Real Estate Accounting Services in Toronto
The real estate industry is massive in Toronto and it is constantly growing. Toronto has been known for having one of the hottest real estate markets in Canada, which remained true last year. In 2022, there were 75,140 recorded real estate transactions, and the average selling price was $1,189,850, which was 8.6% higher than the average from 2021.
In recent years, record levels of immigration have been contributing to even more growth than usual within Toronto’s real estate market, as many new immigrants are drawn to the fact that Toronto is a major hub. There will continue to be a boom in immigration that supports the demand for ownership and rental housing in Ontario’s capital.
Do you own a real estate business in Toronto? Many real estate agents and brokers struggle to handle the assortment of financial challenges that are a part of running real estate agencies or brokerages. When tax regulations and requirements constantly change along with legislation, it becomes increasingly difficult to stay on top of your accounting.
Not to mention the fact that employing proper accounting practices is extremely time-consuming, meaning it could take you away from the many responsibilities you have to your clients. For these reasons, it is wise to hire outside accountants to handle your real estate accounting to ensure everything is done properly and promptly without compromising other areas of your business.
At Berman & Associates, we offer top-grade real estate accounting services in Toronto. Our dedicated real estate accountants provide specialized industry knowledge to not only deliver tailored accounting solutions, but to also guide you through constantly evolving changes every step of the way.
How Our Real Estate Accounting Firm in Toronto Can Help You
There are countless ways that you can benefit from hiring accountants with an industry-specific experience like us. The following are some of the most significant ways that we can assist you and your business through our real estate accounting services in Toronto:
Meet financial reporting and tax compliance needs
From year to year, as legislation shifts and changes, your real estate business’s financial reporting and tax compliance needs will likely go through many changes, too. However, with accountants specializing in the real estate industry at your side, you will have nothing to worry about, as we can keep you up to date on everything that is required of you.
Minimize tax impacts associated with buying and selling property
One of the best parts of our real estate accounting services is that we can use our industry knowledge and expertise to find legal ways to minimize the tax you owe after buying and selling properties. That means more net profit for you and a growing bottom line for your business.
Ensure all real estate transactions adhere to local, state, and federal tax codes.
Real estate is one of the most complicated industries out there, as there are so many different levels of codes that you must adhere to during each and every transaction. Without up-to-date knowledge about these codes, it is easy to make errors, which could result in major damage to your business. We can help you avoid such outcomes through our professional guidance.
Provide cash flow and budgeting analysis and guidance
Like any business, lacking proper management when it comes to cash flow can be risky. Having dedicated accountants to help navigate this matter while providing you with detailed budgeting advice could make a huge difference.
Provide payroll and bookkeeping services
Your business could benefit significantly from having a reliable payroll system and a well-organized financial records system, and we can provide you with both while catering to the specific needs of your real estate business.
Who We Serve
Our real estate industry accounting expertise is invaluable for keeping on track with your business’s goal, staying competitive within a booming industry, and growing in steady and measurable ways. At Berman & Associates, we gladly help the following industry professionals with such matters:
- Commercial developers
- Residential developers
- Multi-family developers
- Property managers
- Investors
- Brokers
Leave Real Estate Accounting to Us
Our specialized knowledge of the real estate industry has helped many real estate professionals thrive, and we are ready to help you too. If you would like this to be the year that your real estate business really takes off, leaving the competition behind, having Berman & Associates in your corner could make a world of difference.
By allowing us to help you get the financial side of your business in order, you will make it possible for other aspects of your business to flourish as well.
Very few types of investments have as much potential to be beneficial regarding high capital appreciation, high-income stream, and significant tax advantages as investments in the real estate market. However, many obstacles also come with such investment, making it incredibly challenging to ensure that your money is well invested.
This is why it is particularly important to have accounting professionals on your side who can categorize expenses appropriately, guide you when necessary, and offer real estate accounting and tax knowledge effectively.
At Berman & Associates, we have your real estate business’s best interests in mind at all times. No matter how big or small your business is or what facets of the real estate industry it is primarily focused on, you can always count on our real estate accounting services. We have the means to guide you down a path toward success, and we fully intend to put our all into doing so.