AccountinFirm Archives - Wiss & Company, LLP

Make the Outsourced Accounting Transition and Watch your Business Soar

Written on September 29, 2022. Posted in Outsourced Accounting & Tax.

By Carolyn Hall Many companies consider outsourced accounting services at some point in their development, whether it is to support growth, improve efficiency or simply ease the administrative burden on their staff. There are a number of advantages, but it is a big decision to outsource part of your operations. Here are five key reasons to consider making the transition. With that responsibility out of the way, you can focus on your core strengths. The primary reason to consider...

How to Assess and Resolve Business Process Issues

Written on September 27, 2022. Posted in Advisory Services.

By Paul Ursich 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 the business never...

Pursuing the American Dream

Written on May 10, 2022. Posted in Wiss Gets Personal.

By Arnold Macalintal Whenever I think of grit, determination, and more importantly giving, I think of my father, Teofilo Macalintal. My father grew up in the municipality of Alitagag in the province of Batangas in the Philippines. The family didn’t have much growing up and being one of 12 children, there was even less to go around. He found himself running around with gangs in his younger days and had the fading tattoos on his hands to show for it. He could have easily stayed on...

The Importance of Audit Documentation

Written on November 14, 2017. Posted in Tax Alerts.

By Wiss Employee Numbers don’t lie, but they also don’t talk. Instead, clearly documented words in a work paper speak for the numbers, and in the case of audit documentation, this is how an auditor proves to others — including, perhaps, a court of law — that an audit was thoroughly and effectively executed. Despite the critical nature of this task, auditors often question whether the effort it takes to provide sufficient documentation is worth the end result. A competent...

Keep the Brews Flowing Without Affecting Cash Flow

Written on October 31, 2017. Posted in Food & Beverage.

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,...

Conducting an Internal Audit: What Your Business Needs to Know

Written on September 22, 2017. Posted in General Business.

By Fatima Wallizadeh Updated 7/30/2019. When an internal audit is conducted, auditors set up in a conference room with boxes of files, stacks of binders and open laptops. They might stay for a day, a week or longer. But do you really know what goes on during an audit, and why doing one is so important to a company’s operations? Here is what happens during an audit, and how auditors work with their clients to help them improve their businesses. Learning the client It’s essential for...

Brewing Up Compliance: How Changes to NJ Laws affect Microbreweries & Brewpubs

Written on September 12, 2017. Posted in Food & Beverage.

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...

Wiss: Where Family Comes First

Written on August 29, 2017. Posted in Wiss Gets Personal.

By: Fatima Wallizadeh, former Audit Staff member Life never prepares you for a loss. When a personal tragedy suddenly pierced my family and I, it was one of the toughest experiences we have ever encountered. Unfortunately, this tragedy occurred in the midst of busy season at Wiss, the most frenzied and exigent time of year at any accounting firm. Now not only would I have to cope with the tragedy—I would have to steady the myriad responsibilities that occur during this period on...

You Cannot Automate a Relationship

Written on August 8, 2017. Posted in General Business.

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...

From Collator to Colorado

Written on July 5, 2017. Posted in Wiss Gets Personal.

By Connor Doyle Hindsight is 20/20, but sometimes it takes time to get the full picture. My story begins at college graduation. I was bright eyed, bushy tailed, and without a job. One of my top accounting firm choices, Wiss & Company, had just turned me down for an internship. After an overly anxious two months, a last minute drop from the temporary positions in the Wiss tax department opened up with what I came to know as one of the most unglamorous jobs in accounting. I took...

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