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Career Story: Bookkeeper For A Real Estate Management Company

Bookkeeper For A Real Estate Management Company

Job Title: Bookkeeper

Type of Company: I work from home using Quickbooks, and co-ordinate with the accountant for tax prep purposes

Education: none

Previous Experience: I ran my own customer service follow-up service for several car dealers and kept my own books. The manager of a small real estate management company asked me to keep his books.

Job Tasks: I receive all correspondence for the real estate management company that is set up as an LLP (limited liability company). I receive repair and maintenance bills, insurance bills, lawyer and accountants bills, and tax bills. There are utility bills that I pay and then bill the tenants for. Once a year I bill the real estate taxes back to the tenants. I reconcile bank statements by comparing the balance from my Quickbooks program to the balance the bank shows and I add in any interest earned by the accounts.

On a yearly basis, I fill out required forms to meet city requirements. I list the tenants names in each building, what they pay per square foot in rent, whether they are gross, net or NNN leases. Gross means that the tenant is not responsible for paying anything but rent, net means they pay some expenses in addition to rent, NNN means they pay everything including, rent, utilities, repairs and taxes. NNN is considered the best kind of lease for the owner of a building.

Best and Worst Parts of the Job: The best part of this job is the flexibility and the small amount of time it takes. Things can be done in pieces, so there's always enough time to get things done. There is no commute. That's the biggest plus.

The worst part of my job is dealing with the insurance company's audit department. They ask for the same information over and over again.

The next worst is the City of Boston and their assessments. Abatements are never granted. Don't bother filling out the forms or collecting the supporting data.

Job Tips:
1. I would be making much more money at this same job if I had my accounting degree. I would also feel more confident when speaking to the lawyers and accountants if I were more familiar with the lingo.

2. There are several bookkeeping software packages being used. Get familiar with the most popular ones, so you are not limited.

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