As self-employed entrepreneurs, real estate agents juggle a variety of responsibilities, from generating new leads to marketing and researching properties. With all the pressing projects to complete, it’s easy to let bookkeeping fall by the wayside, but neglecting this critical area of your business can lead to serious financial mistakes later on. Knowing what to do and what to avoid can ensure you have an accurate perspective on your financial health and the accuracy of your tax returns.

Do

Track Expense Receipts

Knowing where your money goes every month can help guide your investment decisions and identify opportunities to cut costs. Your mileage, brochure printing costs, and other business expenses are also tax deductible, so keeping track of your purchases can dramatically lower your liability at the end of the year.

Invest in Advanced Accounting Software

Keeping up with your bookkeeping by hand is a labor-intensive process, sometimes consuming hours you could otherwise spend building your business. A high-quality accounting software package designed for small business owners will dramatically streamline the process while eliminating basic errors that can throw your finances into disarray.

Don’t

Fall Behind on Your Bookkeeping

Once you fall behind on your bookkeeping duties, it becomes more and more difficult to catch up. Every real estate agent has an endless list of projects to take care of, but be sure to prioritize routine bookkeeping.

Underestimate the Value of Hiring a Professional

Professional accounting firms offer special advantages to small business owners, including report generation, regular ledger entries, and advanced software solutions. Most importantly, outsourcing your bookkeeping allows you to focus on the most important aspect of the job — building relationships with your clients and selling properties.

As a trusted accounting firm, JJR & Associates provides detailed, accurate bookkeeping services to real estate agents and other small businesses throughout the greater Atlanta area. In addition to industry-leading expertise and a broad menu of services, they also offer 24/7 availability from dedicated professionals who are passionate about what they do. Visit their website for a closer look at their services, or call (404) 437-7748 to discuss your accounting needs and schedule an appointment.