Once upon a time (in a galaxy far away) I was a real estate agent in Austin, Texas. I didn’t do it for long, and I wasn’t particularly good at it, but I remember the vast amount of expense tracking that was necessary to keep accurate records – and that was back before QuickBooks.
Flash forward to now, and I’m doing something I’m much better suited to – helping real estate agents by 1.) maximizing their profits 2.) saving them time 3.) offering them enhanced peace of mind.
How am I doing that? By taking the mountains of expense tracking off their plates. By optimizing the power of QuickBooks to keep their books immaculate and ready for tax season. By providing them with monthly reports that show them at a glance where their money is coming from and where it’s going so that they can make better-informed decisions about it in the near future.
And I’m doing all that for as little as $10 a day.
I know you’re busy and bookkeeping is the last thing you want to think about, but I want to share this checklist of the top 5 things for a real estate agent to do to make sure their books are ready for the end of the year (and to let you know I can take a lot of this off your plate).
5 Year-end bookkeeping for Real Estate Agents
1.) Reconcile your accounts. It may not be something you want to do, but in order to actually be in control of your financial situation rather than being at its mercy, you’ve got to start here. Best case scenario is you’ve dedicated an (bank/credit) account or accounts to use only for business, and you’ve kept great records of all your income and expenses all year. But no shame if you haven’t! There’s still time to get on top of things. Are you using accounting software? If not, it’s worth considering. A relatively low investment can save you loads of time and money in the long run. However you track things, now’s the time to reconcile all bank, credit, and escrow accounts you use for your business with your tracking method, making sure there are no discrepancies.
2.) Track and categorize expenses. The name of the game here is mental clarity – and maximizing deductions. Have you kept receipts? Have you digitized those receipts and added them to your online accounting software account? Have you logged all your business expenses, including mileage, marketing, travel, licensing fees, and professional development? Have you accurately categorized them? Again, I ask these questions with love! There’s still time to make sure all this year’s expenses up to now – and going forward – are tracked and accurately categorized, guaranteeing you’re getting the maximum tax benefit.
3.) If you have vendors/contractors…check to make sure all your vendors, agents, and independent contractors are set up correctly so that everyone who needs one receives the correct tax form at the end of the year. If you’ve paid someone more than $600 this year, you’ll need to send them a 1099-MISC or 1099-NEC. Now’s the time to make sure you have the necessary information from them. Has anyone’s address changed? Save yourself a hassle next year, take care of this now.
4.) Verify tax payments. If you pay quarterly, now’s the time to confirm that all estimated tax payments have been made, and to ensure you have all the necessary information for tax filings. Here we’re circling back to numbers 1 and 2…have you got everything categorized? Have you got receipts? You can never be too well-documented! You may not be able to deduct everything, but you’ll have the paper trail to back you at tax time.
5.) Generate financial statements. The 4th quarter may have just started, but it’s the perfect time to make sure everything’s in place so you can easily prepare key financial statements such as the balance sheet, income statement, and cash flow statement, to get a complete overview of your business’s performance at the end of the year. Ideally, you’re doing this monthly through your accounting software, so the year end report is easy. If you haven’t been doing that, it’s not too late! If you get started now, think how much easier it will be next year.
You’ve got this! If you’d like some help, I’m here for you. I can help you get set up with QuickBooks if you don’t already have an account, and I can take the whole bookkeeping situation off your hands as a little year-end gift to yourself. I specialize in helping clients feel calm and empowered about their financial situation. And here’s something cool: QuickBooks estimates that the average small business owner saves over $3500 a year in tax deductions by using their software correctly (meaning with the assistance of a ProAdvisor like me).
Here’s your “Too long, didn’t read” summary: As 2025 draws to a close, the last thing you want to be thinking about are your books. As a bookkeeper and QuickBooks ProAdvisor, I can save you time and money so that you can concentrate on your business and on enjoying your life. Schedule a free consultation today.
Welborn Bookkeeping 
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