CFO Consulting Services, A Long Island Accountant Provider, Reveals What SMBs Need To Know About the New Budget Deal

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In response to an article published by The Washington Post, CFO Consulting Services, a leading Long Island accountant provider, discusses what the new federal budget deal means for small businesses.

Lawrence Teicher, founder of Long Island accountant firm CFO Consulting Services, responds to an article published by The Washington Post, which reports that a bipartisan group of lawmakers has agreed on a federal budget.

According to The Washington Post article published on December 10th titled “What business owners should know about the new budget deal,” the first long-term budget agreement since 2011 has been agreed to by the Senate Budget Committee Chairman Patty Murray and House Budget Committee Chairman Paul Ryan. Though the bill has not yet been passed into law, passing through Congress is not anticipated to be a problem due to its expected bipartisan support.

This deal is big news for small business owners for a couple reasons. Firstly, it means that small business owners no longer have to fear another government shutdown. The government shutdown in October of 2013 meant the closure of the United States Business Administration, which provides support and loans to small businesses. For many small businesses, the closure of the SBA stunted growth and limited production. The new federal budget deal means small businesses can rest assured that another government shutdown is not on the horizon.

In addition, the article says the Ryan-Murray deal raises government spending from $986 billion to $1 trillion. This means the sequestration of federal agency spending will be loosened, allowing them more flexibility in deciding where to cut back. Still, the increased spending over the next year is terrific news for small government contractors, who have had to compete voraciously for the smallest of government projects in recent times. This hold on sequestration is possible because of a plan to increase government revenue through auctioning off government assets, raising travel fees, and returning federal pension plans.

Lawrence Teicher, founder of Long Island accountant provider CFO Consulting Services, agrees that the new federal budget deal is good news for small business. “The federal budget deal that was reached in Congress is great news for small businesses across the United States. The October government shutdown hurt small businesses. Some small businesses have yet to recover from financial struggles during the closure of the SBA.”
Teicher says. “Assurance that a second government shutdown will not happen, is the best holiday present the federal government can give to small businesses. While Teicher states he would have preferred The Grand Bargain with major revisions to the tax code to spur economic growth, any bipartisan plan is better than none.”

CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.

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Lawrence Teicher
CFO consulting services
since: 08/2013
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