This blog post contains a comprehensive overview of our accounting service line here at The Real Estate CPA. Within this post, you will find information about how we function, how we grow, how we add value to your business, and how we save time. The ease of client experience is the motivating factor behind all of these components.
How The Real Estate CPA is Adding Value to Accounting in 2019
If at any point during this tax season you uttered the words, “Next year this will all be organized ahead of time,” to yourself or your CPA for the third year in a row, feel free to go ahead and take an actual breath of relief.
We understand and we’re here to help.
Every one of our clients at The Real Estate CPA is a real estate investor and a third of our accounting advisors are actively invested in real estate. We understand the demands of being a W-2 investor whether you’re motivated by:
- Passive income streams creating security blankets for you and your family’s future
- Additional dollars to fund your once-in-a-lifetime adventures or
- Replacing your W-2 income with self-sufficient freedom
Depending on the size of your business, investing in real estate can be equivalent to a full-time job. No matter your motivation, all of these lifestyles depend on generating sustainable income which requires a large time commitment.
Successful investors focus on the highest and best use of their time by delegating day-to-day tasks to a partner who will not only help maintain, but also improve their operations.
It can take years to build a relationship with someone you can trust your money with and even longer to bring them into your business.
Our defined Game Plans and Investor Success Tools will help to begin a true partnership in less than 30 days that will allow us to not only improve, then maintain, your accounting operations but also lead us to be a reliable resource for all of your real estate accounting needs in the future.
Our 2019 goal for our real estate investors is to spend less than 5 hours on their 2019 tax preparation from signing up for our in-house prep services to IRS acceptance.
What is Accounting Advisory?
Stress-Free in Less Than Six Weeks
Anyone interested in outsourcing their day-to-day accounting spends their first 30 to 45 days with the firm in Accounting Advisory. These engagements are designed to meet the immediate accounting needs of your real estate investment while integrating your new advisor into the business.
Depending on your selection of services, during this time we’ll:
- Gain a complete understanding of your investment vehicle from LLC to bank structure
- Design accounting software able to support your real estate investments
- Complete up to 12 months of accounting work to meet investor or IRS deadlines
- Recommend technologies to automate your accounting process and reduce costs
- Provide honest feedback on what makes sense for your needs and budget
With a clear picture of your investment and understanding of your future goals, we’ll be able to move forward at a flat monthly rate designing, implementing, and maintaining your books.
As a client, you’ll be eligible to sign up for in-house tax preparation and strategy services only available to investors who are engaged in our accounting services. Our streamlined process will nearly remove you from year-end tax preparation, putting weeks of time back into your hands.
Quality bookkeeping ensures:
- Maximized tax returns
- Happy investors
- Accurate goal tracking
- Increased savings
- Reliable budgeting
- Realistic projecting
- Peace of mind
You wouldn’t go months without talking to your business partner and here at TRECPA, we believe you shouldn't go months without talking to your accountant either. In order for us to be the best addition to your financial team, our first focus is building a strong foundation based on communication.
When you engage in services with our accounting team, you are getting more than just a number cruncher. You are engaging with a team that cares about your business, your success, and your personal well being! We love hearing from our clients frequently, even if they reach out to only tell us about their family vacation.
At TRECPA we value transparency, consistency, and honesty.
As an addition to your financial team, you should never feel that reaching out to us is a challenge. We encourage our clients to utilize the complimentary Slack Channel we set up for them. This allows for a one-stop-shop for communication between you and your accounting team, which means no more worrying about lost emails!
From the day you sign your Letter of Engagement with the firm to the very end of services, you can expect to hear from your accountant through your Slack Channel. This is the most efficient way for you to receive Monthly Reports, Transaction Clarification Questions, Personalized Videos about your books, and links to schedule calls with your accounting team. But it’s not just us pinging you, we love to hear from our clients through their slack channel as well! Whether it’s a brief question about their services, advice on their investments, or a concern that requires face-to-face interaction, we never want you to hesitate. Send us that message, and we promise you will receive an answer within 48 business hours if not sooner!
Why We Automate
Here at TRECPA, we want our clients to get the most bang for their buck!
While we know that bookkeeping is necessary, we believe that you should be receiving more value from your accounting services. This is why we have developed a unique and strategic system that allows us to step above the basic bookkeeping role to better serve you and your investments. Your accounting team takes an approach that involves focusing heavily on automation which allows us to spend less time bookkeeping and more time giving you a high-level analysis of your operations. Our automation of your real estate investing activity frees up our time to be your teammate, partner, and advisor.
Our primary goal is to save time, but a valuable side effect of creating these applications is also the elimination of human error in our work. We know firsthand how tedious and detail oriented bookkeeping can be. On top of that, the consequences of sloppy bookkeeping can be a nightmare for tax preparation and legal compliance. We automate to mitigate these risks.
How We Automate
“Automation - You mean a robot will be doing my bookkeeping?”. Well no, that’s not exactly what we mean. When you engage in ongoing accounting support with TRECPA, you are engaging with a team of qualified Accounting Advisors. Our Accounting Advisors are trained on discovering patterns in your operations and utilizing technology to enhance the way we account for investments.
A major differentiating factor of The Real Estate CPA is our development of in-house automation applications. We see the development and implementation of artificial intelligence software taking over traditional bookkeeping as inevitable. To prepare for this industry shift, we devote valuable time to understanding pain points in the accounting process and creating these solutions internally. We constantly strive to innovate in all areas of the company. By collecting data about time we spend on specific responsibilities, we can turn that into interpretable and applicable information regarding the areas of our work that will most benefit from time-saving ideas. Once developed and implemented, it’s a “wash, rinse, and repeat” approach with the process of deciding where next to target.
In many ways, we strive to stay ahead of the curve. We want to set the pace for the accounting industry - traditional accounting firms will be left in the past with inefficient processes and sluggish timelines for implementing new services and platforms.
As a client with The Real Estate CPA, your operations will be subject to the latest and greatest solutions we have available - because it benefits us to employ these resources as well.
As a virtual firm, we are very much technology-centered. Working with the best technology on the market is necessary for our success. The importance we place on technology is one of the characteristics that defines The Real Estate CPA as a forward-thinking firm. We are never necessarily completely content with our current situation - experimenting with different tools, processes, and services enables us to stay ahead of the curve and provide the smoothest client experience possible. We view innovation as a constant churning, collecting of data, and revision. The heart of the value we add to our clients is our use of technology to facilitate communication and allow for automation and other time-saving ideas.
Some factors we consider when assessing a new platform or service are security, autonomy, accuracy, and flexibility. By targeting these factors, we are confident we have the highest quality suite of technology possible. If we believe a new platform or service will save time or money, improve communication, or make smoother the client experience in general, we will find a way to implement it.
As a firm, we use QuickBooks Online and Xero. These two accounting programs provide a high level of customization and integration. Counting QuickBooks and Xero, plus their tiers of service, every investor can find a package that fulfills all their needs at a reasonable price.
To securely manage access to client accounts and information, we use Keeper. Keeper is an online password manager and secure vault.
As previously mentioned, we use Slack to communicate internally and with clients. We also use the programs Zoom and Bombbomb. Zoom allows us to meet face to face, and Bombbomb is a great tool for sending bite-size videos containing any questions or answers we may have about your business and report and proposal reviews.
Our team members at The Real Estate CPA are a unique group. We all share a strong sense of responsibility and independence in our work, yet we strongly encourage collaboration and open communication. We cannot learn and grow without a transparent approach to communicating between team members or with clients.
Our mentality towards our clients is that of partnership. We want to be there for you as a reliable resource, no matter if you’re looking to implement an accounting software system or if you have an established system in place and are looking for analysis and clarity regarding your financial statements. Regardless of the state and size of your business, we are here to help you plan your strategy and achieve your budgetary goals.