Advisory Services Archives - Wiss & Company, LLP

Documenting Expenses to Support PPP Loan Forgiveness

Written on April 7, 2020. Posted in Advisory Services, Financial Planning, General Business.

By Travis Miskowitz The Paycheck Protection Program allows loans of up to $10 million at 1% interest to employers with fewer than 500 workers. The purpose of the program is for employers to retain their employees; the loan amount is intended to cover two months of payroll and overhead. The government will forgive most or all of the loan if the company keeps its workers and does not cut wages. The maximum amount of the PPP loan that is eligible for forgiveness is equal to the amount...

Economic Injury Disaster Loans & Emergency Economic Injury Grants: What You Need to Know

Written on March 29, 2020. Posted in Advisory Services, Financial Planning, General Business.

By Travis Miskowitz SBA’s Economic Injury Disaster Loan THE BASICS What is the criteria for a loan approval? Credit History – applicants must have a credit history acceptable to SBA Repayment – SBA must determine that the applicant business has the ability to repay the SBA loan Eligibility – the applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons How...

Managing Cash Flow During Crisis

Written on March 23, 2020. Posted in Advisory Services, General Business.

By Travis Miskowitz, Manager, Wiss CFO Advisory Cash flow is the lifeblood of your business. During this (or any) time of crisis, it is imperative to keep an eye on your cash flow and regularly monitor your cash position. Instituting effective cash flow management may be the most important action you can take to navigate through challenging times. The Wiss team has put together this list of recommendations to help monitor your progress: Monitor your cash flow regularly With the...

5 Questions to Prepare Your COVID-19 Readiness

Written on March 13, 2020. Posted in Advisory Services, General Business.

By Paul Ursich Beyond the immense impacts the coronavirus (COVID-19) outbreak is having on public health, the pandemic directly impacts economic activity and poses unique challenges to businesses across industries because of its potentially compounding and unpredictable consequences. With massive quarantines, travel restrictions and factory shutdowns, companies are struggling to quantify potential exposure. Attempting to mitigate potential losses from an unknown number of variables...

New Jersey’s Changing Laws Regarding Independent Contractors

Written on February 13, 2020. Posted in Advisory Services, Human Resources.

by Lisa Calick, SPHR New Jersey continues down the path of strengthening employee rights in the workplace, with recent legislation designed to help and protect workers. Last month Governor Murphy signed several bills into law to combat worker misclassification. Below is a summary of newly enacted laws which New Jersey businesses should pay close attention to: Penalties for Misclassification New Jersey employers that misclassify workers as independent contractors may be liable for...

A message to CEOs: When a CFO joins or leaves your company, it’s an ideal time to conduct a Business Process Review

Written on November 7, 2019. Posted in Advisory Services, General Business.

by Paul Ursich A CFO entry or exit event, especially when it comes to mid-sized companies, is often an opportune time to conduct a Business Process Review. When a mid-sized company decides to bring on a CFO, it’s an indication of an important company life cycle shift. Making the investment into this critical CFO role is a major one. It’s the perfect time to conduct a Business Process Review to provide valuable insight into this new hire. An immediate and independent review can drastically...

Today’s Software Solutions Vastly Improve HR Staff Productivity

Written on April 29, 2019. Posted in Advisory Services, Human Resources.

Updated 7/30/2019. I recently visited a client company with over 750 employees. The HR staff kept track of vacations on a spreadsheet. Anyone considering taking time off would first call up some poor overworked HR rep and see how many days they had remaining. That rep would have to then manually update the remaining totals. I have to imagine that was pretty much how that staffer spent his or her summer months at work. This same company had a total of about ten spreadsheets keeping...

Update: Fishbowl Vs. Quickbooks

Written on April 2, 2019. Posted in Advisory Services.

By David Singletary Companies using a combination of QuickBooks and Excel are oftentimes looking to find a more robust system alternative, but are not ready for an enterprise-level ERP system. For these types of firms looking for a low-cost option that will not require the replacement of QuickBooks, one application is Fishbowl—a manufacturing and inventory control system that integrates seamlessly with QuickBooks. Fishbowl Manufacturing is designed for small to mid-sized companies...

Inventory Management Systems

Written on February 19, 2019. Posted in Advisory Services.

By David Singletary Are you still using Excel spreadsheets to keep track of your company’s inventory? You’ll know it’s time to upgrade when your business grows to the point where you or your people are spending way too much time inputting static data. A good inventory management system should do the heavy lifting. Here are a few features and capabilities a good solution should offer. Multiple costing method options — You shouldn’t be limited to just one method of calculating...

The Critical Importance of Effective Cybersecurity in Your Business

Written on January 29, 2019. Posted in Advisory Services.

Updated 7/30/2019. Cybersecurity does not offer a return on investment — unless you count stable client relations, peace of mind, insurance against the financial, and public relations disaster that can result from digital criminal activity. In other words, cybersecurity is something that your business will hardly notice if it’s functioning well, and deeply regret if it goes wrong. Harmful effects from data breaches Data breach can be a crisis for your business in a number...

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