Tag Archives: Financial Services

Why Your Company Needs an Outside Business Consultant

Business owners are constantly having to deal with making tough decisions. However, with the help of a business consultant, they can guide you and your company through any financial or business decision you may need. Read on to find out more about the benefits of hiring a business consultant.

What is a Business Consultant?

Business consultants can assist companies of any size to improve their performance and efficiency by providing management services. These consultants have the experience and expertise to help a business make difficult decisions and help identify and solve problems, while they continue to grow. Consultants can provide businesses with a wide range of services and take care of the hard decisions.

Benefits of a Business Consultant

1.     Having an Outsider’s Perspective

For small and mid-size companies a lot of times an owner’s attention and resources are focused on other priorities.  A business consultant will have a new perspective on the company and can easily identify problems within an organization that might be blind to the company’s employees.

2.     Help with the Hard Work

Business consultants are sometimes hired to do the “dirty work” in a company and make tough decisions, including firing staff and making salary cuts. Decisions like these can be difficult for business owners to make on their own. Hiring an outside consultant that is trained to handle these difficult tasks within an organization will make the process easier.

3.     Help Create a New Business

Consultants don’t just work with well-established businesses but also with start-up companies. These experts have the skills needed to assist owners with hiring and teaching employees, finding clients, and helping with finances.

4.     Accomplish Short-Term Goals

Short-term goals are just as important as long-term goals, but sometimes business owners are only thinking about the long-term success of their company that they forget to focus on short-term goals. It can be difficult for employers to enforce these goals; experienced consultants can help determine what a company’s short-term goals should be and work with employees to implement them.

If you’re considering outsourcing a business consultant the business experts at Calabrese & Associates, P.C, is exactly what you need. For more information or to schedule a consultation, visit our website today!

 

5 Tax Tips You Need to Know for This Tax Season

Insurance agent presentation and consultations with a lawyer or insurance agent. Law and insurance.

Tax season will be here before we know it and this is the perfect time to get a head start and begin preparing. It’s important to pay your taxes on time to save money and avoid paying tax penalties. Here are a few tax tips you should follow to plan for the upcoming tax season to make the process easier.

5 Helpful Tax Tips

1.     Organize Important Tax Forms

Gathering all your important tax documents should be the first step you take. Deciphering which documents you’ll need in order to file your taxes can get confusing, that’s why printing a tax checklist beforehand can help take some of the guessing away. A few of the forms and documents that would be included on this checklist include:

  • W-2 Form
  • 1099 Form
  • Receipts from the past year
  • Mortgage interest statements
  • Documents of what you paid for any stocks you have sold

2.     Review All Forms

Make sure to double-check all your forms. It’s common to make errors and miss sections when filling out these documents. Having incorrect information on your tax forms can cause delays and lead to penalties. If you need more help, the IRS website has more information on where you can get these forms.

3.     File and Pay on Time

It’s important that you stay on top of tax due dates to make sure you don’t miss filing and late-filing penalties. Taxes need to be filed by April 15, 2021 to avoid consequences, but if you have an extension the filing deadline is October 15, 2021.

4.     Itemize your Tax Deductions

Everybody wants to save money when it comes to taxes. One way to achieve this is by itemizing your standard tax deductions, especially if you are self-employed, live in a high-tax area, or own a home. This tax tip is worth following if your qualified expenses the 2020 standard deduction.

5.     Decide if you Need Help

Finally, the most important tax tip is deciding if you’re overwhelmed or not sure where to start. If so, consider hiring an accountant to assist you throughout the process. A tax professional will make sure all your forms are completed correctly and submitted before the deadline.

Looking for qualified and experienced accountants that can guide you through this tax season? The accounting professionals at Calabrese & Associates, P.C., are exactly what you need. Visit our website today to get started.

 

5 Savvy Real Estate Accounting Tips to Prepare for Year-End

Real Estate Accounting

As we near the end of a tumultuous 2020, many businesses, including real estate firms, are planning for the upcoming year ahead. It’s certainly been a topsy-turvy year for anyone selling or buying residential and commercial properties, so year-end preparations might be a little different this time around. Therefore, our expert team has you covered with all the real estate accounting tips you need to end 2020 strong.

End the Year Strong with Professional Real Estate Accounting Tips

1.      Check Financial Statements

Ensure that you have a complete balance sheet of all your assets, liabilities and more by verifying your financial statements. By providing your accountant with these update reports, they will be able to, if needed, point out discrepancies and rectify their accuracy before year-end.

Financial Statements

2.      Update Software

Throughout the year, there might have been new and improved software available for your real estate firm. New real estate accounting software, along with your tax team, will guarantee access to the latest tax forms, regulatory changes and other important tools.

3.      Verify Employees

With as much that has happened in 2020, you may also have experienced additions, or potentially subtractions, to your staff. Therefore, to ensure that your year-end reports have the right information, you may need to audit your employees. That way, all the right people connected to your business will be accurately represented in the system for your accounting team.

Employee Verification

4.      Plan for 2021

One of the best, most tried-and-true real estate accounting tips we can give for year-end is actually planning for the impending year ahead. Far too often businesses, especially in real estate, will neglect to do any prior planning. And, when the new year rolls around, they will have the tools and prep work needed to succeed.

With that in mind, both residential and commercial real estate companies need a trusted accounting and tax partner like Calabrese & Associates, P.C. to end 2020 on the right foot and ultimately help them get ahead for 2021.

The Top Reasons Why Businesses Should be Outsourcing Payroll

Outsourcing Payroll

Although some companies choose to handle it in-house, there’s a reason that so many businesses continue to outsource their payroll service to a trusted, local accounting firm. So, if you’re trying to decide between the two, we can help. Check out these top benefits of outsourcing payroll services to accountants like Calabrese & Associates, P.C.

The Advantages of Outsourcing Payroll to an Accounting Firm

Calculations and Payments

When it comes to paying employees, you need to be able to complete the different calculations it takes to reach a final figure. Between totaling hours, verifying them and including the designated pay rate, while accounting for the appropriate deductions and benefits, there’s a lot that goes into it.

That’s why so many companies are outsourcing their payroll services entirely. With the amount of different math and knowledge involved in the process, business owners are taking a calculated risk when they put the task in the right, experienced hands. That way, they can ensure their employees are compensated accordingly.

Accountant using a calculator

Reduced Risk

While it might seem simple, payroll is not easy. Beyond all the knowledge required, you must also be aware of different regulations.

If you do not, your business could become the victim of steep penalties and fines, which can add up quickly. So, to guarantee you steer clear of these roadblocks, outsourcing payroll is as good of a start as any.

Payroll statement on a table

Lower Costs

With all the time it takes to learn how to do payroll and actually complete it twice a month, that’s a great deal of effort. And, when you consider the old saying “time is money,” doing your own payroll can cost you a lot more than you are saving.

With outsourcing payroll, you can turn your time and attention to other tasks and responsibilities. Even when you consider all the software, training and updates of the process, the savings can be immense.

If you’re interested in outsourcing your payroll to an accounting firm like Calabrese & Associates, P.C., you’re making the right choice. For more information or to schedule a consultation, visit our website today!

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.

Person plugging in numbers

Flexibility

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.

Chart with money behind it

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.

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.