If you are looking to hire an accountant for your real estate business, finding the right one is crucial. Not all accountants are equally equipped to handle the unique requirements of real estate businesses.
If you do not know how to even begin searching for an accountant for your business, you came to the right place. We are here to help.
Asking the following questions will guide you toward finding the perfect accounting partner to help your business thrive:
1. Do You Specialize In Accounting For Real Estate Investors?
Rental property income is just one piece of the real estate puzzle. Many accountants are familiar with standard rental income reporting but not all understand the intricacies of depreciation, passive income, syndications, or REITs. If your real estate activities extend beyond basic rentals, you need an accountant who knows the specifics of your industry. A mismatch in expertise could lead to missed tax savings or, worse, compliance issues.
2. What Are Your Credentials?
When trusting someone with your finances, you want the best. Certified Public Accountants (CPAs) have rigorous educational and experience requirements. CPAs are licensed by the state where they practice, demonstrating their commitment and qualifications.
Additionally, an attorney with a focus on real estate tax law is a valuable resource for complex issues. Ideally, your real estate accountant has both accounting expertise and a strong understanding of the legal aspects of your business.
3. How Do You Stay Current On Real Estate Tax Laws and Regulations?
Tax laws are always changing. A good real estate accountant is not just focused on today’s numbers; they are actively staying ahead of the curve. Your accountant should regularly consult trusted tax publications, attend industry-specific workshops, and take courses. This dedication to ongoing learning ensures they can give you the most up-to-date and accurate advice.
4. Can You Describe Your Real Estate Client Portfolio?
This question gives you insight into the accountant’s experience and whether they are a good fit for your specific business. Ideally, you want an accountant who works with a wide range of real estate investors, from those just starting out to seasoned professionals with large portfolios. If an accountant already serves clients with similar holdings as yours, it is a sign they have the knowledge and experience necessary for your business.
5. How Will I Access My Financial Information Within Your System?
Cloud-based accounting software has transformed the way financial data is managed. Ask potential accountants about their technology and how you will be able to access your important information. Do they offer a secure online portal where you can view your documents anytime? Understanding the accessibility options upfront will ensure smooth and transparent communication.
6. Can You Connect Me with Past or Current Clients?
Testimonials and referrals are invaluable when choosing your financial partner. Do not hesitate to ask a potential accountant for a reference or two from their real estate clients. Talking to past clients can give you a real-world perspective on the accountant’s communication style, responsiveness, and ability to solve problems effectively.
Looking to Hire an Accountant for Your Real Estate Business?
At Quilca CPA Group, we specialize in helping real estate professionals achieve financial success and understand the ins and outs of real estate accounting and taxation. We are not just number crunchers; we are strategic advisors, working with you to minimize tax burdens, optimize cash flow, and make smart financial decisions that power your growth.
Ready to take the next step?
Contact us at (786) 310-5582 or by email at [email protected] to learn how we can streamline your real estate accounting and free up your time so you can focus on building your empire!
