The Importance of Bookkeeping in Real Estate | DOM Management ...

Importance of real estate bookkeeping and accounting

Property management bookkeeping is an essential part of a real estate business, just as any other businesses need accounting to keep their finances in order. Some people just don?t have the head for money ? even if they are a genius at business in other ways. This is where real estate accounting comes in.

One of the largest parts of a property management business is real estate bookkeeping. Such large amounts of money come into and go out of the business that it is extremely important to have a responsible way to manage the records surrounding it.

Property management accounting professionals keep all of this information organized and in order for your business, so you can avoid errors in your records. Keeping your financial history up to date is of utmost importance to a real estate holdings; without it, all manner of money problems can surface, putting the business in danger.

Performing the accounting for real estate businesses is not easy. This is why it is necessary to have someone who knows exactly what they are doing perform this task for you. Accounting experts, such as the highly qualified DOM Management professionals, can help you with your real estate accounting.

Today?s economy is challenging companies to do more with fewer office resources. Our management increases operational efficiency and helps you cut costs by eliminating personnel hiring, training and supervision.
Their use of specialized software like Quickbooks, Yardi and Buildium automates the Accounts Receivables and Accounts Payables without the need to buy the expensive software, the emphasis of DOM property management in using specialized property management software improves its efficiency, reduces errors and optimizes the cash management for its client.

Whether you own one residential building or complex of commercial spaces, DOM management oversees collection of rents and payment of vendor bills in both cash and accrual accounting ? including automated invoice entry, expense-allocation calculation, and contractor-based expense accounts.

With property and tenant data in a single database and single office DOM Managemetn makes it easy to deliver over 30 industry-standard reports across your entire portfolio to facilitate better business decisions.

Source: http://dom-group.com/2012/the-importance-of-bookkeeping-in-real-estate/

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