When you’re in the commercial real estate space, it can be tempting to try to do all your accounting on your own. After all, if you have some familiarity with bookkeeping it can’t be that hard, right? Wrong! Both small and large commercial real estate investors and businesses can benefit from working with an experienced real estate accountant. Here are some of the reasons why you should invest.
4 Reasons Why You Need a Real Estate Accountant
- Accountants understand how to keep meticulous books, which means that your records will be accurate and prepared in the event that you need to do any financial reporting, are audited or just have questions about the financial health of your business. Without accurate information, it’s impossible to make truly informed decisions.
- Accountants can help commercial real estate businesses structure their day to day business and long-term plans in the most tax efficient manner. Because we are familiar with tax changes, current tax law and ways that businesses like yours can minimize your tax obligations, working with us can save you money throughout the year, particularly when it’s tax time.
- When you work with a real estate accountant throughout the year and not just when you need to file your taxes, it gives them year-round access to all the ups and downs of your business. This can lead to a unique insight into how you could improve cash flow or your finances that might not be apparent when solely looking at records to prepare your taxes.
- Making objective business decisions can be challenging, particularly when you don’t have decades of training and experience in creating and understanding financial reports and forecasts. By bringing on a real estate accountant as a member of your team, it will be easier for you to get a complete picture of your commercial real estate agent and have a third party who can offer an assessment of the situation based on their experience.
Make Your Commercial Real Estate Finances Easy with MKS&H
MKS&H provides tax and accounting services to businesses of every size and in every industry, including construction and commercial real estate. We can work with you to improve your company and make sure that it is financially secure now and in the future. Contact us today for a consultation.
About MKS&H: McLean, Koehler, Sparks & Hammond (MKS&H) is a professional service firm with offices in Hunt Valley and Frederick. MKS&H helps owners and organizational leaders become more successful by putting complex financial data into truly meaningful context. But deeper than dollars and data, our focus is on developing an understanding of you, your culture, and your business goals. This approach enables our clients to achieve their greatest potential.