Netsuite: Real Estate Firm Bookkeeping

When your real estate company is looking for a software to integrate all processes that keep your business running, Oracle’s NetSuite is a great choice. NetSuite can provide you with real-time financial data to help your business comply with current accounting standards. It can also help keep your real estate firm bookkeeping up-to-date. With NetSuite, you can also easily manage payroll and create detailed financial reports. These reports can be used by our real estate firm financial advisers to create business road maps for your real estate firm.

Keeping Your Bookkeeping Accurate

Similar to many businesses, managing and running a real estate firm can be complicated. Besides the day-to-day operations, there’s the responsibility of managing and paying personnel, staying financially compliant with regulators and making sure that the sales for each agent get recorded accurately. When your real estate firm has several processes like this to complete, it helps to have accounting software that can help streamline your workflow. NetSuite can increase your efficiency, improve business performance, and is highly cost-effective. With the ability to access real-time financial data, you will be able to dig deep into your accounting details and keep track of each real estate agent’s production. Here at Fusion CPA, our real estate firm CPAs can help you make sense of your financial data to help you build actionable and effective business policies.

Managing Your Payroll & Accounts Payable

NetSuite provides an effective way to set up and manage a payroll system for your real estate firm. This feature can especially be helpful if your real estate firm maintains a large group of agents. Its intuitive design provides you the flexibility you need, whether you are a small or large agency. NetSuite has an Incentive Compensation module that makes it easier to provide the appropriate commission to each of your firm’s real estate agents. It also supports various compensation requirements. Furthermore, the feature allows you to pay commissions through the software’s payroll module or through the Accounts Payable function similar to paying bills from a vendor. Our team of real estate firm accountants can help you speed up the set up of your Commissions Payable, Commissions Expense and Commissions Clearing accounts

Spend more time or revenue-generating endeavors such as marketing and less time managing your bills with the help of NetSuite’s comprehensive Accounts Payable system. With the system, you can improve payment controls so that none of your bills are ever paid twice or lost again. You can also drill down each Accounts Payable transaction to trace back its history and improve your reconciliation. This can also help reveal patterns that our real estate firm bookkeepers can use to streamline your real estate tax planning and preparation activities.

Integrating Financial Statement Planning

As a business owner, you need to take a comprehensive view of your real estate firm as a whole. NetSuite’s ability to provide and integrate financial statement planning makes it easy to forecast crucial figures such as revenue, expenses, balance sheet, and cash flows. You can quickly view the income of your firm or analyze other areas of your financial statements with NetSuite’s reporting system. You can also see your total commissions expense during specified periods. This information can help provide you with insight into your advertising costs and other aspects of your business. Our team of accountants is able to take this information and utilize it to provide you with CFO advisory services to help you direct your business to the path to success. Click the button below to schedule a complementary discovery call today!

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