Bookkeeping for
Property Management
We Manage Your Real Estate Bookkeeping So You Can Manage Your Properties
Remote real estate bookkeeping, administration, and operations support so you can focus on locations, locations, locations
Renovate Your Accounting Practices & Improve Organizational Performance
Keeping your accounts and back-end administration organized is a tough task for any business. And if you’re in a highly-regulated industry like property management, the (digital) paperwork never stops piling up.
What you need is a cost-effective bookkeeping and accounting partner who understands how your business works and already has processes set up to get your financial picture in order.
NorthStar Bookkeeping is the partner your property management company needs.
Our team has decades of combined experience as remote bookkeepers and administrative support, and you can leverage all of that knowledge without the cost of hiring an in-house team. Further, the NorthStar team is so helpful and responsive that you’ll think we are your in-house team.
Real Estate Bookkeeping Services for Property Management Firms Include:
Profit & loss
Balance sheets
Break-even analysis
Cash flow statement
Consulting
Variance analysis
KPI monitoring
Forecasting data
Software & systems implementation
With NorthStar Bookkeeping, Your Only Direction is Forward.
Client
Experiences
Real Estate FAQs
What is unique about real estate and property management bookkeeping?
Real estate and property management bookkeeping are unique disciplines that require specialized experience and expertise.
Unique aspects of this form of bookkeeping are:
Tracking multiple income streams, such as rental income, property sales, management fees, and maintenance charges.
Tenant and lease management that involves maintaining detailed records of tenant payments, lease agreements, and security deposits.
Expense allocation as you handle expenses related to individual properties, such as maintenance, repairs, utilities, and insurance.
Compliance with trust accounting rules for property managers handling client funds, which requires keeping client funds separate from operating accounts and adhering to strict legal requirements.
Depreciating tracking regarding properties and assets for tax purposes.
Reporting for owners or investors to provide transparency with detailed financial data, such as profit-and-loss statements by the property, cash flow analysis, and ROI calculations.
Tracking and separating operating expenses and capital improvements, such as utilities, repairs, staff salaries, or major renovations.
Cash flow forecasting and budgeting to ensure that expenses like repairs, taxes, and mortgage payments are covered while still maintaining profitability.
Related Article:
What bookkeeping challenges are common in real estate?
Bookkeeping in real estate comes with unique challenges due to the niche complexity of managing multiple properties and income streams, handling tenant payments and security deposits, reconciling accounts, maintaining records, and compliance requirements.
At NorthStar Bookkeeping, we understand the nuances of real estate and property management bookkeeping. Our specialized approach ensures your finances are taken care of.
We provide customized solutions to help you overcome these challenges, such as:
Customized solutions tailored to meet your specific needs, whether you manage a few properties or a large portfolio.
Technology integration to streamline operations and improve accuracy using the latest advanced bookkeeping software and tools.
Expert guidance from a team with a deep knowledge of real estate accounting standards to navigate compliance, taxes, reporting, and more.
In-depth, property-specific reporting and actionable insights to help you assess ROI, track occupancy rates, and evaluate the profitability of each asset.
By addressing these challenges proactively, NorthStar Bookkeeping enables real estate professionals like you to focus on growing your businesses while maintaining accurate financial records and compliance.
Can you help with both residential and commercial property management bookkeeping?
Yes, at NorthStar Bookkeeping, we specialize in both residential and commercial property management bookkeeping.
We understand that each type of property comes with its own unique financial needs and challenges. Our expertise and tailored approach ensure that the unique needs of each type of property management are met effectively.
We will provide support that simplifies complex processes while providing clarity and actionable insights to help grow your business.
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Move Your Organization Forward With NorthStar
Start your journey with NorthStar by scheduling a conversation.
We’ll map out our next steps together