Bookkeeping and Accounting for Mortgage Brokers
In search of a bookkeeper and accountant for your mortgage brokerage? We manage your books, leaving you with more time to secure favorable rates for your clients. Sign up today and get a free month of bookkeeping.
How Bench works with mortgage brokers
Master your bookkeeping, income tax prep, and filing without breaking a sweat—with Bench on your side. We specially cater to mortgage brokers.
We get you set up
Our team takes the time to thoroughly comprehend your mortgage brokerage, answer your queries, assist you in linking your accounts, and demonstrate how Bench works with your business.
We do your bookkeeping
Each month, your bookkeeper systematically arranges your mortgage brokerage transactions and develops financial reports. If they require any information from you, they'll effortlessly reach out.
We deliver tax-ready financials
Our crew of professionals is well-acquainted with mortgage industry tax regulations and will tailor their approach to your brokerage's specific demands.
Here’s why mortgage brokers like you trust Bench with their bookkeeping and accounting
Get fast, unlimited support from our expert advisors
We're committed to providing frequent bookkeeping updates for mortgage brokers. Have urgent queries that just can't be postponed? Rest assured, we'll provide you with a response within one business day, if not sooner.
Guaranteed accuracy in every detail
Our platform empowers you by automating data inputs from all major providers, eliminating typical errors. We collaborate with various financial institutions and service providers in the home lending industry—ensuring your financials are always correct and up-to-date. That's why Mortgage Brokers prefer Bench.
See where you’re spending. Make smart decisions
Say goodbye to the never-ending stream of paperwork and labor-intensive manual tracking - we automate inputs directly from your linked brokerage accounts. Gain insights from a single unified dashboard, allowing you to effortlessly comprehend your brokerage's financial health and make informed strategic decisions.
Bench integrates with your favorite small business tools
We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.
Trusted by 25,000+ American small business owners
CHRIS RONZIO
DR. BUKKY KOLAWOLE
HEATHER SHOLL
We know bookkeeping for mortgage brokers
Bench understands the complexity and unique needs of Mortgage Brokers when it comes to bookkeeping and taxes. With the constant fluctuations in property values, dynamic interest rates, and the myriad of laws, taxes, and regulations at both state and national levels, it's easy to feel overwhelmed. However, our expert team at Bench is well versed in the financial intricacies of your profession and is prepared to handle not just regular bookkeeping, but also specialty areas such as escrow transactions, commission payout structures, and tax write-offs that are industry-specific.
To ensure your books are accurate and up to date, Bench pairs intuitive software with real, human bookkeepers who specialize in the mortgage industry. These dedicated bookkeepers ensure all your financial transactions and obligations are correctly recorded. They also ensure all your deductions are correctly categorized, from office expenses to professional dues, maximizing your tax return. Our qualified team also proactively manages your tax deadlines and stays on top of changing laws and regulations—mitigating the risk of costly mistakes. With Bench handling your bookkeeping and tax, you can focus on what you do best - helping your clients secure the best mortgage deals.
Simple, straightforward pricing for everything your business needs.
Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
Choose Plan
Bookkeeping
billed annually. 100% tax deductible.
Bookkeeping & Tax
billed annually. 100% tax deductible.
Bookkeeping
billed monthly. 100% tax deductible.
Bookkeeping & Tax
billed monthly. 100% tax deductible.
Frequently Asked Questions
As a mortgage broker, there are several specific expenses that you can deduct for tax purposes. These include:
- Office rent and utilities, such as electricity and internet
- Equipment like computers, software, and office furniture
- Insurance premiums for any business-related policies
- Professional service fees, including legal and accounting
- Marketing and advertising costs
- Mileage and travel expenses, if they're for business
- Continuing education expenses that are related to your business
- Licensing fees and industry association dues
Ensure you keep clear records of these expenses, keep your personal and business expenses separate, and consult a tax professional for advice tailored to your specific circumstances.
In the mortgage brokering industry, commission accounting typically operates on an accrual basis. Fees or commissions are recognized as revenue when the loan agreement is legally enforceable, regardless of when the actual cash payment is received. This usually happens when both the borrower and lender sign the loan agreement.
Therefore, when a mortgage broker arranges a loan, they will record their commission as accounts receivable. At this point, they would debit their accounts receivable and credit their sales revenue. Later, when they receive the commission payment, they'll debit their cash account and credit their accounts receivable.
It's important to note that accurate accounting for commissions is essential in this industry as the timing discrepancy between commission recognition and cash receipt can often lead to challenges in cash flow management. Reliable bookkeeping services can assist in effectively managing these aspects.
The kind of bookkeeping system best for managing financial transactions as a mortgage broker is cloud-based software. These systems are more advanced and are easier to use compared to traditional systems. Through cloud-based software like Bench Accounting, transactions are automatically recorded, tracked, and organized. This allows mortgage brokers to easily access their financial data in real-time, reducing the chance of errors and simplifying the tax process. The ability to upload receipts, invoices, and other documents also helps to keep transactions in order, making financial management more efficient.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.
Bookkeeping Services for Mortgage brokers
Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping, valued at $299.
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