-25
Savings
25%
SEE BENEFITS
Once you have 16 staff to 25 staff at ShoreAgents you will be on our gold membership where you are now on the second highest discounted rate. You will receive 25% off the standard rate by having a mid-sized workforce with us.
Member Level
Platinum
Agents
26+
Savings
31%
SEE BENEFITS
The platinum membership comes with the maximum discount off the standard rate which is 31%. Now that you have a serious workforce to be reckoned with we pass on serious cost savings.
A Day in the Life of a Virtual Bookkeeper from the Philippines
What is the daily routine of a virtual bookkeeper, for instance, in a residential real estate business? You will have expenses and generate revenue on a daily basis. All of these things need to be accurate and reconciled daily. So that you, as the business owner, can have a clear report on profits and losses and make informed decisions.
Imagine that you have a bookkeeper located in the Philippines with their daily tasks. This will free you from engaging in unproductive functions that are not within your scope of responsibilities.
For example, with three property settlements sold, commissions need to be allocated accurately for distribution among agents.
The bookkeeper needs to report the income generated from the sale. At the same time, you also need to pay the expenses incurred during the sale. This includes marketing the property and other related costs.
Additionally, you will have expenses related to generating more listings on a daily basis. Expenses must be accurately categorized in the chart of accounts to determine the true profit per sale.
Your virtual bookkeeper in the Philippines, located here at ShoreAgents, will take care of all these repetitive tasks.
Suppose it is mid-month, and on the same day, you are managing a rental roll consisting of approximately 1,000 properties. Rent must be received and accounts reconciled on that day to distribute funds to landlords and collect management fees. The same process applies to expenses, and you will also have salaries to be paid out through payroll. Again, your virtual bookkeeper can handle all of this.
So, on a daily basis, your bookkeeper will be a low-cost but highly valuable resource. And now that you know you can hire in the Philippines, it will not break the bank either.
Are you ready to get started and hire now?
Are you ready to get started and hire now?
How can you Manage Remote Staff?
Effectively managing remote staff requires strong communication and coordination in the era of digital work. In order to successfully manage remote staff, here are some professional insights:
- Define job roles & set expectations
To begin with, setting a clear job description that indicates the expectations and responsibilities for a role is important. Through this, your remote staff members can easily determine their tasks and accomplish goals on a day-to-day basis. - Utilize communication software & project management tools
Implementing effective communication channels has never been this easier. Various software solutions help streamline processes and enhance operations, particularly in the real estate business. Remote staff are also expected to increase their overall productivity and efficiency by using these excellent project management tools. - Provide a conducive workspace and necessary equipment
An essential part of managing a remote team is not just providing the best tools and software. They will also have access to an inspiring office space with work equipment to enhance productivity and functionality during work hours. At ShoreAgents, we take care of your remote staff on your behalf. Our nurturing office space is based in Clark, Philippines. We offer a positive work environment with plenty of social interactions and team activities. We also make sure that your remote staff has the right equipment to accomplish tasks. This includes a proper work desk, computer, dual monitors, a webcam, and headphones. - Establish KPI monitoring
To effectively evaluate the performance of remote workers, establishing and monitoring key performance indicators (KPIs) is recommended. - Maintain a strong company culture
Setting virtual check-ins regularly and promoting a collaborative environment results to staff retention. ShoreAgents specializes in real estate staffing and understands the importance of employee engagement. We offer collaborative opportunities for individuals to work alongside others in related fields.
Where Can You Hire A Full-Time Bookkeeper?
You can hire a full-time bookkeeper on online platforms such as LinkedIn and Indeed. While there are several potential candidates qualified for the role, you will need to cull through each application. The process involves creating a well-written job description, screening applications, and conducting interviews. Not to mention that you will also need to consider the training and other overhead costs.
This is why we recommend that you partner with a reliable outsourcing agency such as ShoreAgents. We have a dedicated team who will take care of the recruitment process on your behalf. Prior to hiring, you will get to interview the endorsed candidates and choose the best one.
At ShoreAgents, we offer full-time bookkeepers at varying costs and it all depends on the level you will need. Our objective is to facilitate effective communication and alignment between your organization and remote team members.
This ensures a shared understanding of the work that needs to be completed and tasks that require attention. We strive to eliminate obstacles and minimize any friction in the client-worker relationship as much as possible.
Here are some advantages of collaborating with ShoreAgents:
- A recruitment process that ensures peace of mind by adhering to local labor laws
- Access to a wide range of highly qualified candidates at affordable labor rates
- Professionally crafted job descriptions, advertisem*nts, and concise application evaluations
- Enjoying a comfortable and contemporary workspace furnished with computers and other essential tools for work.
Conclusion
In summary, bookkeeping is vital for real estate as it ensures financial order, compliance, informed decisions, and stakeholder trust. And if you are looking to reduce expenditures, partnering with an offshore real estate staffing company is highly recommended.
At ShoreAgents, we specialize in providing highly skilled and trained professionals to support every facet of the real estate industry. We possess extensive knowledge about the essential elements for running a successful property management business.
Hear what our members have to say.
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!
Kuahiwi Kahapea
Ballast, USA
Hired a Workforce
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ShoreAgents introduced us to systems and processes that have enabled us to streamline procedures that are checked off and completed almost without supervision. These are the great benefits that ShoreAgents has been able to offer us.
Kevin Turner
Real Estate Talk / Real Estate Uncut, AU
Hired a Team
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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.
Mark Dwyer
Sales Trainer Active, AU
Hired One Agent
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Working with ShoreAgents has been a great experience, we've been able to scale and grow thanks to their reliable and experienced agents. The ShoreAgents team has become a key part of our operations and our onshore staff have full faith that things are taken care of so they can focus on what they do best here.
Brett Ayles
Reside Real Estate, AU
Hired One Agent
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We have 2 staff with ShoreAgents one in Property Management and one in multimedia. We are constantly blown away by the capabilities of our team in the Philippines and we will be hiring more staff with ShoreAgents in the future! The whole team there are legends.
Andrew Lochhead
Century 21 Rich River Real Estate, AU
Hired a Team
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We are loving our new VA its only been 2 weeks but we should have done it years ago.
Luke Newton
LockedOn, AU
Hired One Agent
View Review
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