Financial & Administrative

We open a separate bank account under your business name to keep all income and expenses fully separated from personal finances, a key legal and tax requirement.

If required by your state or business model, we’ll help open a second account to hold client funds or commissions, ensuring compliance with real estate trust account rules.

This account is used to track and process all distributions paid out to owners or members of the LLC, simplifying your end-of-year bookkeeping.

If your business has multiple partners, we’ll ensure each has secure login credentials and appropriate permissions for monitoring or managing business finances.

We recommend systems where large transfers or payments require two approvals or are logged with audit trails, this helps prevent fraud and improves accountability.

We configure software like Wave for tracking all brokerage income, expenses, assets, and liabilities, automating and simplifying your financial life.

We help you choose the right accounting method. Most brokerages use cash basis accounting for simplicity and tax efficiency.

We set up categories to track income from listings, buyers, referrals, rentals, or other services, giving you accurate insights into what’s driving revenue.

Expenses are broken down by type (e.g., marketing, payroll, software, office supplies) to help manage cash flow and tax deductions.

Each month, we match bank statements to your books to ensure accuracy and catch any errors or suspicious transactions early.

We store all receipts, bills, and invoices in a secure digital folder and recommend scanning any physical copies for easy backup.

We schedule a recurring review of your P&L and cash flow to assess financial health, flag cost overruns, and inform business decisions.

Depending on your preference, we assign an internal bookkeeper or coordinate with your CPA to handle taxes and higher-level financial reviews.

We file for your Employer Identification Number, a unique ID required for taxes, hiring, and opening bank accounts.

We make sure your EIN is properly associated with your LLC, bank accounts, state licenses, and IRS submissions for legal consistency.

We set you up with a payroll provider like Gusto or QuickBooks Payroll to manage any W-2 employees, salaried brokers, or team members.

We enter managing broker information into payroll and ensure all compliance and compensation is structured appropriately.

We track agent payments and generate IRS Form 1099-NEC annually for each contractor or agent earning over $600.

We maintain logs of GCI, agent splits, and revenue sharing arrangements to ensure payouts are accurate and audit-ready.

Agents and contractors are paid on time via direct deposit or payout platforms, with records automatically synced to your accounting software.

We register your brokerage for business taxes in D.C., which is required for filing franchise tax and collecting/reporting sales tax (if applicable).

Even if your business has no income, the District requires an annual minimum franchise tax (currently $250). We file this on your behalf.

We coordinate with your CPA to ensure the right forms are filed based on your entity structure, Form 1065, 1120S, or Schedule C.

If your brokerage has multiple owners, we generate Schedule K-1s to report each member’s share of income, deductions, and distributions.

If your business sells taxable services or goods, we’ll register and file sales tax reports with the appropriate agencies.

To avoid IRS penalties, we calculate and schedule quarterly tax payments based on projected income.

At the end of the year, we file federal and state returns and issue 1099s to all qualifying agents, contractors, and vendors.

We file your D.C. Biennial Report every two years by April 1 to keep your LLC or corporation in good standing.

We monitor the expiration date on your BBL and handle its renewal, typically every 1–2 years, depending on your license issue date.

We ensure your registered agent service (e.g., LegalZoom) remains active so your business doesn’t lose its legal point of contact.

We maintain a shared calendar with alerts for filings, taxes, and license renewals, so nothing gets missed.

We help you obtain a general liability policy to protect your brokerage from basic business risks like property damage or personal injury claims.

A must-have for all brokerages, this policy protects you and your agents from claims related to professional mistakes or disputes.

If you hire staff, D.C. law may require workers’ comp coverage. We assist with carrier selection and compliance.

If your business handles sensitive client data (e.g., mortgage docs, IDs), we help you get cyber protection in case of a data breach or hack.

We customize your accounting categories to reflect real estate income and expenses, so your reporting is meaningful and intuitive.

We organize and maintain secure, cloud-based folders with all formation docs, licenses, insurance, and SOPs.

We document how income is recorded, expenses approved, commissions paid, and reports reviewed, helping your team stay consistent and audit-ready.

We provide financial statements every month so you can clearly see income, expenses, assets, and liquidity.

We compare performance month-to-month and highlight areas for improvement or cost savings.

We help you track critical business metrics like gross commission income, revenue per agent, and operating margin, so you know what’s working.

Each quarter, we do a deeper dive into your financials to help you forecast, plan, and make strategic decisions.

We automate recurring bills, like MLS fees, CRM software, or office subscriptions, so nothing gets missed.

We collect and maintain updated W-9 forms for any vendor or contractor paid more than $600, which is required for 1099 filing.

We implement a system where large purchases or off-budget spending must be reviewed and approved by designated team members.

We write and enforce a clear policy for reimbursing team members or agents for out-of-pocket business expenses.

We keep financial, tax, and payroll records for at least 7 years in line with IRS and state guidelines, ensuring you’re ready for audits.

All records are securely stored in cloud platforms like Google Drive with restricted access.

We ensure your books, reports, receipts, and filings are audit-ready, organized, verifiable, and supported by documentation.