The Top Benefits of Using a Local Accounting Firm like Calabrese

Local Accounting Firm

When it comes to accounting firms, you typically have many choices, both for personal and business finance purposes. In this blog, we will spotlight the benefits of choosing a local accounting firm.

Why Go with a Local Accounting Firm?

When it comes to accounting, you are likely familiar with the “Big Four” names: Deloitte, PwC, KPMG and Ernst & Young. But what you may be unfamiliar with is your local accounting firm and how they may be more beneficial for your brand’s accounting needs.

Person typing on a laptop

Build a relationship with your accountant

When you turn to a large, corporate firm, there’s a greater chance of having to see a new accountant every time you need something handled. This creates a distance between you and your accountant, and your business dealings are never fully understood.

At a local firm, there is a shorter list of clients but a greater amount of focus on said clients. Local accountants will try to familiarize themselves with your business from top to bottom, and are a friendly face you recognize immediately when you need accounting services.

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Due to the high volume of employees at corporate firms, there are usually a defined set of practices to follow. Clients cannot pick and choose what accounting services they require, or discuss a payment adjustment or plan. Instead, there are a list of packages and the client has to decide on one that is the most relevant, even if they don’t require all the services.

Local accountants can do all kinds of accounting services, or only a few depending on your needs. They can also be open to discussing different payments. Another positive is that all your services would be through one or two people, as opposed to seeing a different accountant in every department and keeping track of many people.

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Quality workers, quality work

For larger firms, quantity over quality is the end goal. They are focused on a multitude of clients and completing a lot of work at once. However, local accountants likely handpick their employees to ensure quality assurance. This, combined with less work, means more focus on your business’ needs.

Smaller firms may focus more on their hires as they need less employees – again, focusing on the quality over quantity. To be able to provide the best quality of work possible, it is important to have high quality employees willing to put in the work.

Go Local

While both local and corporate accounting firms can provide the services your company needs, there are many other details that you will only receive by choosing a local firm.

Looking for a local accounting firm based out of Long Island that will give your small business the attention it deserves? Look no further than Calabrese & Associates, CPA, P.C. We will ensure that your financial needs are fulfilled and have our full focus. Visit our website today to get started.

Payroll Tax Cut: What it Could Mean for Businesses

payroll tax cut President Trump has allegedly been urging for a payroll tax cut to be implemented. In today’s economic situation, it is important to fully understand any major decision made by the federal government. In this blog, we will cover what exactly this means and how this affects businesses going forward.

What is a Payroll Tax Cut?

This decision has had mixed reviews on whether it will help or hurt the economy in the long run. The most important step to take is to understand what a payroll tax cut would immediately do, both to benefit and to hurt those affected:

  1. There would be more money in workers’ paychecks – employees will notice more money in their paycheck, and programs such as Social Security and Medicare will not receive as much funding; however, this increase would be very gradual and not major.
  2. It creates a boost for businesses – since this tax cut reduces the amount paid by employers, there is more money for struggling businesses to stay afloat; however, COVID-19 is the reason most businesses have been struggling and it is still prevalent today, meaning eventually this money will run out.
  3. A reduction in federal revenue – when the payroll tax cut began in 2011, the government lost $112 billion, and $115 billion in 2012.
  4. Unemployment not affected – those that are unemployed will not receive any kind of benefit, as well as those that aren’t working on maternity leave and retirement; according to CNN, another stimulus payment would be more effective.

Fox Business estimated that with this implemented, the maximum amount of money that an average American could receive is $2,149.

dollar bill with three cubes one green arrow, one red arrow and a percent sign

What Will it Mean for Business?

Let’s delve a little deeper into the payroll tax cut’s effect on business. Of course, this is all still hypothetical, and it is unknown what would really happen in the event this was implemented.

However, the bigger picture shows that the real reason for the economy’s decline is the coronavirus pandemic. The pandemic jumpstarted months of economic insecurity as many lost their jobs or had to begin hybrid working situations where they either began to – and still do – work from home, or go in to the workplace some days and work at home other days.

So even with a payroll tax cut that likely wouldn’t last long, this just prolongs the life of some businesses that aren’t going to make it through an indeterminable amount of time of social distancing and forced closures. With no vaccine or promise of a return to the prior economy, the futures of some businesses are doomed whether there are tax cuts made or not.

person observing pie charts taking notes and using a calculator

Final Cut

Although there are many assumptions about what the payroll tax cut would do for employees and businesses alike, there is no guarantee until it is instated by President Trump.

For more information on payroll, taxes, or trending economic news, visit our website. Here at Calabrese CPA, we offer comprehensive financial services to suit your needs.

What is a Virtual CFO, and How can it Benefit your Business?

Virtual CFO

Now more than ever, businesses and startups are looking for new ways to cut costs while still maintaining the same level of production and success. From staff cuts to outsourcing, the options are seemingly endless. However, one method many New York-Metropolitan companies are exploring is the idea of a virtual CFO. What is a virtual CFO you ask, and how can they benefit your business? We have the answers.

What is a Virtual CFO: An Explanation

If you know what a regular CFO, short for Chief Financial Officer, does, then you pretty much know what a virtual CFO does. The primary difference being that this CFO is, well, virtual.

This important outsourced position covers a whole host of financial, accounting and monetary services. Some primary responsibilities that fall under the purview of a virtual CFO can include, but are not limited to:

  • Payroll services
  • Bookkeeping/write-up
  • Business consulting
  • Business entity selection
  • Buying or selling a business
  • Financial analysis
  • Tax planning and preparation
  • IRS representation

As a sounding board, coach and trusted source for financial services, a virtual CFO can be exactly what your business needs to reach that next level.

Person looking at a spreadsheet

The Business Benefits of Virtual CFO Services

A Remote Working Supplement

In on our current world of remote working, a virtual CFO can feel more natural than ever. With video conferencing apps like Zoom the norm, working with a virtual CFO will be a seamless transition. Not only that, but they can also help pick up some of the slack to get back to the pre-COVID-19 norm.

Industry Experience

When using virtual CFO services from a firm like Calabrese & Associates, you will benefit from years of multiple industry experience. By pairing with a virtual CFO who has worked with your industry, your business can enjoy multilayered insights from someone with relevant experience.

Digital handshake

Saving Money

Not only will a virtual CFO save your business money with their vast finance and accounting knowledge, they will also help you cut costs in other ways. First of all, they’re usually less expensive than an in-house CFO. Secondly, they don’t require any kinds of benefits or bonuses.

And besides, a virtual CFO like the ones at Calabrese & Associates will ensure that you’re receiving the highest quality services for your needs and budget. So, if you feel like a virtual CFO can be the difference maker for your business or startup, Calabrese can be the answer you’re looking for.