When running a letting agency, managing the financials efficiently ensures the business thrives in a competitive market. A qualified accountant can be a lighthouse in the stormy seas of taxation, regulatory compliance, and financial planning. Before entrusting your letting agency's financials to an accountant, asking the right questions is crucial.
What Experience Do You Have with Letting Agencies?
When evaluating an accountant's suitability for your business, it's crucial to inquire about their specific experience with letting agencies. Abode Accounting, with expertise in managing the finances for over 40,000 properties, working with over 100 agencies across small independent letting agencies and larger groups throughout the UK, offers a deep understanding of the industry. Their vast experience with rental income management, property expenses, tenant deposits, and the tax regulations specific to letting agencies ensures they are fully equipped to handle the unique financial challenges of the sector. Abode Accounting’s expertise allows them to provide valuable insights and solutions tailored to your business.
Can you assist with the NRL (Non-Resident Landlord) tax?
Managing NRL (Non-Resident Landlord) tax can be complex, but Abode Accounting’s expert team is here to simplify the process for letting agencies and property managers. With extensive experience in handling the financial obligations of non-resident landlords, Abode Accounting ensures full compliance with HMRC’s Non-Resident Landlord Scheme. Their team will help you deduct basic rate tax from rental payments, accurately maintain records, and provide timely filings to avoid penalties. If your landlords qualify to receive their gross income, they can assist in handling the necessary approvals with HMRC. With Abode Accounting's support, you can streamline NRL tax management, allowing you to focus on your business while ensuring your landlords meet their tax obligations efficiently.
What Are Your Fees and How Are They Structured?
It's essential to have clarity on fees upfront to prevent surprises later on. When discussing fees, ask whether they charge a flat fee, an hourly rate, or a retainer model. Additionally, inquire about the specific services in their fee structure to ensure you comprehensively understand the costs involved. Abode Accounting offers a flexible pricing structure with a fixed monthly payment that includes a flat annual base fee and a per-property fee that varies based on specific criteria, ensuring tailored financial support for each letting agency's unique needs.
How Do You Handle Financial Reporting and Analysis?
Regular, understandable financial reports and analyses are crucial for making informed business decisions. Regarding the frequency of the reports, you can expect monthly financial statements, including a balance sheet, income statement, and cash flow statement. Additionally, quarterly performance reports and annual financial summaries will provide a comprehensive overview of the company's financial health. These reports should be available in digital and print formats to ensure accessibility and convenience for all stakeholders.
What's Your Approach to Payroll and Employment Taxes?
If you are a letting agency with staff, it is a good idea to inquire about their payroll and employment tax processes. Understanding how they handle payroll and employment taxes and streamlining these aspects can provide valuable insight into their operational efficiency and commitment to compliance.
Can You Offer Support with Digital Accounting Software?
In the digital age, having a solid understanding of accounting software is essential for efficient financial management. When evaluating potential partners or service providers, it's essential to consider their ability to recommend and support specific accounting software or cloud-based solutions. This can significantly influence your final decision. Abode Accounting understands this and has access to the industry's best tools and technology, ensuring seamless financial management for your letting agency. With proficiency in popular platforms such as Alto, RentPro, ExpertAgent and other industry-specific accounting software, Abode can provide expert guidance and support, helping you optimise your operations with the most efficient solutions.
How Do You Stay Updated with Changes in Laws and Regulations?
The financial and tax regulations affecting letting agencies are constantly evolving, and it is crucial for them to stay updated on these changes. At Abode Accounting, they are an experienced and knowledgeable accounting team that is well-versed in these evolving regulations. This can be a significant asset in ensuring compliance and maximising the agency's financial efficiency.
What's your availability for queries and advice?
Knowing you can reach out to your accountant when you need advice or have questions offers peace of mind. At Abode Accounting, each client has access to a dedicated account manager who will serve as your primary point of contact. However, it’s essential to ask about their preferred method of communication and their typical response time for queries. Some accountants may prefer emails, while others may be more accessible by phone. Understanding their policy for responding to queries, including their availability during tax season or year-end financial reporting, can help ensure that you receive timely and reliable assistance when needed. With a dedicated account manager at your side, you can expect personalised support and prompt responses tailored to your specific needs.
Can You Provide References from Other Letting Agencies?
Finally, when evaluating an accountant for your letting agency, it’s crucial to ask for references. Speaking with other letting agencies that have used their services can provide valuable insights into the accountant's reliability, communication skills, problem-solving abilities, and expertise in handling specific real estate accounting needs. Additionally, inquiring about the accountant's track record with similar-sized letting agencies and their experience with relevant accounting software or regulatory requirements can give you a better understanding of their capabilities. At Abode Accounting, several client testimonials highlight their commitment to delivering exceptional service, showcasing their reliability and expertise in the letting agency sector. This feedback can help you feel confident about partnering with us for your accounting needs.
Making the Right Decision.
Selecting the right accountant for your letting agency is a crucial decision that can significantly impact your business. With Abode Accounting, you’ll benefit from a dedicated team with extensive rental market knowledge, making it the perfect platform to offer letting agencies a comprehensive client accounting service. They liaise with landlords, suppliers, and other stakeholders to manage their payments, alleviating financial management stress, all carried out by your dedicated client manager.
Outsourcing your client accounting to Abode has numerous benefits, including streamlined financial processes, expert guidance on compliance and regulations, and access to advanced accounting software that enhances efficiency. Their team’s deep understanding of the rental market allows us to provide tailored solutions that address the unique challenges faced by letting agencies. This partnership saves you time and resources and will enable you to focus on growing your business while they handle the financial details. With Abode Accounting, you can trust that your accounting needs are in capable hands, ensuring peace of mind and allowing you to thrive in the competitive letting market.
