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Real Estate Developers: Should You Outsource your Accounting Function?

The business of real estate development involves so many moving parts. It’s a complex endeavor that requires great expertise and careful balance. As a real-estate professional, one business trend that you should consider adopting is outsource accounting, which puts accounting experts to work so that you have more time to maintain and grow your business.

As with any decision, cost is a chief factor. You need to consider how the added costs associated with hiring accounting employees stack up against those of outsourcing.

The facts

Outsource accounting allows for stability in staffing without spending extra time searching for replacements or spending money with placement agencies. It also assures continuity of the financial function related to staff turnover, and helps eliminate risk associated with poor internal hires. In fact, outsource accounting may actually cost less than internal staffing, and often can provide a higher level of expertise, while improving business processes and controls.

How outsource accounting services can grow your business

Outsource accounting services grow with you. As your business expands, your outsource accounting partner can grow and increase staffing to meet your needs, without you needing to hire more people. Outsourcing also improves your internal controls by having someone outside your organization involved in your transactions.

Outsource accounting services provide you with metrics that matter to help you run your business better and so that you can provide information to stakeholders, driving better business decisions. In fact, you should get real-time reporting without having to wait for your internal staff to find the time to get that done.

Services you may not realize you can outsource

Accounting is just the tip of the outsource iceberg. Businesses also can benefit from outsourcing these functions:

  • Accounts payable processing
  • Bank account reconciliations
  • Cashflow management and planning
  • Budgeting/forecasting
  • Strategic planning

Through outsourcing, real estate development leaders can focus on what they’re best at: selling and project management. For more information regarding the Outsource Accounting Team for Real Estate, contact one of our team members. You can also learn more about our designated Outsource Accounting & Finance division here: https://www.bonadio.com/bonadio-outsource-accounting .

This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute, an accountant-client relationship.