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Tag: Accounting

The Tax Cuts and Jobs Act of 2017

by Mary Vasilescu In December 2017 the U.S. passed a comprehensive tax reform package focused on supporting U.S. investments and the repatriation of foreign profits. The Tax Cuts and Jobs Act of 2017 (TCJA) lowered the corporate federal tax rate from 35 to 21 percent and made significant changes as to how foreign generated income would be taxed going forward. The TCJA enacted a “territorial” tax system and at the same time introduced provisions aimed to prevent U.S. companies from...

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Common Accounting Terms Explained

By Louann Cassano Feel like your accountant is speaking another language? We won’t make you feel that way. Here are some common accounting terms to help you sound like an accounting pro: The Balance Sheet is the financial statement that includes your assets, liabilities and equity.  Assets always equal Liabilities plus Equity. Income Statement (also known as the P&L) is the financial statement that includes your sales and expenses.  The expenses are subtracted from sales to arrive...

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HR & Payroll Year End Readiness

By Lisa Calick, Carolyn Hall, Floriana Allen, and Laura Melville The end of the year can be busy for many companies.  While December brings holiday parties and end-of-year celebrations, business owners should be mindful to make sure their HR and payroll departments are on top of timely actions in order to ensure a smooth transition into the New Year.  This checklist will help you get a jumpstart on your year-end planning. Human Resources Review your employees’ data to make sure...

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Tax Bill Impact on Transportation Benefits

Its intentions are good, but the 2017 Tax Cuts and Jobs Act (TCJA) can have a negative effect on non-profit organizations in at least a couple ways. We’ll take a look at how one of the new provisions of the TCJA complicates the provision of what might be a much-needed benefit for some of your employees. Disallowed Benefits The IRS explains the tax code change, known as section 512(a)(7), under the heading “Increase in unrelated business taxable income by disallowed fringe.” This...

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Business Process Reviews-the First Step to Positioning Your MSO or DSO for Rapid Expansion

By Carolyn Hall, CPA, MBA Business owners with an entrepreneurial spirit welcome growth without necessarily focusing on the bottom line. MSO and DSO professionals who own and operate medical and dental service organizations that are experiencing patient gains and revenue growth can often lose sight of the details that go into back-end processes. Your accounting system can be your first and most visible sign of trouble. When billing is slow or error-filled, processes are broken, locations...

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Advantages of Onboarding an Outside Accounting Firm for Your MSO or DSO

By Carolyn Hall, CPA, MBA Updated 7/29/2019. In my last blog post, we covered how a business process review is a great tool to determine what processes can be improved upon in your medical service organization (MSO) or dental service organization (DSO). One of the most common outcomes of a BPR is a company elects to onboard an outsourced accounting firm. With this post, let’s explore the value-added benefits of such a relationship. An outsourced accounting firm with experience in...

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Toss Your Paper Receipts for a Better Digital Solution

Is your wallet stuffed with business receipts that you just don’t have time to organize? Do you dread preparing expense reports? Does your bookkeeper spend an inordinate amount of time chasing down those tiny pieces of paper and explanations from salespeople in far-flung regions? How often do your employees feel cheated out of reimbursement because they lost proof of valid expenditures? In other words, is your business still being held hostage to the dreaded paper receipt? It needn’t...

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Reading Financial Statements 101 – Quick Tips To Identify Potential Errors

The last thing your company or organization wants is unreliable financial statements. Your partners, investors, lenders and especially your company’s bottom line depend on numbers from your accounting department that you can comprehend and trust. To minimize the potential for errors, make sure that the following criteria are met when reporting your numbers:  Balance Sheet Asset accounts should have debit balances and liability accounts should have credit balances. As long as your...

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Ideal Minimum Requirements for Your Accounting Department

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...

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The Importance of Setting A Budget for Your NonProfit Organization

By Diana Miller, CPA The Importance of Annual Budgets for Nonprofit Organizations Sometimes the importance of writing and maintaining realistic annual budgets is not always understood -but it’s imperative for a number of reasons. For one thing, the document might find more interested readers than you suspect. Who Cares? Let’s start with your co-workers. Staffers need to know when funds will be available, or whether belt-tightening might soon begin (or continue). Your budget will...

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Accounting Department Red Flags: Is It Poor Training, Incompetence or Theft?

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. Innocent Mistakes Everything from inadequate training to incompetence could...

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2018 National Manufacturing Outlook and Insights

The LEA Manufacturing Steering Group oversees the development of this annual report. It is made up of members from the following firms: ABBB Anders CPAs + Advisors Bennett Thrasher LLP Blue & Co., LLC EKS&H LLP KPM CPAs & Advisors LBMC Lutz PKF Texas Schenck SC William Vaughan Company More than 450 manufacturing executives participated in the survey, which includes the opinions of respondents who produce industrial/machining, transportation/automotive, construction,...

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Revamping Your Chart of Accounts

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...

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The Benefits of a Clean Chart of Accounts

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?...

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Holy Matrimony: Contractors and New Jersey Sales Tax

By Tim Kennedy Not all work performed on a property is created equal in the eyes of the tax collector. Some improvements fall into the realm of capital improvement, while others are considered repairs, and still others are maintenance services. Because New Jersey sales tax rules differ based on the type of work performed, it is important to understand the classifications to avoid paying too much or too little in taxes. Here’s what you need to know. What work is exempt from sales...

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The Importance of Audit Documentation

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...

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Breaking the Accountant Stereotype

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,...

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Conducting an Internal Audit: What Your Business Needs to Know

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...

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Nonprofit Accounting – Don’t Get Tripped Up by Form 990 Requirements

By Linda Curro What’s in the price of a ticket? For nonprofit organizations that hold fundraising events and for the people who attend them, the answer is more complicated than it might appear. It’s important to get special event reporting correct because Form 990 has specific lines on the Revenue Statement to report fundraising events. The ticket price of every event carries two components within it – the donation amount and the entertainment benefit. Whether it’s a dinner, a cocktail...

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You Cannot Automate a Relationship

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...

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From Collator to Colorado

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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The Power and Pitfalls of Pressure

By Connor Doyle There are few things done in the business world that are performed at a leisurely pace. Owners don’t wander through their fiscal year, money doesn’t change hands without intent, and bosses don’t demand 10% of one’s abilities within a project. More often than not, there’s an urgency to requests. There’s an unspoken agreement that a concerted effort will be made towards completion in a timely manner. With that request comes pressure, and with that pressure often comes...

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Advice for Accounting Newbies: Words of Wisdom for Future Staff 1’s

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...

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Safeguarding Accounting Ethics

By Brian Harden Across industries, the most effective managers understand that leading by example is the best way to influence corporate culture. In the realm of accounting ethics, this concept is known as Tone at the Top. The premise is simple: Employees look to management for leadership, and odds are high that their behavior will mirror the conduct of their bosses. If managers act with honesty and integrity, employees will generally follow suit. By the same token, if workers see...

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The Art of the Contract Schedule

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...

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Accounting and Finance: A Forbidden Love

By Connor Doyle Accounting, our Romeo, and Finance, our Juliet. Two houses, both alike in dignity, in fair New York City, where we lay our scene, from ancient bond break to new maturity, where credit balance makes cash on hand burst seams. Accounting and finance, though both safely under the business umbrella, are divergent in ideology. Finance wants to spend and raise money for the future of a business while accounting wants to keep track of all that has happened in the past. But,...

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Take Your Inventory Management System Out of the Spreadsheet Age

By Donna Woronka Many businesses start up so modestly that they can fit their full inventory in their garage, a slice of rented warehouse or in that dark, cobwebby storeroom in their building—and easily keep track of it via a spreadsheet. But as businesses grow and inventory expands, all that manual input catches up with them. In the first place, spreadsheet inventory management is a laborious operation that takes key people away from what they should be doing. And manual input is...

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What the DOL Looks for During an Audit

By Craig Erickson You’ve just learned that the Department of Labor’s Employee Benefit Security Administration has selected your company’s retirement plan for an investigation. Are you and your plan prepared for an audit? The DOL typically doesn’t provide much notice before beginning an audit, which can last several days, weeks or longer. However, in advance of starting, you will receive an investigation notice that includes a list of documents its people will want to review when...

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Fulfilling the Dream of Home Ownership

By Adriana Cabrera The prospect of buying a home can be daunting, especially for first-time homebuyers who may be saddled with student loans, car payments and credit card debt. But with planning – and some discipline – potential homeowners can make their dream of home ownership a reality. Here are some tips to help you through the process. Create a budget Begin by gaining an understanding of your income and expenses. On an Excel spreadsheet or a free budgeting app, enter your monthly...

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Goal 2017: To Start Painlessly Building Your Accounting Technology Ecosystem

By Paul Ursich If the end of one calendar year and the beginning of the next is when your company starts planning the future and prioritizing investments in technology, I hope you’ll spend some of this time considering your accounting system. Call it your Y2K17 effort if you will, but it’s your strategic efforts to improve your technology footprint in order to increase productivity, financial accuracy and, ultimately, profitability. If you’re like a lot of our clients, you’re likely...

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Tips for Providing Quality Client Service

By Carrie Grotz I am a lover of coffee and I frequent Dunkin Donuts (DD). I know their menu so well in fact, that I could probably work there. From the moment I enter a DD, I can usually tell which have knowledgeable staff, good donuts (the ones that look fresh, large and full of filling), those that offer the “fun” munchkins instead of just the plain, chocolate, and powdered ones, and just by glancing at the staff, I can usually tell from the moment I place my order if the coffee...

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What Type of 401(k) Plan Document Do I Have and When Do I Need to Update it?

By Craig Erickson When you establish your company’s 401(k) plan, you have to make a range of decisions, from the type of plan and investment tools you’ll offer to participation requirements and guidelines. Once you’ve done this, you need to put it in writing. This is your plan document, a mandatory part of your plan that details its provisions and clearly communicates them to participants. There are three levels of plan documents: Prototype. This off-the-shelf version of a plan...

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Preparing for Change: New Rules to Impact NJ Renewal Registration for Nonprofits

By Linda Curro Effective Jan. 1, 2017, New Jersey will require that all charity registrations and annual renewals be submitted digitally, using a new online filing system. In many ways, this is good news: A process that once required up to 75 pages of documents to be sent via snail mail will now go paperless, saving tons of waste. The new system also promises to streamline renewal reviews, enabling the state to more efficiently verify that the forms are completed and accurate. And...

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3 Reasons Why It’s Important to Understand Your Cap Table

By Ryan S. Silva Very often some of the most promising early stage growth companies find themselves challenged when asked about their cap table. Simply put, the cap table should list all the securities of the company (i.e., stock options, warrants, convertible debt, SAFE, etc.) and who owns them. This isn’t difficult when it’s just a few people, but as the capital structure becomes more complex from financing transactions, the cap table usually does as well. This is generally because...

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Focus on Your Process: Take Full Advantage of Your Accounting Software

By Carolyn Hall Your business can be using the best accounting software in the world, but unless your team is following standard processes, you’re not taking full advantage of your investment. Here’s how to make sure your system is running efficiently and that you have the right people and processes in place. When setting up a new system, lay out all of the steps involved and continue to communicate to team members throughout the lifecycle of a product or service. Project management...

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Building Customer Relationships: Today’s Clients Demand More

By Paul Peterson Updated 7/30/2019. Your relationship with your customers has never mattered more than it does today. Customers no longer just expect you to sell them a product or service. Instead, they want you to be one step ahead of them, understanding their pain points and bringing issues — and solutions — to the table. To do that, you need to understand your customer and bring transparency to the relationship. Today’s consumers have more access than ever to information...

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How IRS Revenue Protocol 2016-37 Will Impact Retirement Plans

By Cindy Sandomenico Approved in June 2016, IRS Revenue Protocol 2016-37 alters the way individually designed retirement plans must file amendments and submit determination letters to the IRS. This will be effective Jan. 1, 2017. Previously, retirement plans were subject to a five-year cycle involving remedial and formal adoption of amendments, and submission of determination letters every five years, regardless of whether the plan was amended. This process was time-consuming for...

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Fraud Prevention – A Necessary Evil

By Timothy Kennedy, CPA Do you trust your bookkeeper? This is a question you have to ask yourself periodically. Not only do you want to feel confident that they wouldn’t steal from you, but you also want comfort in knowing that they can properly journalize and manage the accounting information that comes through the door each day. Poor accounting record maintenance and overall sloppy accounting by a lackluster bookkeeper can take you to the point of no return—and force your hand...

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How to Make Sure Your Bookkeeping is Efficient and Accurate

By Laura Melville Updated 7/30/2019. Get organized. Stay timely. Be informed. These three mandates can change the way you manage your books and free you up to focus on other tasks needed to grow your company. Here are some effective bookkeeping strategies to help keep your business on track. Understand and communicate the importance of timely and accurate financial reports Make sure responsible parties are trained on how to keep records,  how to create reports and when those reports...

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What Foreign Business Owners Need to Know When Starting to Work in The U.S.

By Mark Feldstein and Mary Vasilescu When international businesses are considering doing business in the U.S., the first question is usually, “Where do we start?” Whether the company is considering an acquisition or opening a facility in this country, there are a number of things to know before stepping foot on U.S. soil. Here are some things to consider. Type of Entity Will the company be a Corporation, an LLC or something else? Each class of entity has its advantages and disadvantages,...

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Utilize Your Point of Difference to Stand Out Among the Crowd

By Paul Peterson How to Utilize Your Point of Difference Today’s marketplace has never been more competitive. The fierce combat for the preponderance of consumer attention has skyrocketed in the past decade. Consequently, it is imperative for establishments to acquire and apply the professional skills required to be distinct among contenders, add value to the profession, and assist in supporting clients with sculpting a more affluent future for their businesses. When casting your...

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Sales Tax Nexus – Comprehending your Business’ Sales Tax Obligations

By Wiss Employee In simpler times, a New York-based industry sold its products or services within its state boundaries. As such, it was their responsibility to gather and remit sales tax to the taxing authority of The Big Apple. However, thanks to the rapid advancements in technology, today’s corporate atmosphere has become much more multifaceted. As inter-state sales are becoming routine, the same New York-based company has many more consumers to choose from, amplifying their client...

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New Jersey ERG Program can Prove Lucrative for Qualifying Redevelopment Projects

By Alex Narcise and Darin Valentine Updated 7/30/2019. Residential and commercial developers are constantly in need of funding and many qualifying New Jersey developers have taken advantage of a program offered by the New Jersey Economic Development Authority (NJEDA). If you’re considering undertaking a redevelopment project in a qualifying economic and redevelopment, and grant incentive area in New Jersey, a program offered by the NJEDA could generate a significant amount of cash...

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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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Key Steps to Take When Adopting New Accounting Software

By Paul Ursich Accounting software has certainly changed the way industries function. These systems eliminate numerous manual components of financial organizations while offering businesses countless ways of analyzing and improving corporate performance. Hence, when a myriad of software solutions are at your fingertips, how can you capture the greatest dynamic structure for your business? Execute the following actions necessary to acquire the desired and worthwhile results: Strategize Grasping...

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How to Avoid Tax Penalties on Complimentary Hotel Breakfasts

By Mark Feldstein When is a free meal not really free? When a New York State hotel is offering a complimentary breakfast to its guests. While complimentary breakfasts are free – in a sense – to your guests, if your hotel is audited, you could get a tax bill. And the tax penalties for months – or years – of presumed “tax-free” food can add up. New York sales tax and occupancy tax returns are, in most circumstances, subject to audit for up to three years, longer if fraud is suspected....

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How to Take Advantage of the Grow NJ Tax Credit

By Bill Beiermeister The only bad thing about tax credits is the possibility of missing out on one. To make sure that doesn’t happen to your business, here is some background on the Grow New Jersey tax incentive and how it could affect your company. Per-employee credits add up The Grow New Jersey Assistance Program is offered through the state’s Economic Development Authority (EDA) to encourage businesses in technology, manufacturing, warehousing, research and development and other...

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The Technological Evolution of the Accounting Profession

By Bob Risk Towards the culmination of the twentieth century as the advancement of technologies intensified, accounting organizations across the corporate province eyed a distinct change in their routine activities and interactions with clients. Attributable to these transformations, CPAs are urged to acquire the latest innovative proficiencies, freshly blended into the daily operations of each accounting specialist. Bookkeeping, the respected dialect of the business realm, continues...

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Acing your CPA Exam (with Help from a few Professionals)

By Carson Bigsby, Connor Doyle and Erin Silkowski Strategies to help you prepare for test day As three accounting professionals who have recently passed the CPA exam, we understand the stress that comes with preparing for the test. You may be struggling to balance studying with a job and your personal life, putting in long days and late nights as you count down to test day. Here are some planning strategies we learned as we studied and prepared for the exam that can make this prep...

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The “Sexy” Career Path of Real Estate Accounting

By Wiss Associate I got into the field of real estate accounting for one good reason: I was majoring in accounting at Rutgers-Newark, working nights at a warehouse and looking for a part-time job that would let me use more of what I was learning at school. The first offer I got was for an internship with a real estate accounting firm. That turned into my first career job out of college and that’s what I’ve been doing for the last 15 years. If you’re just starting out and exploring...

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Pitfalls to Avoid when Hiring an Outsourced Accounting Firm

By Carolyn Hall Accounting is necessary in any type of business to assess a company’s revenue and resources. In some instances, businesses simply do not have the manpower or ability to conduct their own accounting, thus triggering the search for outsourced accounting services. As a company begins this search for a firm to handle their back office function, there are a few standout pitfalls to avoid. Lack of transparency With today’s cloud technology, business owners should have...

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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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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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Seven Critical Steps to Upgrading your Accounting Software

By Robert Risk  Corporate accounting software generally lasts about 10 years before users get bogged down with a system that’s out of touch with current needs. Perhaps your people use Excel spreadsheets for processes that should be easily automated. Or the company has grown to where your existing software can’t keep pace. Or — worst of all — you can no longer trust the numbers on your reports. As you look for a cost-effective system that will serve your needs now and into the future,...

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How Exporters Can Take Advantage of IC-DISC Tax Benefits

By Chris Colyer It’s not often that you hear good news on the U.S. tax front, but if you have a small to medium-sized company that sells product into markets outside the United States, forming an Interest Charge – Domestic International Sales Corporation (IC-DISC) could offer tax advantages. The federal government established the IC-DISC classification many years ago, but many businesses eligible to take advantage of the tax incentives are failing to do so. That’s at least in part...

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Stay Lean

How food and beverage entrepreneurs can ramp up production without going broke in the process By Jim Duffy You’ve just sold your leading food or beverage product to a major supermarket chain and it wants to conduct a test run in 50 stores. Your hard work is finally paying off. Your company just got bigger in terms of sales and opportunity, and now you need the workforce to match. Right? Not so fast. The power of outsourcing The true cost of an employee is much greater than a salary,...

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An Evolving Role

Look for a diversified skill set when choosing a CFO By Paul Ursich Today’s CFOs need a firm grounding in accounting, financial reporting and tax planning as a starting point. They also need an understanding of computer software systems, a good working relationship with your company’s IT department and the ability to develop company strategies. An effective CFO must also be a smart manager and a team builder who can engage your controller and accounting department. This combination...

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Make the Numbers Add Up

How to ensure successful implementation of new accounting software By Robert Risk  At some point, nearly every company will start thinking about upgrading its accounting system when the pain points become difficult to dismiss. Here are a few things to think about before making a complex, long-term decision that affects your entire enterprise. Know when it’s time. Frantic energy — a lot of it — can be one of the first signs that your accounting software system is overdue for an upgrade....

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