Rental and Commercial Property Accounting

Rental and Commercial Property Accounting

Real estate investors, as well as owners of rental properties or commercial properties, have complex tax liabilities, since as a rule, investors never live in their investments — one of the primary qualifications for eliminating the capital gains tax when they sell their properties.

If you’re involved in real estate in this way, you may hire a property management firm to run the day-to-day operations at the properties. You should also consider another specialist: a rental and commercial property accounting team.

Whether you have one property to manage or many, you may not have time to effectively manage all the special accounting requirements of your industry. Investment and rental properties may include:

• Commercial buildings
• Industrial spaces
• Office buildings
• Mixed use developments
• Shopping centers and other retail properties
• Apartment buildings

Don’t wait until tax season to hire an accountant for rental property and commercial property. Best practices for property management accounting includes daily, weekly, monthly, quarterly and yearly duties.

The accounting professionals at Miller & Company, LLP — with offices in New York City, Washington DC and Sarasota, FL — guide you to implement all the practices over the course of the year to make your financial reporting and tax filing easier and more lucrative. Start today.

What to Look for in a Rental Property Accountant

You can manage your rental property more smoothly and more profitably by hiring the right accountant and following the given advice. Rental property accounting and bookkeeping help you manage your money and take advantage of every allowable tax benefit for your business.

In general, bookkeeping for rental properties involves:

• Collecting and reporting tenant payments
• Reviewing maintenance and repair expenses
• Reconciling financial statements to balance income and expenses
• Providing rental property valuations
• Reviewing and assessing your tenant leases
• Developing a rent roll to reveal the profitability of a rental property at a specific point in time
• Handling all tax forms and filing, while maintaining an archive of all past years’ tax filings
• Performing audits as requested
• Analyzing current financial data to develop tax planning strategies
• Giving fact-based business advice to put your rental property business on more solid financial ground

At Miller & Company, your accountant for rental property gets to know your business before making recommendations. Only by understanding your business can your real estate accountant develop practices that benefit you and help you reach your financial goals. A landlord accounting service, Miller & Company has been helping rental property managers, owners and investors since 1997.

Commercial Property Management Accounting Services in Sarasota

As a commercial property management firm, your business has many facets and responsibilities. You’re faced with daily challenges when it comes to keeping your commercial real estate accounting books. On top of that, you can’t forget taxes, which should be a weekly concern, not an annual one.

So find the best accountant for property management. Miller & Company, LLP provides you with a certified public accountant (CPA) for property management who does it all for you, from bookkeeping tasks to strategic planning.

Your CPA for commercial property delivers the most up-to-date and relevant services for both property management teams and investors, which includes:

• Business registration and succession planning
• General accounting practices for your day-to-day business, including all bookkeeping and accounting services
• Investment property accounting
• Accounts payable and accounts receivable management and oversight for your income and expenses
• Valuations of commercial real estate property
• Budgeting to meet short-term needs and forecasting to reach long-term goals
• Cash flow management that ensures your business has enough cash on hand to remain viable in unpredictable times
• Evaluation of your tenant leases from a financial viewpoint
• Assurance that you’re in compliance with all management contracts
• Strategic financial planning
• Accrual management, done monthly and quarterly
• Tax preparation and filing
• Deductions from truly passive activity losses
• Exchange strategies under IRS code section 1031, to minimize your tax liability
• Tracking of tax-deferred accounts, annuities, capital gains, dividends, interest and transactions
• Coordination with IRS for tax reporting and tax representation in case of problems
• Guidance for fulfilling your IRS reporting requirements for property owners who are either U.S. citizens and non-U.S. citizens
• Preparation and thorough review of your financial statements
• Business valuation
• Several types of audit services: from reconciling your income and expenses to reviewing your internal processes
• Accounting and bookkeeping software set-up and training, if you want to manage some functions yourself

Investment Property Accounting

Your real estate property accountant at Miller & Company provides data-driven support when you’re deciding whether to buy or sell and what to buy or sell, as a real estate investment. Besides keeping your commercial real estate accounting books, your Sarasota CPA delivers value projections, cost analyses, transaction cost and tax burden reports for every decision.

Investment property accounting services become particularly paramount during a sale or when you’re ready to buy again. The best accountant for property investment advises you by showing you the likely scenarios and even the level of risk you’re undertaking by buying or selling now.

While the future is never certain, the right accountant — knowledgeable in the real estate industry — can show you the hard numbers that help you decide what to do and when to act.

Hire a Senior Property Accountant Who Can Do It All

When you need the best, most experienced accountant for rental property or commercial property, find a senior property accountant, one with years of knowledge and the support of an entire organization. By hiring a Sarasota accountant at Miller & Company, you get a property tax accountant who’s an expert in equitable property and account management. You can rely on a company that understands the subtleties of investment property accounting in different states in the U.S.

Maximize your profitability by minimizing your tax liability. Let your rental or commercial property management business work for you, not the other way around. Find out what a difference a proactive property accountant can mean for your business. Contact Miller & Company, LLP today for a consultation.