Tag Archives: Virtual CFO

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.

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.