What could be more intimidating to a business than the prospect of launching a new ecommerce website? Or merging with a competitor? Or implementing a new business process management software solution that will touch virtually every department in the company?
Lots of thoughts go through your head as you consider taking on a project that might take months or years, and will impact your company and your people for a long time to come.
Just think of the prospects of establishing goals,...
By David Singletary
Have you ever really noticed a process at your business that’s been in place seemingly forever? As you take a closer look it doesn’t appear to be the best way of doing things, so you ask the logical question: “Why?”
In response, your team collectively shrugs and says, “Well…that’s how we’ve always done it.”
It’s time for a business process optimization review.
Business process reviews are important because they’re conducted by a professionally...
By Paul Ursich, CPA
Updated 7/29/2019. How do you grade the accomplishments of your Chief Financial Officer or Controller? Not only at review time, but whenever you’re thinking of the value this key management team member brings to your company. What are the key performance indicators, or KPIs, that really matter to you? Does your CFO or Controller know the KPIs that define success in your eyes? How could they know if you don’t?
Here’s what to do:
For starters, review the job description...
By Angelique Zitz, CPA
One of the most common causes of chronic problems in accounting departments is having the wrong people on board – or the right people in the wrong positions. In other words, things can go terribly wrong when the education, work experiences and career trajectories of your personnel do not match up with your expectations.
With that in mind, here are some of the ideal minimum requirements for business process optimization you should look for under most circumstances...
When things go wrong in your accounting department, you’re sure to feel the pain — especially if errors are common. Problems and irregularities can crop up for several reasons. For instance, your accounting staff might be inadequately trained, or they’re just not suited for the job.
But the cause could also be much worse: someone is stealing from your company.
Let’s take a closer look at both scenarios.
Everything from inadequate training to incompetence could...
By Lisa Calick, SPHR
Are your business’s human resources starting to fall behind? Have you not reviewed HR policies and procedures in quite some time? Are you running a new startup? If you answered yes to any of these questions, you may need an HR assessment to ensure compliance with state and federal regulations, as well as reduce the risk of potential liabilities.
When Should an HR Assessment Be Performed?
Fundamentally, an HR assessment is an investigation of a company’s current...
By Wiss Advisory Associate
If your company works with nonemployee service providers “in the course of business,” you may be subject to 1099 reporting requirements. Failing to file these forms may result in penalties, so here’s what you need to know to keep your business in compliance.
1099 reporting requirements
You’re required to send 1099-MISC forms to vendors when payments to them total $600 or more during the calendar year for:
Services performed for your business by someone...
By Rachel Kleiman
A letter from a student loan refinancing company is placed on your desk. Have you wondered if refinancing is worth it or just a scam?
Refinancing means taking on new debt with new terms in order to pay off older debt. By refinancing, you can reduce monthly payments, secure a lower interest rate, and renegotiate the term of your loan. Additionally, refinanced student debt is still student debt, meaning you will still receive a 1098-E for tax purposes. Refinancing...
By Lisa Calick, SPHR
If you’re a company based in, or with offices in, New York City, you should be aware of a new law that took effect on October 31st. As of that date, it became illegal for public and private employers in New York City to inquire about an applicant’s salary history during any stage of the hiring process. This includes inquiries on employment applications, during interviews and while conducting background checks.
The law was introduced to even the wage gap between...
Why social media has become a critical way to attract and retain customers
By Shelley Lazarescu
How strong is your handshake?
For years, a firm handshake has been a must-have to succeed in business, for the simple reason that most business contacts have historically been made in person. Companies’ representatives usually met, vetted and negotiated with prospects or customers over lunch, on the golf course and in a variety of other social settings.
There will always be a place for...