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If you have invested in a property, you might have received many suggestions from real estate experts about the benefits of hiring a property accountant. Are you considering hiring one for your property? If yes, you have come to the right place. Here, we give you a brief idea of who is a property accountant, what h does, and why you need his services. Who is a Property Accountant? A property accountant, as the name indicates, is one who takes care of the financial aspects and accounting aspects of a property (commercial, residential, private, public, or any other type of property). These accountants are professionally qualified to take care of the accounting of real estate; therefore, they are also known as property specialist accountants. Landlords and property investors usually hire these accountants to coordinate with different parties like tenants, lawyers, and other service providers to maintain the property in a proper condition. While you can manage single properties by yourself, hiring a professional will make your job way easier than before. If you have a large portfolio of property investments, you have to hire experienced and professional property accountants to take good care of the affairs of your properties and eliminate all instances of fraud or discrepancies. Duties of Property Accountants Some of the main duties of property specialist accountants include the following: Acting on behalf of the landlord and tracking rental income Preparing annual budgets for their clients’ portfolio Helping landlords file taxes for their properties Managing all financial aspects of the property (handling capital gains when properties are sold, stamp duties at the time of registration, legal issues related to the property, costs related to interest payments, depreciation and others related to property ownership and so on) Why do we need Property Accountants? Why is it beneficial to hire property accountants to manage the financial and management affairs of your properties? Keep reading to know the answer to this question. Property accounts are professionals who have received exclusive training in handling the books and financials of all types of properties in the real estate sector. You don’t have to worry about filing taxes, tracking rental income, formalities related to registration, stamp duties & more, and processes related to financial reporting. Your property accountant will do the job for you accurately and effectively. Property accountants are well-aware of the latest laws and legislations related to property rules. So, as a property landlord, you can be assured that your business and your books are compliant with the laws always. Your real estate accountant will immediately intimate any changes or amendments to property laws in your country to you. Property accountants help you to keep your books up-to-date at all times. At any given point in time, you can refer to your financials to understand the health of your properties. Which one is making money, which property needs some improvement, which one is depreciating faster than others, and which one can be sold to better your financial records – these are some of the questions for which your real estate accountant will have answers ready any minute you question him. So, you definitely don’t want to miss out on these professionals’ expertise, do you?
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