Emad Guirguis, owner of SimpliBookkeeping, and Bethany Babcock, Founder and Managing Broker of Foresite Commercial Real Estate, recently appeared on the Let's Talk Business podcast with hosts Marc Ebinger and Heather Boehme. Their expertise in bookkeeping and commercial real estate offers valuable insights for business owners. In this blog, we delve deeper into the journeys of Emad and Bethany, highlighting their commitment to excellence and their dedication to empowering businesses and individuals to achieve financial success and make informed decisions in their real estate endeavors.
Emad Guirguis' Approach to Financial Management with SimpliBookkeeping
Importance of Monthly Bookkeeping
Emad Guirguis, the owner of SimpliBookkeeping, stresses the significance of monthly bookkeeping for businesses to evade year-end stress and ensure a seamless financial process. Emad recommends hiring a bookkeeper early in the year, emphasizing that it's never too late to start the process for the current tax season. By staying on top of monthly bookkeeping tasks, businesses can maintain accurate financial records and make informed decisions throughout the year.
Partnering with CPA for Financial Success
Emad talks about a collaborative approach between bookkeepers and CPAs, highlighting it as a win-win strategy. At SimpliBookkeeping, they partner with CPAs to provide a comprehensive financial team for businesses, matching the CPA to their client’s industry-specific needs. This collaboration aims to alleviate stress for business owners by ensuring a seamless financial process, from bookkeeping to tax preparation.
Essential Components of a Financial Team
According to Emad, the composition of a financial team depends on the size of the business, but at a minimum, it should include a bookkeeper. For larger businesses, additional roles such as payroll service providers, CPAs, Enrolled Agents, or Tax Specialists may be necessary. Emad emphasizes the importance of delegating financial tasks to professionals to avoid the pitfalls of DIY bookkeeping and ensure accuracy and compliance.
Handling Emotional Aspects of Finances
Emad addresses the emotional aspect of finances, creating a comfortable space for clients to discuss their financial situation without shame or embarrassment. By fostering transparency and openly addressing financial challenges, SimpliBookkeeping aims to work together with clients to find solutions and improve their financial health.
Empowering Clients with Financial Knowledge
Emad Guirguis at SimpliBookkeeping prioritizes ensuring that clients grasp fundamental financial concepts, such as Profit and Loss (P&L), Accounts Payable (AP), and Accounts Receivable (AR), empowering them to effectively manage their finances. By providing comprehensive explanations of these concepts, Emad equips clients with the knowledge needed to make informed financial decisions. For instance, he emphasizes the importance of understanding P&L statements, which reflect the monthly performance of a business. Additionally, Emad underscores the significance of balance sheets in illustrating a business's assets and liabilities, offering clarity on what the business owns and owes. For larger clients involved in projects, Emad offers project-specific P&L statements, enabling them to monitor the financial status and progress of each endeavor. Furthermore, he highlights the critical role of tracking accounts receivable and understanding accounts payable in managing cash flow effectively. Through these efforts, Emad ensures that clients have a solid understanding of their finances, empowering them to navigate their financial affairs with confidence and clarity.
Comprehensive Time and Money Tracking
SimpliBookkeeping includes time and money tracking within projects to provide clients with a comprehensive view of their financials. By tracking accounts receivable and payable, clients can manage cash flow efficiently and monitor the financial health of their projects.
Connect with Emad Guirguis
For more information or to contact Emad and SimpliBookkeeping, visit their website at www.simplibookkeeping.com or call at 832-518-9368.
Navigating Challenges, Cultivating Excellence at Foresite Commercial Real Estate with Bethany Babcock
Bethany Babcock's Expertise and Foresite Commercial Real Estate
Starting her career in property management and later delving into investment at a public firm, Bethany Babcock eventually founded Foresite Commercial Real Estate in 2014. Foresite stands as a testament to her expertise, offering a full spectrum of services including sales, leasing, tenant representation, and property management for a portfolio of 85 properties across San Antonio shopping centers. Bethany's journey exemplifies her commitment to excellence and innovation in the field of commercial real estate.
Cultivating a Family-Friendly Workspace
Foresite Commercial Real Estate has earned recognition as one of the premier workplaces in San Antonio, receiving accolades from the San Antonio Business Journal for two consecutive years. What sets Foresite apart is its vibrant and inclusive culture, fostering a positive environment where employees thrive. Central to this ethos is the provision of a family-friendly workspace, complete with a dedicated kids' room. This thoughtful inclusion demonstrates Foresite's commitment to supporting employees' work-life balance and creating a welcoming atmosphere for all team members.
Addressing Property Tax Challenges
Bethany delved into the pressing issue of property taxes for retail businesses, shedding light on the challenges faced by both tenants and property managers alike. Bethany highlighted the lack of relief measures in place for commercial properties, particularly in Texas, where aggressive tax hikes have led to doubled valuations. This surge in property taxes significantly impacts retail businesses operating under triple net leases, where tenants bear the burden of paying actual costs associated with the property, including taxes and insurance. As a result, tenants are often blindsided by substantial tax bills at the end of the year, posing a severe financial strain that can jeopardize their businesses. Despite efforts to protest taxes, the lack of relief exacerbates the situation, with some tenants paying more in taxes than they do in rent. Bethany emphasized that this issue isn't confined to large developers but rather poses a substantial threat to small businesses, contributing to restaurant closures and other economic challenges within the retail sector.
Lease Structure Trends in Commercial Real Estate
With regards to the challenges posed by skyrocketing property taxes for small businesses, Bethany provides potential actions that can be taken to address this issues. While protesting taxes remains a viable option, Bethany highlighted the inherent difficulties posed by the non-disclosure nature of tax assessments in the state. With limited transparency in property transactions, businesses often find themselves grappling with inflated valuations that burden them with excessive tax bills. Bethany underscored the misconception that property owners can absorb these costs, explaining that lease structures, such as triple net leases, are designed to distribute expenses between landlords and tenants. These lease agreements, characterized by lower base rents supplemented by actual costs, aim to strike a balance between affordability for tenants and sustainability for property owners. Despite the challenges, Bethany emphasized the industry's reliance on triple net leases as a safeguard against financial volatility, with banks favoring such structures to mitigate risks associated with fluctuating property taxes. The conversation highlighted the complexity of lease negotiations and the industry's ongoing efforts to navigate the evolving landscape of commercial real estate.
The Role of Commercial Brokers in Real Estate Transactions
Bethany Babcock advocates for the indispensable role of commercial brokers in navigating the complexities of real estate transactions. Commercial brokers serve as invaluable allies, guiding businesses through the intricacies of property valuations and potential challenges. With their expertise and market knowledge, brokers facilitate seamless transactions and negotiate favorable terms for their clients. By partnering with a trusted commercial broker, businesses can gain a competitive edge and achieve their real estate goals with confidence and efficiency.
Foresite Commercial Real Estate's Training Program
At Foresite Commercial Real Estate, investing in the future of the industry is paramount, as evidenced by their comprehensive training program for aspiring commercial real estate professionals. Recognizing the need for continuous learning in a dynamic field, Foresite offers a robust curriculum designed to equip participants with the skills and knowledge necessary to thrive. With the average age of brokers in the industry steadily increasing, there's a pressing need to bridge the knowledge gap and cultivate the next generation of talent. Bethany Babcock emphasizes the importance of inclusivity, aiming to attract individuals with the intelligence and tenacity to succeed, regardless of background. The training program, admitting approximately 30 students annually and offering scholarships to most, provides a blend of in-person and online classes over a 10-week period. Covering various facets of commercial real estate, from retail to multifamily, industrial, and office spaces, the program aims to foster a well-trained workforce capable of navigating the industry's complexities. Bethany underscores that a skilled workforce benefits all stakeholders, even in negotiations where parties may find themselves on opposing sides, ultimately contributing to the advancement and sustainability of the commercial real estate sector.
Advice for Aspiring Commercial Real Estate Professionals
Bethany remains optimistic about entering the commercial real estate field, particularly in leasing, despite existing challenges. Encouraging aspiring professionals to seize the opportunity, Bethany advocates for proactive steps such as applying for training programs, actively seeking knowledge through inquiries, and exploring diverse roles within the industry. With her guidance, individuals can navigate the complexities of commercial real estate with confidence and embark on a rewarding career path filled with growth and opportunities.
Connect with Bethany Babcock
To connect with Bethany Babcock and Foresite Commercial Real Estate, you can visit their website at www.foresitecre.com or you can reach out to them by phone at 210-816-2734.
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