Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
2y
Bookkeeping when it comes to real estate can be difficult.
Some issues that I see are as follows
1) Failing to properly account at all any items reported from the purchase of real estate. I.E. They see a payment going out of $20,000 from the bank towards the down payment and they will report the asset value of the building as $20,000. 2) They fail to properly breakout the mortgage payment between principal, interest, and escrow payment(insurance and taxes) 3) If there is a property management company, they will only factor the money going in and out that is shown on the bank statement but will not incorporate the PM statement which provides more detail.
Accountant · 100% Remote · Member since 2019 · 495 posts · 216 votes
2y
Hey @Josh Beller, what specifically are you looking for in addition to commercial property experience?
I run a large group of bookkeepers/tax pros/cfos who specialize in serving REIs. I can shoot a post out to them with your criteria if you would like me to.