Residential Real Estate Accounting

Residential Real Estate Accounting Services

Looking for specialized accounting services for residential property management companies? OHI offers comprehensive financial solutions tailored to meet the unique needs of your business. Our services include financial management, budgeting, cash flow management, and accounts payable/receivable, all aimed at optimizing your operations and boosting profitability. We also provide real estate outsourcing services like lease administration, tenant account management, CAM reconciliations, and vendor management to streamline your processes and reduce manual tasks.

Partner with OHI to gain access to industry expertise and customized solutions that enhance your financial performance. Our goal is to provide you with real-time insights and efficient processes, allowing you to focus on delivering exceptional property management services. Contact us today to discover how our residential property management accounting services can support your success

Our Services

Tenant Accounting

Lease setup, move-ins, move-outs

Accounts Payable

Entry of invoices including 2/3 way matching with POs, utilities and payments

Accounts Receivable

Monthly rent run, processing rental receipts and section 8 rent receipting

General & Month End Accounting in Canada

General & Month End Closing

Prepare schedules of month end utility, expense accruals and prepaid expense amortizations, management fee calculations and inter company accounting

Reconciliations

Operating and security deposit bank account reconciliations, tax, insurance, mortgage insurance and replacement reserve reconciliations

Prepare/Track Fixed Assets

Updating fixed asset register with new asset additions, dispositions and write-offs for property including to the unit (apartment) level

Monthly/Quarterly Financial Reporting

Comprehensive monthly financial reporting packages including actual-budget variance analysis for revenues and expenses

Rent Roll Analysis

Comprehensive rent roll analysis of a property for buyers covering financial analysis, tenant analysis, location review among others

Lender Reporting

Financials, leasing reports, property management executive summaries and other reports with respect to the property, borrower and guarantor

Budgeting Support & Analysis Services

Prepare budgets, financial analysis and cash flow forecasting

Software Upgrade/Changeover Services

Prepare software transition plans, set-up chart of accounts/tenant accounts/vendors, 2 way/3 way GL and bank reconciliations and handle accounting migration

Backlog and Clean-up Accounting Services

Clearing backlog of un-posted historic transactions, correction of existing miscoded GL entries, clean-up of chart of accounts and reconciling historic accounts with bank, credit card etc

Investor Support Services

Create and maintain investor waterfalls and cap tables, administrative processing investor contributions calls and disbursement proceeds, and investor reporting activities

Key Real Estate Sectors

Affordable Housing (Section 8/HUD)

Multifamily Housing

Condominiums (Condos)

Single Family Housing

Tax Credit (LIHTC Housing)

Homeowner Associations (HOA)

Student Housing

Senior Housing

Other Services

Leasing

Lease Abstraction | Lease Entry | Lease Administration | Lease Audit | Lease Review | CAM Reconciliation
Asset Management

Property & Portfolio Level Dashboards | Hold vs Sell Analysis | Cash Flow Projections | Asset Level Budgets
Investment Analysis

Rent Roll Analysis | Financial Analysis | Market Research | Cash Flow Modeling | Hold Vs Sell Analysis
Back Office Support

Maintenance Support Services | Document Management | Insurance Management-Renewals and Claims | Marketing Support

Residential real estate accounting services

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Watch it in Action

Software Expertise

Process Snapshots

Pricing

The indicative standard charges for Property Management Accounting Services (Accounts Payable Specialist, Accounts Receivable Specialist, Property Accountant and Senior Property Accountant roles) are listed below. Custom packages of 25, 50 and 80 hours per month are available.

AP Specialist

$1800

Onwards. (160 hours per month)

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AR Specialist

$2000

Onwards. (160 hours per month)

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Property Accountant

$2400

Onwards. (160 hours per month)

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Sr. Property Accountant

$3200

Onwards. (160 hours per month)

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Staff Profiles

Accounts Payable Specialist

Accounts Payable Specialist can perform activities such as 2 Way/3 Way matching of invoices with POs and GRs/Packing Slips, entry of invoices and utilities, coding of expenses, entering checks for further approval, tracking payables, vendor reconciliations and other miscellaneous accounts payable activities.

Accounts Receivable Specialist

Accounts Receivable Specialist typically can perform activities such as invoicing, running rents (for real estate cos.), tenant/customer set-up and accounting, late fee processing, rent receipting/cash application services, tracking receivables, email and call based collection support, and miscellaneous accounts receivable tasks.

Property Accountant

Property Accountant can provide the following accounting services- General ledger accounting, payroll, bank reconciliations, inter-company accounting, monthly closing of books including finalization and simple monthly reporting with variance analysis.

Sr. Property Accountant

Sr. Property Accountant can provide the following services- General ledger accounting, cash flow projections and management, inter-company accounting, prepare budgets, analyze expense variances, review balance sheets, prepare monthly financials including detailed monthly reporting and assist Controller in month/year end activities.

Other Service Packages

1
Backlog Accounting
Clearing backlog of un-posted historic transactions, reconciling historic accounts with bank/vendor/customer statements, and bringing books upto date.
2
Cleanup Accounting
Clean-up of chart of accounts including removing redundant accounts, updating vendor, customer and inventory lists, and correction of existing miscoded invoices, GL entries etc,.
3
Software Transition Support
Accounting software transition including set-up of lists, mapping new to old chart of accounts, posting transactions in parallel runs, and 3 Way Reconciliations between Old Vs New Vs Statements.

Our Blog

The Role of Accounting in Managing Multi-Family Properties

December 4, 2024
OHI

The Top Real Estate Investing Terms and Definitions Every Residential Property Investor Needs to Know

March 12, 2020
admin@ohi

Property Management | Multi-Family

A midsized real estate property management firm based out of Beverly Hills, CA. The firm manages over 50 properties, across 9 states, encompassing over 1200 tenants and nearly 1.5 million square feet.

Owner/Developer | Multi-Family & Senior Housing

A vertically integrated, full service real estate company based out of Bellevue, WA. They specialize in commercial properties. The firm has developed and built in excess of 81 properties and have more than 10,000 units under management.

Property Management | Multi-Family

A mid-size real estate firm in Miami, Florida. The company manages over $300 million of real estate, over 4500 apartments and have been appointed receivers on over 15 properties.

Owner/Developer | Affordable & Student Housing

An owner/manager of high-quality multifamily communities in the Tri-State and Mid-Atlantic regions, in addition to affordable and student housing properties around the United States. Their portfolio has comprised over 15,000 apartment units representing over $2 billion in value.

Asset Management | Tax Credit & HUD Properties

A leading Kansas housing development and management firm specializing in HUD Section 8, Low-Income Housing Tax Credit, and U.S.D.A.

Property Management | Single & Multi-Family

A full service property management company based out of Denver (CO) with extensive experience in both single and multifamily residential rental properties.

Property Management | Multi-Family

A rapidly growing real estate firm based out of Tacoma, Washington. They specialize in commercial brokerage of larger multifamily complexes throughout the Pacific Northwest.

Property Management | HOA

A full-service real estate management firm that handles multi-family residential and commercial properties throughout Southern California and Arizona.

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Outsourcing Guide

FAQ

What are residential real estate accounting services?

Residential real estate accounting services refer to specialized financial and accounting services tailored for individuals and companies involved in the residential real estate industry. These services help manage and optimize financial records, tax compliance, bookkeeping, and other financial aspects specific to residential real estate operations.

Why should I consider outsourcing residential real estate accounting services?

Outsourcing residential real estate accounting services offers several benefits. By relying on expert professionals, you can save time, reduce costs, and ensure accurate financial reporting. Outsourcing allows you to focus on core business activities while leaving the complexities of accounting and taxation to specialists who understand the unique requirements of the residential real estate sector.

What services do residential real estate accounting firms offer?

Residential real estate accounting firms offer a wide range of services, including but not limited to bookkeeping, financial statement preparation, budgeting and forecasting, tax planning and compliance, rental property accounting, cash flow management, loan reconciliation, and financial analysis. These services are customized to meet the specific needs of residential real estate businesses and investors.

Can residential real estate accounting services assist with property management accounting?

Yes, residential real estate accounting services often include property management accounting. These services involve tracking rental income and expenses, handling security deposits, reconciling bank accounts, generating monthly owner statements, and preparing year-end financial reports. By outsourcing property management accounting, landlords and property managers can streamline their financial processes and gain valuable insights into the financial performance of their properties.

How do I choose the right residential real estate accounting service provider?

When selecting a residential real estate accounting service provider, consider factors such as their experience in the real estate industry, expertise in residential accounting, reputation, range of services offered, pricing structure, and client reviews. It’s advisable to choose a provider that understands the unique challenges of the residential real estate sector and can offer personalized solutions to meet your specific needs.

Residential Real Estate Accounting