Real Estate Accounting is a complex field due to the differences in Commercial, Residential and Condo type real estate. On top of the asset class, accounting for the organizations and businesses that manage these can also be just as complex.
With the myriad of financial & taxation issues that are often changing and can differ between the many types of real estate organizations, it is critical for business owners to find an accountant that has proven competency in this field. An accountant that has experience and keeps up to date on all aspects of real estate accounting can save time and expense and provide peace of mind for organization managers that need to get it right.
Accounting for an apartment building or commercial complex are different and can lead to issues at the end of the year if certain expenses are not tracked properly for commercial buildings. Most commercial property owners charge rent to their tenants like apartment buildings, but commercial properties also charge a “common area” or CAM charge and properly recording the expenses which make this CAM charge up is very important. Rent rolls, tenant inducements, free rent tracking, lease expiry schedules, and the multitude of other financial information is important to track for any landlord.
Are you involved in any of these businesses?
If so, we invite you to contact Summa Financial @ 902-453-4677 or visit us at https://www.summafinancial.ca/contact-summa/.
Real Estate Accounting is one of our specialities and we’d be happy to sit down with you for a free consultation.