Advantages of Virtual Accounting Services for Real Estate Companies

  • January 11, 2022
  • admin

As a real estate business owner, you should be spending time interacting with property buyers and sellers to close more sales. If you spend time on routine accounting tasks, you may lose a customer. Virtual accounting services can help with your accounting needs.

A virtual assistant takes care of your accounting requirements and lets you monitor your company’s financial performance. You can make accurate projections with this financial information as well as identify your strengths and weaknesses. 

Benefits of Virtual Accounting Services

Increased Quality and Flexibility

With outsourced accounting services, you and your employees can focus on the long-term strategic growth of your company. These include providing your existing clients with superior services and scaling your business by increasing your client base. 

Your employees don’t have to worry about recording transactions and financial data analysis as virtual accounting companies take complete responsibility of your bookkeeping and financial reporting. With cloud computing, your staff can provide your customers with any information they want 24×7 in minutes. With higher customer satisfaction, you gain their loyalty.

Increased Profitability

Your staff needs to immediately understand customer requirements and match them with the right property. Customer queries need an immediate response, and if your staff can’t provide it, you may lose them. 

As a real estate owner, you need your staff to be engaged in marketing and promoting your business to improve profitability. They can choose the right social media platform and think of an appropriate digital marketing strategy for the highest return on investment.

When all your accounting issues are handled by a virtual accounting service provider, you can concentrate on achieving your business goals and not worry about recording your financial transactions. 

Easy Access to Business Accounting Records

Outsourced accounting gives your employees access to your financial records anytime and from anywhere. Unlike your in-house accountant, the online accounting firm will ensure that your accounts are completed on time, even if they have to work beyond office hours. 

Your financial records are prepared by experienced professionals who ensure accuracy so that you will not face any legal issues for non-compliance. Since all documents are up-to-date and available online, your staff doesn’t have to worry about providing wrong information to customers or other stakeholders. This improves their efficiency as they can find the information they need when they need it. 

Low Overhead Costs

Having a separate accounting department is expensive with fixed overheads like staff salaries, electricity, training costs, and more. By engaging virtual accounting companies, you cut down on overhead costs and improve your profit margins. 

You also save on extra costs like overtime pay and bonuses. Other costs include infrastructure for an accounting system like hardware and software along with annual maintenance costs. Online accounting services charge you a flat fee for the contract period, and there is no extra payment involved. If your virtual bookkeeper is based in a country like India, your savings could be as high as 70% of your overheads. 

Better Security

Data protection is of critical importance for any business. You cannot afford confidential information leakage to competitors in the real estate business. Virtual accounting companies ensure data security. 

With online accounting services, you don’t need to worry about a fire breakout, theft, or natural disaster. With professional accountants handling your work, the risk of fraud is minimal. 

Conclusion

As a real estate owner, your focus should be on business growth. By engaging virtual accounting companies, you can provide customers with better service, which will lead to higher sales. A professional team of accountants will manage your accounts responsibly to ensure accuracy and compliance. 


About Us

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 currently provide these services to a portfolio of 75000 units across clients.

We invite you to experience finance and accounting outsourcing through us.