Modern House

BLOODWORTH ACCOUNTING

helping real estate agencies prosper

WHAT WE DO

Over 35 years of accounting & finance experience, with a focus on the real estate brokerage industry.

Owning & operating a Real Estate Brokerage can be a dynamic, exciting & rewarding venture. From recruiting, training & managing your real estate agents to building your own brand, ownership has its unique challenges. However, as the case with every business, proper accounting is extremely vital. In fact, one of the primary reasons for failure of a brokerage is not maintaining adequate financial records. The benefits are not only having appropriate & timely financials for tax time, but also providing a vivid picture of where the brokerage presently stands financially and , even more importantly, the direction it’s heading.

Bloodworth Accounting ICON gray.jpg
 
 
Business Meeting

OUR UNIQUE

PROCESS

Most brokers are sales agents who after much diligent work have risen to the level of broker without accounting, bookkeeping, nor financial planning experience. That’s where we come in.

 

Our clients will pay a fixed monthly fee, which includes monthly as well as annual service needs. And you can terminate service when you feel the need to – no time commitments required.

Expert Level Detail

Initial Consultation & Cleanup

Budget Setup & Monthly Monitoring

Monthly Reconciliations & Financial Statements

Measuring Agent Productivity

Payroll Processing

Annual Reporting, including 1099 & Business Tax Filing

Property Management Accounting (Agent Rentals)

 

Initial Consultation & Cleanup


In the beginning phase of our business relationship, typically, we start by making sure that your financial transactions have been recorded accurately. We’ll reconcile all your bank & credit card accounts since the beginning of your fiscal year, & then compile year to date financials (Profit & Loss Report & Balance Sheet). This will provide you with a precise picture of where your brokerage currently stands financially.




Monthly Reconciliations


In order to assure that all current and future financial transactions are appropriately accounted for, we will reconcile monthly all bank & credit card accounts, including Trust Fund accounts. Financials will then be compiled, including a Budget to Actual P&L so that progress of the brokerage can be effectively monitored.




Budgeting, Monitoring & Planning


Budget Setup & Monthly Monitoring This process may well be the most beneficial step you will undertake for your business. Using the YTD P&L and Balance Sheet as guides, as well as your vision of where you want your brokerage to be, we will together setup a monthly budget that will be closely monitored each month. This will be especially crucial in planning for those lean seasonal months which typically occur in the real estate industry. Periodic Assessments of Agent Productivity & Compensation Plans Having agents in a company costs the broker money, whether they are producers or not. The difference is that producers cover their costs & bring profit to the business, whereas nonproducers simply cost the broker money – and time. We can perform an analysis to determine which of those agents are indeed presently a financial burden, as well as possible remedies including adjusting Compensation Plans & Fees.




Annual & Year End Business Tax Filings


Commission Income for your agents are of course considered self-employment income, thus requiring Federal Form 1099’s to be processed & distributed to each. We will make sure those forms are processed timely, as well as generating Summary Federal Form 1096 to be sent to the Internal Revenue Service. Business Taxes are also a required annual filing with the TN. Dept. of Revenue. We can process the return, as well as remit the required business taxes for you.




Payroll Processing


Most brokers use an outsourced payroll service to process payroll for their employees. However, a less expensive alternative could be processing in-house. We can help by setting up your desktop payroll software, monitoring each payroll to assure that checks are processed accurately, payroll taxes are remitted timely, & annual Form W-2/W3’s are processed by January 31st for the prior calendar year.




Property Management Accounting


Many real estate brokers (especially those who would like to hedge the real estate market) have developed in-house their own property management companies. We can work directly with your property manager to make sure that all transactions are accounted for correctly, bank & credit card accounts are reconciled monthly, & Form 1099’s are processed annually for the property landlord/owners & vendors.





Glass Buildings

OUR EXPERIENCE

A background of over 35 years of accounting & finance experience, with a significant amount within the real estate brokerage industry, we can set up an initial strategy session at no charge in order to determine specifically what your needs are, & how we can help. If after that meeting you decide to allow us to serve you, we can determine a fixed monthly fee so that you can know without any surprises the amount of your investment. All so that you can focus on what you do best – managing your agents & closing real estate transactions.

 

OUR

COMMITMENT

We sincerely want your real estate brokerage to succeed financially & will do all that we can in order to make that vision a reality.  Monthly processing, including monitoring budget to actual results will provide you with your own personal game plan for that success. And, you can have complete trust in not only our integrity, but confidentiality as well.

 

© 2020 by Bloodworth Accounting   |   All rights reserved   |   Website design by Shane Almgren MultiMedia & Entertainment

Bloodworth-Accounting-450.png