Accounting Expertise. Business Smarts.

What are cash reserves? Cash reserves are savings to be used in an emergency, i.e., when unforeseen business expenses occur or when cash receipts from sales decline. Generally, cash reserves are maintained in a separate bank account, segregated from the money you use...

At Tom Vignali CPA, Inc., we’re reminding clients about 1099s to ensure they meet this obligation for all payments of $600 or more to unincorporated individuals and businesses. Such payments include rents, remittances for services rendered, and professional fees....

At Tom Vignali CPA, Inc.,we are often asked, “How come when I mark up the cost of a product, it is never equally reflected in the Gross Profit Margin (GPM)?” Clients often assume that marking up the cost of a product to a sales price should be reflected in the GPM....

At Tom Vignali CPA, Inc., we offer a variety of customized Bookkeeping Service Plans that allow business owners to focus on their operations and customers while ensuring their company’s daily bookkeeping needs are met. Our Basic Bookkeeping Plan is customized to...

At Tom Vignali CPA, Inc., our staff was relieved to complete another successful tax season filing personal and business returns, with only a few extensions needed. Tax season is always hectic as data is collected from clients to meet the March 15th corporate and April...

At Tom Vignali CPA, Inc., we have worked extensively with all of our clients to deal with the devastating impact of the COVID pandemic. Many of our efforts can be reviewed in a previous blog: COVID-19's Long-term Impact on Business Finance. As the pandemic continues...

At Tom Vignali CPA, Inc., we utilize a critical analysis approach when reviewing the needs of a client company. We are frequently asked to address a specific problematic issue, but our review methodologies invariably uncover a myriad of other mitigating and...

At Tom Vignali CPA, Inc., we have worked extensively with our clients to address the devastating impact that COVID-19 has had on business finances. The immediate needs resulted from business suspension, partial or complete shutdown, and/or closure. We developed...

The COVID-19 pandemic began almost seven months ago. Its impact has been global, and no one knows when or if it will go away or be resolved. The virus has changed the way we do just about everything and left us with daily concerns about testing, hospitalizations,...

At Tom Vignali CPA, Inc., we frequently have the opportunity to assist companies with their contract review analysis. This process compares the data from estimated bids to completed contract financial data. The final product is similar to a mini profit-and-loss...

At Tom Vignali CPA, Inc., we were recently engaged to assist with the compiling and review of financial records for a construction contractor who was involved in litigation regarding a project they had worked on. The contractor had been awarded a contract to construct...

At Tom Vignali CPA, Inc., we recently had the opportunity to deal with a company that sold and serviced office equipment. The company’s service contracts included calls when a piece of equipment stopped working properly – downed equipment – and periodic preventative...

At Tom Vignali CPA, Inc., we have been providing financial and oversight assistance to one of our clients, a law firm primarily dealing with personal injury cases. There are interesting financial accounting issues facing this type of practice, as well as some other...

At Tom Vignali CPA, Inc., we recently had the opportunity to review the finances and operation of a family-style restaurant with full bar service. They were experiencing a decline in revenues and profits, and engaged us to look at various aspects of the business to...

At Tom Vignali CPA, Inc., we recently had the opportunity to discuss various issues with a business that was primarily engaged in landscape maintenance services. The owner indicated that they were expanding their services into carpentry and landscape construction,...

At Tom Vignali CPA, Inc., we frequently have the opportunity to assist clients in the acquisition of assets or businesses. Recently, a business associate asked us to assist one of their clients in the acquisition of a business. The business was a stand-alone day-care...

At Tom Vignali CPA, Inc., we were recently engaged by a new client to assist with their previous and current tax filings. They had self-filed their 2017 returns and prepared their 2018 financial statements and returns. Upon an initial review, it became evident that...

At Tom Vignali CPA, Inc., we frequently have the opportunity to meet with prospective clients to review issues of concern. Recently, an associate referred us to a prospective client to assess their financial needs. They were a relatively young company (under five...

At Tom Vignali CPA, Inc., we perform a variety of financial services. Recently, at the request of one of our strategic management associates, we were asked to perform a review of a potential client’s financial statements. We were provided with June YTD internal...

At Tom Vignali CPA, Inc., we like to share stories and examples that we believe our clients will find useful and relevant to their business. Following is one such story about selling and pricing in the restaurant business. Does the New Meal Price Add Up? Sam usually...

At Tom Vignali CPA, Inc., we are aware of the myriad tax implications resulting from the U.S. Supreme Court Decision re: South Dakota v. Wayfair, Inc. (June 21, 2018) regarding taxation on internet sales. In its most simplistic form, this decision allows individual...

At Tom Vignali CPA, Inc., we come across numerous ingenious ways to address price increases. Here are just two examples. Example One: Check-Up Uncovers Savings for Vet Clinic Susan was responsible for the pricing/purchasing at a local veterinary clinic. While...

At Tom Vignali CPA, Inc., we deal with all aspects of business financial accounting and reporting. One critical aspect that we deal with is A/R (Accounts Receivable). In accrual accounting, A/R is the uncollected funds from revenues that have been posted to the Income...

At Tom Vignali CPA, Inc., we have numerous clients who have requested assistance in applying for a loan. However daunting and arduous applying for and negotiating a loan might seem, we have developed a comprehensive step-by-step procedure to make the loan application...

At Tom Vignali CPA, Inc., we are sometimes approached by potential new clients who are experiencing financial difficulties. One of these problems might be that they have fallen behind in making payments to one or more of their vendors (this article does not address...

In previous blogs, Is Your Labor Billing Rate Killing You? Part 1 and Part 2, we identified various issues on how to accurately calculate your labor billing rate and a variety of other issues. At Tom Vignali CPA, Inc., these issues face numerous businesses on a daily...

In a previous blog, Is Your Labor Billing Rate Killing You? Part 1 of 3, we identified various issues on how to accurately calculate your labor billing rate. At Tom Vignali CPA, Inc., we often advise our clients on how to effectively calculate out the actual labor...

At Tom Vignali CPA, Inc., we have numerous clients who charge their customers an hourly rate for the services provided by their employees. In some instances, our clients think they are charging too much, and in other instances our clients think they are not charging...

At Tom Vignali CPA, Inc., we meet numerous businesses that handle their bookkeeping activities in a variety of ways. Some companies are large enough to be able to afford a CFO or a full-time accounting manager. Some companies have a full-time or part-time bookkeeper....

At Tom Vignali CPA, Inc., we are dedicated to dealing with all aspects of the financial viability of our clients. This includes reviewing and advising on everything that impacts their financial performance. In a previous article, A/R (Accounts Receivable): An Asset or...

It’s the end of the year. You bring all of your financial records to your CPA to file your tax returns. A few days later you receive a telephone call from your CPA informing you that you have tax obligations that you need to pay. You are astounded by the figures and...

So, Q1 has already passed, your tax returns have been filed, or, you have filed for an extension. For most companies, you have closed out the previous year, and are fully involved in the new year’s business activities. In either case, you are already part-way through...

From time to time, you might receive a notification from a vendor indicating that they are offering a “discount” on product(s). The offer is usually for: A specific product or product line Is a limited time offer Has a minimum volume purchase requirement Might have...

This is a question posed by numerous business owners during times of stress when cash is short. Often times it occurs when payroll obligations cannot be met, or a vendor or creditor is pressuring them for payment. Even more critical is when the pressure for payment...

At Tom Vignali CPA, Inc., we believe that accurate and timely financial data is critical to the success of any business. To ensure that our clients have the best possible tools available to review their financial activities, we became an Authorized Reseller and are a...