Benjamin Franklin once wrote that, “In this world, nothing can be said to be certain, except death and taxes.” The only difference between them, as actor Will Rogers once noted, is that, “Death doesn’t get worse every time Congress meets.”
All humor aside, taxes definitely present potential pitfalls for all of us. This is especially true for commercial real estate (CRE) professionals — even those with the best intentions. How do you ensure you prepare your taxes properly? CRE portfolio management software is a good place to start. Read on to discover how it can help with your tax preparations.
Improved Bookkeeping
From depreciation to exemptions, CRE software can clean up and organize your books in ways that physical bookkeeping or spreadsheets simply cannot. Track things like maintenance and repair receipts, discover new personal exemptions and create a better asset management strategy all in one place: your cloud-based commercial real estate software portal. Not only will it increase collaboration and organization, it will ensure that your vital information is accurate.
FASB Compliance
Improved and consolidated bookkeeping is just one example of how CRE software can help with taxes. An arguably even bigger benefit is FASB compliance. With the new FASB leasing standards on the horizon, it’s important to start making adjustments now. CRE software can help you better manage this by tracking your lease length and renewals, as well as giving you data for leverage during big-pressure negotiations with your current and future clients.
Better Forecasting
It can be difficult to plan for the upcoming tax season, let alone the following year, five years or 10 years. CRE portfolio management software makes this more feasible with customizable reporting dashboards that you can use to forecast and predict trends for a variety of elements related to your portfolio — including financials. By analyzing your bookkeeping data and recognizing patterns, strengths and weaknesses in your operations, you’ll be in control ofyour future tax preparations.
Professional Support
Finally, if you choose a commercial real estate software solution like Quarem, you’ll enjoy continued support from CRE industry experts who will be available to answer any tax-related questions or concerns you may have. Whether you prefer online or onsite training, the support team at Quarem can analyze your use of the application when it comes to tax preparations and offer best practices and advice for making the software do what you want it to do.
Does commercial real estate software help with your tax preparations? See for yourself when you request a demo of Quarem today.
