KPI Checklist for Evaluating Your CFO or Controller

By Wiss, Posted in Advisory Services

By Paul Ursich, CPA How do you grade the accomplishments of your Chief Financial Officer or Controller? Not only at review time, but whenever you’re thinking of the value this key management team member brings to your company. What are the key performance indicators, or KPIs, that really matter to you? Does your CFO or Controller know the KPIs that define success in your eyes? How could they know if you don’t? Here’s what to do: For starters, review the job description you created befor... read more.

Reading Financial Statements 101 - Quick Tips To Identify Potential Errors

By Wiss, Posted in Accounting and Auditing

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 outstandin... read more.

New Jersey & New York Attempt Work-around on the SALT Deduction Limitation

By Wiss, Posted in State & Local Tax Services

New Jersey Governor Phil Murphy signed legislation this past Friday (May 4, 2018) which attempts to work-around the state and local tax deduction limitation imposed by the Tax Cuts and Jobs Act, which was enacted in December of 2017.  Under that federal legislation, the aggregate state and local tax deduction (which includes state income, property and sales tax) an individual taxpayer may claim is limited to $10,000 per year.  New York already has their version of a work-around on the books, as Go... read more.

Governor Murphy Signs Statewide Paid Sick and Safe Leave Bill

By Wiss, Posted in Human Resources

By Lisa Calick, SPHR Governor Murphy has signed a Paid Sick Leave Law, which will now require New Jersey employers of all sizes to provide up to 40 hours of paid sick leave to employees each year.  Several municipalities already have existing ordinances requiring similar leave, however this new act will preempt those individual ordinances and provide a uniform benefit requirement statewide.  The new law will take effect 180 days from the date signed, and will cover employers of all sizes.  ... read more.

Ideal Minimum Requirements for Your Accounting Department

By Wiss, Posted in Advisory Services

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 you should look for under most circumstances during your recruiting process. With the right people... read more.

Is It Time to Upgrade Your ERP Software

By Wiss, Posted in Advisory Services

By David Singletary We all know about the rapid pace of technology and the headaches it can cause your company. You’re constantly upgrading your tech hardware or software -- or fielding complaints from employees if you don’t. It can be more than merely annoying. It can also be costly and time-consuming. But there’s little that can consume more of both than a major upgrade to your Enterprise Resource Planning (ERP) system. Your ERP solution is the brain center of your company. Depending... read more.

The Importance of Setting A Budget for Your NonProfit Organization

By Wiss, Posted in Not For Profit

By Diana Miller, CPAThe 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 al... read more.

NJ Lawmakers Pass Equal Pay Act: What It Means For Your Business

By Wiss, Posted in Human Resources

By Lisa Calick, SPHR New Jersey lawmakers have overwhelmingly passed the Diane B. Allen Equal Pay Act, a comprehensive pay equity law that significantly strengthens employer requirements to provide equal pay for similar employment without regard to gender or other protected characteristics.  Governor Phil Murphy, a strong proponent of equal pay, has stated he will sign the legislation, which would take effect on July 1, 2018.  Once signed, New Jersey would have one of the broadest equal pay laws... read more.

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

By Wiss, Posted in Advisory Services

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 be the... read more.

Factors to Consider When Valuing Your Engineering Firm

By Wiss, Posted in Engineering

By Amos Gibello You’re the owner of an engineering firm which you’re thinking of selling. Or maybe you’re trying to establish its worth in consideration of securing loans, partnerships, outside investors or a merger. Or you’d like to get a better handle on your net worth for estate purposes. Whatever the reason, here are some of the leading factors to consider while estimating your firm’s value. Revenue Growth -- How have you done over recent years? Trending upward or down?... read more.