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VT Tax & Finance Blog

Productivity in the Construction and Manufacturing Industries: Part II

Oct 31, 2012
Ineffective management has been named as the major cause of poor productivity in the construction and manufacturing industries. Strong management is a big key to success and this series of tips can help…

QuickBooks Add-Ons: eBillity Time Tracker & Billing Manager

Oct 31, 2012
To assist specific industry needs, software companies have developed applications that can be integrated with current QuickBooks software.  In this 5-part series, we will cover some of the more useful…

Productivity in the Construction and Manufacturing Industries: Part I

Oct 31, 2012
Workplace productivity in construction and manufacturing businesses continues to be one of the least understood factors in the American economy.  One thing is for sure - management is a big key to success. …

Financial Statements: The Statement of Cash Flows

Oct 31, 2012
In regards to financial statements, the statement of cash flows is especially useful.  It basically consists of three parts: Operating activities - cash inflows and outflows from operating the business. Investing…

Charitable Contributions and Single Member LLCs

Oct 31, 2012
A recent article by the Journal of Accountancy reported on the Internal Revenue Service decision regarding charitable contributions made to a single member LLC (SMLLC) wholly owned by a US charity. The…

ACCRUAL-BASED FINANCIAL STATEMENTS: CONSIDERATIONS OF THE BALANCE SHEET

Oct 31, 2012
Within a financial statement, the balance sheet should be classified, separating current assets and liabilities from long-term assets and liabilities.  Current amounts include anything that is expected…

ACCRUAL-BASED FINANCIAL STATEMENTS: CONSIDERATIONS OF THE BALANCE SHEET

Oct 24, 2012
Within a financial statement, the balance sheet should be classified, separating current assets and liabilities from long-term assets and liabilities.  Current amounts include anything that is expected…

KEEPING THE FAMILY BUSINESS FRIENDLY

Aug 17, 2012
Even the happiest and most successful family business can benefit by planning for the possibility of conflict.  Following are some tips that may help ensure everyone remains on speaking terms. Communication. Every…

QUESTIONS TO HELP WITH RISK ASSESSMENT

Aug 17, 2012
Internal control has come to be viewed as an important component of governance, and as such, evaluating a business' risks should be viewed in an all-inclusive manner. The following is a list of questions that are recommended to be asked in a comprehensive...

TEACHING CHILDREN ABOUT MONEY

Aug 17, 2012
You've taught them good manners, good eating habits, the dangers of drugs and alcohol, but a new survey is showing that children aren t learning much about money from their parents.

ACCRUAL-BASIS FINANCIAL STATEMENTS NECESSARY FOR "BIG PICTURE"

Aug 17, 2012
At a minimum, the two basic accrual-basis financial statements that should be reviewed monthly are the balance sheet and the income statement.

THE FAMILY BUSINESS AND ESTATE PLANNING

Aug 17, 2012
It has been said that there are two certainties in life: death and taxes. Estate planning combines both of these issues, making it a sensitive exercise to undertake. The difficulties arise from both practical considerations and emotional issues. Addressing both..

HOW TO PLAN AND SAVE FOR COLLEGE

Aug 17, 2012
With college costs increasing faster than inflation, it can take many years to save for a portion of the total cost. However, planning ahead and saving specifically for college and other education expenses ...

THE IRS WANTS A CANCELLED CHECK?

Aug 17, 2012
In the current banking environment of the Check Clearing for the 21st Century Actand Automated Clearing House (ACH) transactions...

FINANCIAL AID SHOPPING SHEET UNVEILED

Aug 17, 2012
This past April the Consumer Financial Protection Bureau unveiled the first version of their Financial Aid Shopping Sheet.

DECODE FINANCIAL STATEMENTS TO BENEFIT YOUR BUSINESS: PART II

Aug 17, 2012
To have a complete picture of your company's financial situation, accrual-basis financial statements are necessary - unless the company does not have significant receivables or payables.

CHARITABLE CONTRIBUTIONS ACKNOWLEDGEMENTS

Aug 17, 2012
The acknowledgment letter received for making a charitable contribution is an important document. Without....

DECODE FINANCIAL STATEMENTS TO BENEFIT YOUR BUSINESS: PART I

Aug 17, 2012
In some businesses, CEOs often focus on the product or services being offered and rely on others to manage the finances. Bank balances, receipts and payments are easily understood, but things like accrual basis accounting, ratios and working capital can be confusing.

FINANCIAL CALCULATORS

Aug 17, 2012
If you are in need of aid in your budgeting and financial planning, please visit our Financial Calculators page of our website.

OCBOA FINANCIAL STATEMENTS: FREQUENTLY ASKED QUESTIONS PART II

Aug 17, 2012
Following are some additional issues in which questions have risen in regards to "other comprehensive basis of accounting (OCBOA).