Bookkeeping Software for Real Estate Industry
Those in the real estate industry will know how important time is. In such a competitive industry, time is everything. And with so little time to spare, it is not surprising that most of the financial compliance work is outsourced to an accountant. Much of the income and expenses are handled by an agent. If a problem occurs, the contractor or developer can call their accountants to resolve the issue. In an industry that is focused on deals, managing finances can be difficult. The 6 most important monetary categories for every real estate agent are:
- Commission income
- Office expenses
- Real estate fees and dues expenses
- Real estate education expense
- Vehicle mileage and costs
- Marketing & advertising expenses
Recording every expense and income manually is a tough task. You are always at risk of human error and any mistake can lead to costly consequences. If you or an employee were to simply forget to record an expense or income into the system, it could lead to a big problem when finalizing your year-end accounts.
There is no longer a need to get stressed trying to gather and store all your receipts and creating a list of entries. Bookkeeping software is so advanced these days that you can easily record and track the income and expenditure of your real-estate business. With the use of bookkeeping software, a measly 10 minutes per day is all it takes, to enter your data with minimal effort.
Do I Need Bookkeeping Software?
If you want to save time while increasing the accuracy of managing then yes. For those who are used to managing their business manually, bookkeeping software
can seem an unnecessary expense. But when you equate the cost to the time saved it is a no brainer. Bookkeeping software relieves stress and creates time that for outweighs the small fee. If you are still undecided about whether it is right for your real estate agency, here are some of the benefits:
- Simple & easy to use
- Tracks the outgoing cost & the incoming money of real estate agents
- Maintains proper accurate records
- Tracks the performance of your business
- Provides data to better manage your business
- Provides an overview of your real estate business with detailed reports
- Reduces the chance of errors that could lead to heavy losses or fines
- Provides you with insight into which income types are most profitable
- It helps in recording your income as well as expenses at one place
- Reduces the time taken to maintaining accounts of your firm
- Requires less admin hours than manual bookkeeping
How Nomisma Bookkeeping Software Helps Real Estate Agents
The benefits of bookkeeping software should be very apparent by now. Nomisma’s bookkeeping software
- No access constraints –Setup an unlimited number of bookkeeping clients
- Workflow management –Manage and automate your workflow. Track who is doing what work & at what times they are in the office
- Direct bank feed – Download the bank transactions of the client with the touch of a button
- Automated bank reconciliation - you simply tell the system which ledger a particular transaction belongs to and our software do the needful. It reduces your time to perform a particular task.
- Manage your business with reports –Generate a wide range of reports that provide sophisticated insight about your business
- Reduce staff admin hours – Save time by sending multiple invoices at once or uploading bulk files etc.
- Credit control –Track how much a client owes you currently and how long it’s been outstanding
- Send invoices without lifting a finger – Automate your repeat invoices to clients on a monthly, bi-monthly, quarterly or annual basis
- Provide sophisticated advice –Manage client’s annual allowances from Nomisma
- Make reimbursements easy – It provides different categories for allowances, expenses, payment from personal account etc. You will always know how to get your clients the best return.
- More control over finances – Set up departmental bookkeeping
- Manage CIS clients with ease - Upload & send subcontractor bills with incorporate CIS. You can easily & efficiently send accurate bills to sub-contractors after automatic calculations
- Personalise your invoices – Create professional invoices with customisable templates
- Work in a globalised economy – Calculate & convert multiple currencies automatically
- No more searching through piles of receipts – Attach copies of all relevant documents in multiple formats to any transaction
- Manage your finances on the go – Nomisma has a mobile app to access your client’s accounts & dashboards from any place & at any time
- Unique taking sheet – record how much cash we received & for which type of goods & services. It leads to stress free reconciliation.
- Reference letters – With the help of Nomisma, you can also create client reference letter templates & we can use these whenever it is needed.
- Input key data once – It automatically links with our self-assessment module of tax return so you don’t need to re-enter important data.
Take advantage of our free 30-day trial period. If you would like more information about how Nomisma Real Estate Accounting Software
can help Real Estate Business, just call our experts on +44 (0) 20-3021-2326 or e-mail us at [email protected]