Property Accounting Services

Property accounting is an integral element of effective management for real estate, that is why whether you only have one property or you have many, accurate bookkeeping can help you increase profits and keep your finances in order. In addition, property accounting lets you track incoming rent, manage expenses, be on top of taxes and intelligently decide where to invest your money.

On the other hand, when owners don’t keep proper books, they might miss tax write-offs, run short on cash, or lose sight of how they’re doing money-wise. Hence, at Wasserman CPA, our property accounting services aim to head off these problems. We offer in-depth well-organized financial tracking for everything related to your properties.

Here’s what we Wasserman CPA can do for you:

• Rental Income Tracking: We help you keep precise records of rental income making sure your cash flow is documented and every dollar is accounted for. Aside from that, our team also supports you to classify rental income for tax purposes.
• Expense Management: Property expenses can add up quickly, from maintenance costs to utility bills, and Wasserman CPA can manage all these expenses to make sure they are logged correctly, and to also identify opportunities for tax deductions.
• Property Depreciation: Real estate depreciation is one of the most beneficial tax deductions available to property owners, yet it can also be complex to calculate. But with Wasserman CPA, we can handle all the depreciation calculations to ensure you’re making the most of your tax savings while remaining compliant with IRS guidelines.
• Financial Statements: At Wasserman CPA, we will generate detailed financial statements to give you a clear view of your property’s performance. The statements we make will cover profit and loss, balance sheets, and cash flow summaries to help you understand your property’s financial health.
• Tax Preparation and Compliance: Taxes can be one of the most challenging aspects of property management, that is why our property accounting services include tax preparation, to ensure that all deductions are captured, tax liabilities are minimized, and compliance is maintained with all applicable regulations.
• Budgeting and Forecasting: At Wasserman CPA, we can help you establish clear budgets and financial forecasts for your property, this will include planning for maintenance costs, upcoming repairs, and other financial needs that will help you avoid surprise audits to keep your properties profitable.
• Tenant Security Deposits: We can also help manage your tenant security deposits by keeping detailed records so you can ensure compliance with the local regulations and make the return process smooth and well-documented.

Some landlords or property managers preferred to undertake the property accounting aspect of their business on their own and to make it easier for them we listed below some tips for better property accounting:

• Keep Detailed Records: Create a record for every transaction made on account of your property such as rent collection or spent on development, for you to relax knowing that none of the transactions has been overlooked in the financial statements. 
• Separate Personal and Property Finances: A separate bank account for property transactions makes it easy to avoid occurrences to track expenses, as well as transactions for non-property related activities. 
• Use Accounting Software: Considering the amount of time and energy factoring and evaluating reports required, using accounting software to handle property finances can relieve a great deal of work. For example, Wasserman CPA can assist clients in selecting the most appropriate and proper accounting software.
• Work with a Professional: With property accounting, there are strict tax codes and regulatory frameworks, which much importantly are very tedious. It is therefore wise to consult a professional CPA with experience in property accounting in order to ensure that peace of mind is achieved, and also that everything is done accurately.

When you choose Wasserman CPA for your property accounting needs, you’re not just hiring an accountant—you’re choosing the right partner dedicated to your financial success, we make sure that our approach ensures that your unique needs are always prioritized. With over three decades of experience, we understand the local market in South Jersey, and are well-versed in the intricacies of New Jersey property laws and regulations.

Here’s why property owners trust us:

• Personalized Approach: Our services are adapted to our clients’ particular needs. We always understand their business objectives so we can recommend the most appropriate with their circumstances. 
• Local Expertise: As a firm based in South Jersey we have a thorough knowledge of the New Jersey tax laws and requirements, we also have an experience of the local property market and how it operates.
• Full-Service Approach: Our service covers LLC taxation, corporate and partnership taxation as well as forensic accounting, which enables us to offer various business tax services in relation to the property developed.
• Timely Support: We know that time is money, and we employ a proactive attitude towards the management of your accounting processes so that the focus rests on the management of the properties.

When it comes to outlining an engagement with property owners, we remain cooperative. In other words, we engage our clientele as follows:

• Initial Fact-Finding: This usually takes the form of a phone conversation or an email exchange to gather details about the company’s assets, take accounting specifics from the clients, and establish their weak points.
• Customized Plan: We understand and develop an accounting plan that is beneficial to your property. Be it optimizing taxes, managing cash, or having a buying strategy among others, we help you realize your goals.
• Ongoing Support: Accounting for property is not just an annual affair. There is always a follow up after every few months within the year where customer queries are attended to, strategies are optimized, and customers are assured of smooth progress

Real estate accounting is quite difficult but there’s no need to face these challenges on your own. Let Wasserman CPA assist you with your real estate finances so that you can concentrate on expanding your core business. You’re in good hands with us as we have 30 years of experience, locally based knowledge, and care about your finances. 

Let us know if you have any questions so that we can assist you in simplifying the procedures for maintaining the accounts of your property. We are here to assist you in managing your investment property finances and obtaining the highest possible revenue on your investments.

To book an appointment or learn more about our firm’s property accounting services, call Wasserman CPA in South Jersey. We cannot wait to help you maximize your investments in real estate.