Managing Complex and Expansive Real Estate Database
The real estate sector is continuing to adopt various measures in order to provide relief to businesses in order to contain the financial impact of the pandemic on economic activities. However, these concessions have prompted newer accounting rules that have long-term implications for property accounting, financial disclosure, and reporting. The implications include how businesses are measuring and categorizing assets and liabilities as well as disclosing their financial health and ability to sustain.
With real estate companies preparing for a complete change in the way the leasing industry used to operate, they are striving hard to foresee future cash flow and profits. In order to achieve this, industry players need to streamline accounting, disclosure, and reporting that bring structure to the data and offer genuine insights into the portfolio performance for informed and viable decision-making. Outsourcing property accounting is emerging to be a go-to solution as in-house resources are stretched thin, while new and demanding rules of accounting continue to emerge and the need for compliance intensifies. Outsourcing, as a strategy, allows companies to successfully adopt new accounting practices and comply with ASC 842 while eliminating the need to drain their in-house resources or hire, train, and manage new staff in-house.
Download our white paper to learn about the property accounting implications due to COVID-19 and how robust data management and efficient processes can help ensure timely and accurate bookkeeping.