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Reduce Year-End Accounting Woes with these End-of-Month Closing Best Practices

By Wiss Advisory Associate One of the best ways to alleviate end-of-year financial stress is by being more proactive in your monthly closing process. The trick to keeping procrastination at bay throughout the year is to make your monthly closings more productive and predictable. Follow these tips to stay on track each month. Set and maintain a schedule. When your staff knows that the final Friday of the month (or whichever date you set) is close time, it becomes a structured part...

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How to Assess and Resolve Business Process Issues

By Paul Ursich Updated 7/30/2019. As companies grow, they often fail to focus on the technology or resources required to maintain their edge in the marketplace. This can lead to a breakdown in business process optimization, hinder productivity and impact morale. Take, for example, a construction company that approached Wiss after experiencing 300 percent growth over a five-year period. While sales had tripled, the size of the accounting department and the technology used to run...

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Classifying as Debt vs. Equity to Raise Capital

By Bill Beiermeister It can be tempting to use financial instruments to quickly raise cash, especially for technology and life sciences companies that must go through several rounds of financing before they can develop marketable product lines and begin generating income. But if you’re thinking about going this route, tread carefully. Some financial instruments must be treated as liabilities on your balance sheet if payment is demanded at certain times or under stated circumstances....

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Differences Between Employees and Independent Contractors for ACA Purposes

By Jim Gerhard Businesses have long utilized independent contractors as a means of leveraging the highly trained services of other professionals. Independent contractors provide their own tools, training and expertise. This saves the hiring company the cost of teaching someone how to do the job.. When the work is done, the hiring company simply pays the agreed-upon fee, and both parties go on their way. But are contractors always independent? The Affordable Care Act has given this...

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Bringing Companies Together Through Post-Transaction Integration

By Paul Ursich You’ve just spent months doing due diligence and negotiating terms, and you’ve finally acquired another company — or your company has been acquired. Finally, the hard work is done. Or so you thought. Now begins the process of integrating the two companies, bringing together people, processes and procedures, culture, technologies and management responsibilities as seamlessly as possible. Here are the next steps to managing the post-transaction integration process. If...

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How to Reduce the Threat of Employee Fraud and Embezzlement

By Paul Ursich  Employee fraud and embezzlement can devastate a company. Recently, two client companies each lost more than $100,000 to fraud by trusted senior level accountants. A few simple precautions would have saved both companies from six-figure losses. A search of the Internet will provide details on many different fraud cases; therefore, there is not one simple solution to prevent fraud at your company. The following financial controls are just a few examples that are easy...

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CFOs and Controllers Guide for Year-End Reporting and Tax Compliance

By Paul Ursich For CFOs and Controllers, the end of the year is typically a hectic and sleepless time. No matter how prepared you are, end-of-year planning inevitably brings surprises and last-minute complications. To create an accurate, timely and surprise-free planning experience, you need to stay organized throughout the year, by preparing detailed monthly and quarterly financial reporting packages that include reconciliations and detailed back-up schedules.  In addition, you...

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Fishbowl and QuickBooks Advanced Inventory Comparative Review

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, we recommend Fishbowl—a manufacturing and inventory control system that integrates seamlessly with QuickBooks. Fishbowl Manufacturing is designed for small to mid-sized companies looking for a complete...

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Finding the Right Accounting Software for your Professional Services Firm

By Paul Ursich Emerging engineering firms and other professional services companies quickly outgrow the rudimentary accounting system software they buy off the shelf to get started. Although these starter systems can handle the basics, such as financial reporting, accounts payable processing and accounts receivable, they have limited capability for handling employee time reporting, expense reports, project reporting and related functions. However, there are several software packages...

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Beware the Temptation of Offshore Consulting Services

By Paul Ursich Outsourcing accounting consultancy services overseas can be a tempting strategy for gaining expertise at a highly competitive cost. But as someone who’s previously done that, here are a few precautions I learned along the way. Language can be a barrier. I admire anyone with any degree of fluency in a second language. But while you can easily find English-speaking talent almost anywhere, there are degrees of familiarity with the language. When addressing, in person,...

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