By Wiss Associate
In last month’s post, we discussed what your company’s chart of accounts should entail and its prominence to the accounting and financial side of your organization. Now let’s see why and when you should reorganize the information that will make up your chart of accounts.
Why to Take Action
Your spotless and well-organized accounts will help your company prepare your books for the following activities:
Working with your outside accounting advisors for quick and...
By Wiss Associate
As a business owner or executive, year-end processes and reporting can be a nightmare – but it doesn’t have to be. You don’t need to scramble when your accountant asks for your tax deductible items or when your auditor requests various reports so they can perform testing. It should be a simple process to go into your accounting system and run reports with 100% confidence they are complete and accurate. But how do you know if they are truly complete and accurate?...
By Wiss Associate
Think of an accountant, and what do you picture? If you follow the common societal stereotype, you may envision someone with a pocket protector and a beige plastic raincoat who goes to bed cuddling his calculator, with no emotion and no social competence. A person who would rather recite the square root of pi than eat pie.
Think of an entrepreneur, and you probably picture an entirely different image.
Beyond the sheer sophistication of the word “entrepreneur” itself,...
Understanding the NJ Alcohol Tax
By Paul Lembo
You’ve perfected your batch. You’ve scouted your location. You’ve raised the capital. And now you are ready to venture into the wild, wonderful world of professional brewing.
But before you make that first pour, make sure you understand the state tax laws that apply to your sales.
In New Jersey, alcohol producers must pay not only state and federal taxes, but also an additional alcoholic beverage tax. These taxes can be significant,...
By Paul Lembo
In recent years, the American alcohol scene has been overtaken by the rise of microbreweries and brewpubs. Entrepreneurs across the country have been taking advantage of the evolving tastes of a beer-drinking population willing to pay a premium for flavorful ports, pilsners, IPAs and other brews.
But because of the archaic, limiting laws that were in place until late 2012, the state of New Jersey is behind the craft brew times and is only beginning to catch up to the...
By: Wiss Employee
Is your bottom line understated simply because you don’t have the necessary documentation or lack the accounting insight to allocate job costs to contracts? Or are you paying too much in taxes because you have an overly aggressive cost allocation strategy? If you are in either situation, the lack of a sound job costing strategy is costing you money.
In the construction industry, there are three main types of costs: direct costs, indirect costs, and general and administrative...
By Ruth Raftery
“Hello! My name is Samantha and I am an automated voice recognition answering service. You can speak to me as you would with a live representative. Please tell me, what are you calling about today?”
It seems many calls I make lately– whether to credit card companies or to other businesses – are answered by the type of technology that runs programs like “Samantha.” In my experience, these systems can never actually answer the types of questions...
By Danielle Patton, former Marketing intern
Stepping into a brand new position in the accounting industry can be both exciting and intimidating. Even if you have acquired internships in the past, clocking in on your first official day as a Staff 1 will unlock access to a completely divergent domain full of new experiences and opportunities.
To prepare yourself, here is some inspirational advice from our very own Wiss team, sharing some pointers on how to make your Staff 1 experience...
By Cindy Sandomenico
Borrowing money from your 401(k) account can be tempting. You know the money is there, and it’s yours, so why not use it?
Before you pull the trigger, however, consider the limitations and consequences. Here are some important points to keep in mind.
Know the rules
Generally, you can borrow from a 401(k) for any reason, such as paying educational expenses or buying a home for the first time — although employers are not required to offer a loan option within...
By Wiss Employee
When accountants hear the word “estimate,” most go into a panic. In an industry where accuracy and precision are paramount, the mere thought of a number not being exact can create a sense of unrest. However, in the construction industry, estimates are unavoidable. A slight one to two percent change in an estimate on a large contract could add or subtract a substantial amount of profit or loss to or from the bottom line.
At Wiss, we work with our clients to strike...