Accounting for real estate agencies and brokers
Accounting for real estate agencies and brokers
If you are an agent or broker who hates keeping business records, contact the professionals at WebTax Online. Clients who are new or have been in the real estate industry for several years can use accounting for real estate agents and brokers. Talk to a small business accountant realtor.
It will help the agent manage their real estate business, home office, and personal finances without worrying about bills. The agent can take longer to negotiate with buyers and sellers.
Our experts help clients reduce taxes by controlling expenses. This will improve the agents’ annual income. Accounts are prepared in a readable format such as Excel, Quicken, or QuickBooks. After preparation, customers are provided with step-by-step instructions and tips to make the most of the method to set up the accounting system quickly and easily.
The WebTax Online team provides assistance with various expenses that are commonly incurred by real estate agents. This helps you take more tax deductions and save more money.
WebTax Online provides financial services to real estate professionals working in a fast-paced environment. We understand that you are always busy finding the right properties for your clients, often neglecting to prioritize your accounting and tax work. We meet the needs of residential and commercial real estate professionals and provide you with tailor-made solutions for your business.
Specialized solutions for real estate professionals
Our Edmonton accounting firm aims to develop accounting and tax planning solutions to minimize taxes and avoid financial hurdles. Our team of highly experienced financial professionals helps you manage your business and personal finances so you can spend more time with your buyers and sellers.
Performance appraisal and tax administration
Our team provides financial reports at regular intervals to keep you informed of your expenses and income. Our goal is to help you evaluate the performance of your business and make the appropriate adjustments to keep your real estate brokerage business profitable and growing. In addition, our tax experts provide their services for corporate taxes and personal taxes. We make sure that your financial and tax records are maintained in accordance with the regulations of the Canadian Revenue Agency (CRA). We also provide CRA audit representation to our clients to help them avoid costly mistakes.
Our services for real estate professionals include:
1. Comprehensive corporate accounting
3. Tax returns – income, sales tax, wages
4. Tax deductions available
5. Strategic business consultancy
6. Cash Flow Consulting and Strategy
7. Payroll Management Services
8. Tax planning and preparation
9. Compliance with tax regulations
10. Audits through the CRA
11. Strategic tax planning
12. Respect for the regulator
13. Implementation of Quickbooks and other technologies
14. Training and consultancy for digital accounting tools
15. Payment Plans
16. And many services to meet your specific needs
A Toronto real estate agent should be able to determine whether a person is self-employed or employed, as this will affect how they report their income. Contact us to discuss your facts so we can correctly determine whether you qualify as an employee or self-employed. The CRA deals with the facts of the employment relationship between the payer and real estate professionals.
To briefly discuss, there are some indicators listed below that determine the same:
Indicators that the worker is self-employed
• The Realtor is obligated to pay the Realtor a fixed amount on a regular basis in administrative fees for the services. The fee can be paid for the following services:
• Reception service,
• Office desk,
• Use of office space and conference rooms,
• Use of printers,
• Transaction in progress,
• Internal accounting and payroll services, etc.
• Realtor controls and sets commission rate and is not subject to sales quotas (for example, minimum listing requirements or dollar sales volume).
• A real estate agent is required to cover costs associated with his or her business, including auto insurance and repair premiums, professional indemnity insurance premiums, and real estate association membership fees.
• An estate agent can hire staff and cover the costs of their own advertising or contribute to the cost of advertisements.
Indicators that the worker is an employee
1. The real estate broker is not required to pay any fee or sum to cover the administrative costs for the services provided by the real estate broker.
2. The real estate agent takes a percentage of the agent’s sales to cover administrative costs and charges for these services only in the event of a sale.
3. The realtor requires the realtor to perform specific tasks, such as answering phone calls during a certain period of time at the realtor’s office.
4. A Realtor is subject to sales quotas (for example, minimum listing requirements or dollar sales volume).
5. The Estate Agent must report their activities to the Estate Agent on a daily or weekly basis (e.g. goal reports, holiday reports, and working hours; all required by the Estate Agent).
6. The costs of the advertising offers are covered by the real estate broker.
There are many other vital factors to carefully consider as well, and being an expert CPA firm working with real estate professionals can make things easier for you.
GST/HST – GST collected on sales made must be remitted to the CRA promptly. Discuss with us what tax credit you are allowed to offset the HST levied on your income. We have experience reporting and submitting HSTs on behalf of our estate agency clients. They work for brokers and provide a revenue summary that gives a breakdown of the HST collected on each transaction.
Income and Record – As a real estate agent who may be self-employed, there are various expenses that may be claimed as a deduction. It’s important to track all of these expenses to keep your income taxes to a minimum. Contact us now and we will be able to assist you with your accounting and bookkeeping needs so that financial control always remains in your hands. Talk to a bookkeeping services provider for a small business realtor provider.
Common deductions for Real Estate Agencies and Real Estate Agencies –
Home Office – Like most self-employed estate agents, they will most likely be working from home during the year. We know how to optimize home office costs for Realtors to maximize their home-related depreciation.
Car Expenses – As the demand for labor is always changing, expenses incurred for a car can be reported in either the detailed method or the simplified method. WEBTAX ONLINE
Accountant has many years of experience as the best accounting firm in Toronto for real estate professionals. We know how to maximize auto depreciation. Real estate agents are sales professionals who are constantly on the road and transportation is a large part of their expenses.
Advertising – It is obvious that real estate agencies rely heavily on advertising to generate new leads and business prospects. When real estate agent is not communicating within their bubble, they have to find ways to call or reach out to prospective clients with questions and other real estate information, etc. Digital marketing plays a huge role in advertising these days. Methods like Google Ads, Facebook Ads, Instagram Ads, and other avenues are all allowed for advertising spending. Of course, advertising costs are also eligible for basic advertising items such as business cards, flyers, brochures, signs, stickers, and calendars.
Real estate companies and agencies
One of the largest industries in Toronto. is a property development and is home to many major real estate companies. WebTax Online has an excellent market share in this particular aspect of the economy. In fact, this industry was one of our first “markets” when we were founded in 1981.
Real estate professionals were among the last to be approved for incorporation through the “personal real estate partnership” rules prescribed by the Real Estate Council of Toronto.We provide accounting services for small business realtors.
Previously, independent agents were denied the benefits of incorporation, which is curious given that one of the “acid” tests of “independent contractor” status (typically required
if one wishes to be incorporated) is uncertainty about profit or loss. We would humbly note that any Realtor who fails to sell any property will almost certainly make a loss!Talk to a small business accountant realtor.
Suffice it to say that for real estate professionals, the benefits of low-tax companies discussed elsewhere in this section of our website also apply to real estate professionals. Talk to a bookkeeping services provider for a small business realtor provider.
Types of real estate activities that WebTax Online deals with:
WebTax Online has many real estate professionals in our clientele.
They perform some of the following operations:
• Real estate development for sale or rent.
• Selling properties on behalf of third parties.
• Management of a real estate agency.
• Manage rental properties on behalf of landlords.
• Manage the operation of Loss Companies for property subject to the Loss of Property Act.
• Search (as a scout) real estate opportunities for developers and otherwise consult them.
• Conduct feasibility studies and generally consult with retail and commercial property owners and shopping centers.
• Financing construction and long-term real estate investments through mortgages or other hybrid instruments.
• Fill in properties per zoning agreement and development approval.
• Design and build to customer specifications.
• Landscape architects and “green building” consultants.
• Manage the construction phase of the building and coordinate all contracts and sub-contracts, including cost control and budget.
At WebTax Online, we are dedicated to helping our real estate agents, landlords, brokers, and property management companies find the best real estate accounting software. We understand the importance of keeping your brand dynamic and connected and know that behind-the-scenes management and paperwork are key to success.Talk to a bookkeeping services provider for a small business realtor provider.
We provide accounting services to real estate agents across Canada to help them stay current on their financial records and money management. Whether you’re an established real estate agent or just starting your career, we can help you grow your business by taking care of your bookkeeping.
You don’t believe in cookie-cutter solutions for your customers and neither do we. That’s why Canadian real estate agents choose WebTax Online to manage their accounts with a free consultation.
Our real estate agent accounting services:
Real Estate Accounting is so much more than a software download or mobile app. It requires regular maintenance and administration which can take hours of the week or day. Invoicing, expense tracking, document filling, customer management, and cash flow tracking –are just a few of the tasks that need to be done at least once a week.
Most real estate agents or landlords don’t have the time to handle these time-consuming tasks on a regular basis. This is where the accounting services of WebTax Online real estate agencies come into play.
To meet your needs, WebTax Online offers fully customizable and scalable accounting services. Whether you’re just starting out as a real estate agent or are a local landlord, we can provide basic bookkeeping services to help you get started. As your business grows and becomes more complex, we are continually expanding your services.
• Regular reports
• Real estate management software installation
• Document receipts
• Organization of expenses
• Issuance of invoices
• Adding new customers
• Asset traceability management
• Project management documentation
• Collection of payments
• Pay bills
• Reconciliation of credit card statements and bank statements
• Track how much time you spend on projects
• PST/GST/HST tracking
• Payroll management
• Preparation of tax returns
Good real estate accounting software will completely encapsulate all of these activities so that you can easily access everything from one app or website.
Use your valuable time to grow your business and work with your clients. Leave the management and accounting to us.
What to look for in real estate accounting software
When looking at the real estate accounting software options available, there are a number of things to consider that indicate a robust program. The best accounting software for real estate agents is one that allows them to separate real estate and personal expenses and income.
You should also look for real estate accounting software that:
1. Track and manage real estate online, including land, homes, condos, apartments, and commercial space
2. Easily integrate property management and accounting functions
3. Includes customer management tools
4. Provides easy receipt uploading and expense management
5. Connects to bank accounts and credit cards
6. Consolidate bank and credit card accounts
7. Allow access to multiple users
8. Allows access across multiple devices
9. It is hosted in the cloud with solid security
10. Manages balance sheet information and reports (balance sheet, income statement, and cash flow statement)
11. Separate profit and loss by business or sale
12. Tracks mileage
13. Includes mobile app
14. Assists in tax preparation
15. Marketing features and functions
Sound complicated? You should expect a lot from your accounting software. WebTax Online can help you find the best software for your real estate business.
Accounting for real estate agencies that will bring you benefits
Realtors need professional accounting software and services to keep their business organized and separate from their personal finances. Real estate accounting changes the way you look at your career. At the very least, it will help you minimize expenses as your business grows. More often than not, it allows you to find innovative ways to use your money to find new customers and beat the competition.
With cloud-based accounting software and solutions, there are no limits to how you can use your accounting to grow.
Why do real estate agents need modern professional accounting services?
When it comes to real estate, every expense counts. You need to be able to track everything from mileage to business cards to entertainment to marketing. Easy-to-use accounting software allows you to do this without a hassle, sometimes just by taking a photo of the receipt. A professional small business accountant realtor near me can help you minimize unnecessary expenses and find ways to reduce to maximize your income without impacting business services.
You can use real estate accounting software to track specific details about your sales and commissions to gain insight into the best ways to grow your business. By integrating your bank and credit information, you can pay bills and make deposits directly from the software to save time.
Create a business budget
Accounting is a proven way to analyze your finances. Creating a budget for your personal and business expenses is nearly impossible without the help of real estate accounting software and a professional small business accountant realtor near me. You’ll gain insight into creating a budget that fits your lifestyle and grows your business without breaking the bank. We provide accounting services for small business realtors.
As a real estate agent, you build your brand based on your reputation and word of mouth. Professional accounting services allow you to deliver timely and accurate invoices and show your clients that you are professional and experienced. When you’re running an organized operation, the good news spreads quickly.
Manage invoices and payments
Tracking event credits or expenses can take hours a week, not to mention the time it takes to follow up. Manage invoices with automatic billing and email reminders so suppliers can pay instantly and without hassle on your end.
Accounting for real estate agencies is not limited to tracking expenses. Generated and analyzed reports can help you find gaps in your financial planning and provide budget planning advice that you might not otherwise notice.
Simplified tax period
At the end of the year, it can be difficult to claim personal tax credits, expenses, and agency returns. When tax season arrives, you already have records of your expenses and financial activity in your accounting software. Good real estate agent accounting software will also help you with tax planning and prepare tax documents for you.
Talk to a small business accountant realtor near me.
Real estate agent and accountant in Canada
Real estate accounting software is useful for anyone involved in real estate. Whether you are a broker, real estate agent, owner, or interested in real estate investments, we can help you improve control over your finances.
Whether you work with a qualified accountant year-round, get recommendations for an accounting application or software, or just need the advice to get you started with a good accounting foundation, the WebTax Online team is here for you. We know how important every dollar is to Realtors and we are committed to helping you get the most bang for your buck.
Our experienced team of professional accountants and (CPAs) can help you find the right software and develop a system that works for your business. We can help you create budgets, plan unexpected events and manage your expenses more easily.
Keep your finances in check with our real estate accounting software and services. Contact WebTax Online today for a free consultation.