{"id":4755,"date":"2024-12-02T23:11:19","date_gmt":"2024-12-02T23:11:19","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2024\/12\/02\/when-will-you-stop-juggling-taxes-bookkeeping-and-payroll\/"},"modified":"2025-03-14T14:36:33","modified_gmt":"2025-03-14T14:36:33","slug":"when-will-you-stop-juggling-taxes-bookkeeping-and-payroll","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2024\/12\/02\/when-will-you-stop-juggling-taxes-bookkeeping-and-payroll\/","title":{"rendered":"When will you stop juggling taxes, bookkeeping, and payroll?"},"content":{"rendered":"\n

As a real estate professional, do you feel like you\u2019re perpetually playing catchup with taxes and budgeting? Troy Palmquist offers 3 fintech solutions that can change the state of your finances.<\/h2>\n\n\n\n

Real estate agents love to trot out the talking point that they \u201chelp clients manage the buying and selling of their most valuable asset.\u201d Many agents consider themselves experts on the long-term financial impact of their client\u2019s real estate decisions and the way real estate can help create generational wealth.<\/p>\n\n\n\n

Why, then, do so many real estate agents struggle with their own finances?<\/p>\n\n\n\n

\"Juggling-Taxs-Payroll-Bookkeeping\"<\/figure>\n\n\n\n

Real estate agents pour their energy into helping clients find their dream homes, but managing their own finances \u2014 taxes, budgeting, financial planning \u2014 can feel like a second full-time job. Without the guidance of a bookkeeper, CFP, or CFO, many agents, and team leaders find themselves overwhelmed, often at the expense of their financial well-being.<\/p>\n\n\n\n

How many agents do you know who are perpetually dealing with tax issues \u2014 a year behind on filing, chasing extensions, and setting up payment plans just to stay afloat? It\u2019s a common reality for 1099 independent contractors juggling countless priorities. It might even be your reality.<\/p>\n\n\n\n

The good news? There are some game-changing fintech solutions designed to simplify and support financial management for agents and teams alike. From user-friendly tools to expert strategies, these resources can provide a solid foundation for sustainable growth.<\/p>\n\n\n\n

Formations<\/h2>\n\n\n\n

Among its value propositions, Formations touts itself as tax management for real estate agents, and it lives up to its promises. Its platform streamlines business structure, bookkeeping, payroll, and taxes and provides the visibility and guidance agents need to meet their financial goals.<\/p>\n\n\n\n

There are monthly and annual payment plans, with separate categories for LLC and S-Corp formations. Perhaps my favorite feature is Business in a Box, a one-time $500 product that includes your LLC incorporation and registration, setup of your business bank account, and a beneficial ownership information report. <\/p>\n\n\n\n

No more excuses. If you\u2019ve been putting off setting up systems and processes for your business, this is the easiest done-for-you solution I\u2019ve seen.<\/p>\n\n\n\n

Alchemy of Money<\/h2>\n\n\n\n

Whether for individual agents, or mega-team leaders, Alchemy of Money offers a comprehensive platform with everything from bookkeeping and payroll to fractional CFO services. From financial coaching to the day-to-day nuts and bolts of accounting, Alchemy of Money supports your goal-setting and achievement.<\/p>\n\n\n\n

Alchemy co-founder Brandon Green has deep bona fides in the real estate industry, so he understands what agents need, no matter the size of their business. Want to get a taste of what\u2019s going on at Alchemy? They offer masterclasses and discovery calls so you can get a sense of what it\u2019s like to work with their team.<\/p>\n\n\n\n

Tongo<\/h2>\n\n\n\n

If your focus is less on big-picture services and more on developing better habits and a more organized way to budget and save, Tongo is a really cool product. It allows you to disperse your commission check among multiple accounts, including checking, tax savings and investment accounts.<\/p>\n\n\n\n

Tongo offers a commission line of credit for improved cash flow and more predictable income. It all works together to provide agents with more stability and optimal financial hygiene.<\/p>\n\n\n\n

Whichever solution you choose (or a combination of them), there are some things to keep in mind:<\/p>\n\n\n\n