Real Estate Bookkeeping: Virtual Bookkeepers for Real Estate (2024)

The success of a real estate firm primarily depends on the core activities that generate leads and potential revenue. Instead of focusing on clerical work, administrative tasks can easily be delegated to other expert members of the team.

Remarkably, one of the key functions of a professional bookkeeper is to determine the firm’s reports on profits and losses. Since they handle complex tasks like book closure and correcting financial errors, their routine duties demand meticulous attention to detail.

In this article, we’ll feature the job description, average salary, and specialized insights of real estate bookkeepers. We also created a precise cost comparison in the Philippines vs other countries (USA, UK, CA, AU, and more).

Real estate bookkeeping comprises tracking and organizing financial transactions related to properties, investments, and operations. Precise record-keeping and financial management are both crucial to the bookkeeper role, particularly within the real estate industry.

In the digital world, the bookkeeping process has been made easier and more accessible. A cloud-based accounting software is utilized for virtual bookkeepers to properly organize their records.

Through this, bookkeepers will no longer worry about misplaced documents and have difficulty in reviewing them. Streamlining the bookkeeping processes also comes in handy with the help of outsourced staff members.

A bookkeeper is essential in every real estate business as their financial reports help business owners make informed decisions. Aside from the convenience of professional handling of daily finances, this function gives a clear overview of your business’s cash flow.

Generally, a bookkeeper plays a significant role in fostering the financial well-being and success of a real estate business. By outsourcing a virtual bookkeeper, business owners can focus on core operations and other revenue-generating tasks. It is also crucial to maintain accurate and error-free financial records which help track trends and support strategic planning & budgeting.

Bookkeepers ensure strict compliance with tax laws and regulations and prepare financial statements for tax filing. At ShoreAgents, we offer cost-effective bookkeeping solutions that can save you considerable funds. We help you recruit highly qualified candidates with specialized skills needed for your business success.

There’s no question that a bookkeeper can work virtually, but which is the best option: to hire one locally or virtually? Let’s examine the cost difference table featuring local and virtual real estate bookkeepers after understanding their significance and main benefits.

In comparison to the Philippines, the list of salaries for other countries does not cover additional costs. The amount of salary listed in the Philippines, however, includes government charges, employee benefits, and ShoreAgents’ fees.

Evidently, the cost difference between hiring locally vs virtually in the Philippines is enormous. Not only can you save money, but you also get to access a talent pool for your real estate business.

With the price of one local staff member, you can recruit two or more in the Philippines. Aside from cost-efficiency, you can expect your staff to be efficient in English and handle various tasks.

Your virtual bookkeeper in the Philippines, located here at ShoreAgents, will take care of all these repetitive tasks.

Suppose it is mid-month, and on the same day, you are managing a rental roll consisting of approximately 1,000 properties. Rent must be received and accounts reconciled on that day to distribute funds to landlords and collect management fees. The same process applies to expenses, and you will also have salaries to be paid out through payroll. Again, your virtual bookkeeper can handle all of this.

So, on a daily basis, your bookkeeper will be a low-cost but highly valuable resource. And now that you know you can hire in the Philippines, it will not break the bank either.

At ShoreAgents, we offer full-time bookkeepers at varying costs and it all depends on the level you will need. Our objective is to facilitate effective communication and alignment between your organization and remote team members.

This ensures a shared understanding of the work that needs to be completed and tasks that require attention. We strive to eliminate obstacles and minimize any friction in the client-worker relationship as much as possible.

Here are some advantages of collaborating with ShoreAgents:

• A recruitment process that ensures peace of mind by adhering to local labor laws
• Access to a wide range of highly qualified candidates at affordable labor rates
• Professionally crafted job descriptions, advertisem*nts, and concise application evaluations
• Enjoying a comfortable and contemporary workspace furnished with computers and other essential tools for work.

In summary, bookkeeping is vital for real estate as it ensures financial order, compliance, informed decisions, and stakeholder trust. And if you are looking to reduce expenditures, partnering with an offshore real estate staffing company is highly recommended.

At ShoreAgents, we specialize in providing highly skilled and trained professionals to support every facet of the real estate industry. We possess extensive knowledge about the essential elements for running a successful property management business.