5 Money Saving Tips for Real Estate Investors and Property Managers
Chip Daege | 30/08
5 Money Saving Tips for Real Estate Investors and Property Managers
5 Ways Real Estate Investors Can Save Money on Property Accounting
1. Outsource to a Specialized Firm:
- Expertise: Property accounting firms have deep knowledge of real estate-specific financial nuances. Your average bookkeeper just doesn’t have the knowledge, skills, and abilities that an experienced property accountant will be able to provide you.
- Cost-Efficiency: Outsourcing can often be more cost-effective than hiring in-house staff. Our firm can save you from between 30 to 50 percent of in-house staffing costs.
- Scalability: Outsourcing allows for flexible staffing based on workload.
2. Leverage Cloud-Based Accounting Software:
- Efficiency: Cloud-based software streamlines processes and reduces manual data entry. We have expertise in the most common property management softwares:
Yardi Voyager, Yardi Breeze, Buildium, Appfolio, MRI, JD Edwards - to name a few!
Accessibility: Access financial data from anywhere, anytime.- Cost Savings: Cloud-based solutions can often be more affordable than traditional on-premise software. Mexus Accounting Services can help you make that transition - and assist you in the implementation of property management specific software.
3. Automate Routine Tasks:
Time Savings: Automation reduces manual labor and frees up time for strategic tasks.- Accuracy: Automated processes minimize errors and ensure data integrity.
- Cost Reduction: Automation can lead to cost savings in the long run.
4. Optimize Monthly Bookkeeping Processes:
- Streamline Data Entry: Implement efficient data entry procedures to reduce errors.
- Automate Recurring Transactions: Use software to automate recurring payments and invoices.
- Reconcile Accounts Regularly: Conduct regular reconciliations to identify discrepancies and prevent errors. Mexus does your bank recs twice per month - so cash is accounted for timely and accurately.
5. Outsource Specific Tasks:
- Lease Abstraction: Outsource lease abstraction to ensure accurate and efficient lease analysis. This is very important - yet tedious work. We have decades of experience in this field that your average bookkeeper or property manager can’t duplicate. Keep your in-house staff on higher-level work.
- Accounts Receivable (A/R) and Accounts Payable (A/P): Delegate A/R and A/P tasks to a specialized firm.
- Common Area Maintenance (CAM) Reconciliations: Outsource CAM reconciliations to avoid errors and ensure accurate billing. We have decades of experience born from our work in the nation’s largest firms– Canada and Australia, too.
By implementing these strategies, real estate investors and property managers in Buffalo, NY and Southern Ontario can save money on property accounting while ensuring accurate and efficient financial management. Scale your business and put your in-house staff on higher value work where their expertise returns more. Leave the tedium to us.
Cutting-Edge Software for Real Estate Accounting
We utilize the most advanced software in the industry to streamline property accounting, ensuring accuracy and efficiency for your real estate business. Trust us to leverage technology that scales with your needs.
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