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...
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...
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...
By Randy Cohen
“We’re being audited.”
Those three little words can strike fear into the heart of any executive. Nobody likes the prospect of an outsider combing through the books and potentially exposing errors. Yet as unpleasant as a financial audit can be, with the right attitude and approach, it can prove a valuable tool for improving your business — and an auditor can be viewed as a trusted adviser instead of as an adversary.
The key to an efficient and successful financial audit...
By Wiss Employee
In order to boost the state’s revenues, Governor Christie withdrew from a decades old tax agreement with Pennsylvania back in September. It left many business owners and employees anxious about 2017 income taxes and filings. Read in our past blog post about the repercussions of withdrawing from the agreement.
On November 22, Gov. Christie announced that the reciprocal agreement with Pennsylvania will remain in place. New Jersey and Pennsylvania residents that...
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...
By Leo Matarazzo
Updated 7/30/2019. The Treasury Department recently issued proposed regulations targeting the use of discounts that reduce the value of a family-owned business and any other family controlled entity for estate and gift tax purposes, which lowers a taxpayer’s ultimate tax liability at death. Potentially millions of dollars of estate tax savings are at stake if these regulations are adopted so it is important to remain informed and proactive on the issue.
By Mary Vasilescu
The U.S. Citizenship and Immigration Service (USCIS) recently announced a groundbreaking new proposal to award temporary admission to international industrialists looking to cultivate their business within the United States. USCIS Director, Leon Rodriguez believes that “America’s economy has long benefitted from the contributions of immigrant entrepreneurs, from Main Street to Silicon Valley,” thus, the proposal when finalized, is expected to strengthen the...
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...
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...