Property accounting is a very specialist area. It’s possible to compile your accounts as a sole trader and use software to manage them but the more property assets you own the more complicated this area becomes and it’s often best to consult an expert in the field. They will be aware of any tax and legal implications which could potentially affect your future profits.
Certainly with a joint venture or other form of partnership then it’s essential to hire the services of a good accountant who has spent a number of years working withing the property industry. The reason for this is that when it comes to distributing profits it’s not always straight-forward and, in the case of dissolving partnerships they can often advise on the best way forward.
