Real estate accounting is the backbone of the real estate industry. Real estate entities need to fully understand their current financial accounting, regulatory and compliance reporting requirements. This level of awareness helps in reducing the inherent risks of various transactions as well as their overall business operations. It also enables these entities to be in full compliance with the relevant standards of reporting to provide appropriate levels of transparency expected by their key stakeholders.
A well-managed real estate accounting is vital for you when you are running a real estate firm/company, or you are a real estate agent. A common expression says, “Numbers do not lie” based on the assumption that the numbers are accurate.
However, accounting mistakes can result in inaccurate numbers that result in quite opposite of the idiom turning the numbers to be lying.
Let’s have a look at some of these mistakes:-
Top Accounting Mistakes in Real Estate Industry
By avoiding these five accounting mistakes, your firm can get back to what you do best in expanding your real estate business.
OHI is a fifteen-year-old real estate services company working with 50+ commercial and residential real estate developers, funds and property management companies across USA. Our deep expertise in real estate accounting, financial analysis, lease administration and asset management has helped clients cut associated costs by 40-50%. We now provide these services to a portfolio of 75000 units across clients.
We invite you to experience finance and accounting outsourcing through us.