Refinancing Student Loans: Is It Worth It?

By Wiss, Posted in Advisory Services

By Rachel Kleiman A letter from a student loan refinancing company is placed on your desk. Have you wondered if refinancing is worth it or just a scam? Refinancing means taking on new debt with new terms in order to pay off older debt.  By refinancing, you can reduce monthly payments, secure a lower interest rate, and renegotiate the term of your loan.  Additionally, refinanced student debt is still student debt, meaning you will still receive a 1098-E for tax purposes.  Refinancing comes... read more.

Salary History Ban Takes Effect in NYC

By Wiss, Posted in Advisory Services

By Lisa Calick, SPHR If you’re a company based in, or with offices in, New York City, you should be aware of a new law that took effect on October 31st.  As of that date, it became illegal for public and private employers in New York City to inquire about an applicant’s salary history during any stage of the hiring process. This includes inquiries on employment applications, during interviews and while conducting background checks.  The law was introduced to even the wage gap between... read more.

Social Media: The New Handshake

By Wiss, Posted in Advisory Services

Why social media has become a critical way to attract and retain customers By Shelley Lazarescu How strong is your handshake? For years, a firm handshake has been a must-have to succeed in business, for the simple reason that most business contacts have historically been made in person. Companies’ representatives usually met, vetted and negotiated with prospects or customers over lunch, on the golf course and in a variety of other social settings. There will always be a place for face-to-face netw... read more.

Effective Records Retention Practices for Businesses

By Wiss, Posted in Advisory Services

By Paul Ursich Remember how things used to be? You’d carefully store all business contracts, insurance policies, tax records, purchase orders, invoices, banking statements and correspondence with vendors, customers and prospects. When your filing cabinets filled to capacity you’d buy more, move boxes of paperwork to a lonely storeroom or make a U-Haul delivery to off-site storage, never to be seen again. Things are better in the electronic age—supposedly. Now you can fill hard drives or... read more.

Take Your Inventory Management System Out of the Spreadsheet Age

By Wiss, Posted in Advisory Services

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 ripe for th... read more.

Goal 2017: To Start Painlessly Building Your Accounting Technology Ecosystem

By Wiss, Posted in Advisory Services

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 likel... read more.

Alleviate Additional Year-End Reporting Stress by Simplifying the 1099 Process

By Wiss, Posted in Advisory Services

By Felice Rudolph If your company works with nonemployee service providers “in the course of business,” you may be subject to 1099 reporting requirements. Failing to file these forms may result in penalties, so here’s what you need to know to keep your business in compliance. 1099 reporting requirements You’re required to send 1099-MISC forms to vendors when payments to them total $600 or more during the calendar year for: Services performed for your business by someone who&rsq... read more.

How to Assess and Resolve Business Process Issues

By Wiss, 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 processes, 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 changed. By conducting a thorough assessment of... read more.

Differences Between Employees and Independent Contractors for ACA Purposes

By Wiss, Posted in Advisory Services

By Jim Gerhard Businesses have long utilized independent contractors as a means of leveraging the highly trained services of other professionals. Independent contractors provide their own tools, training and expertise. This saves the hiring company the cost of teaching someone how to do the job.. When the work is done, the hiring company simply pays the agreed-upon fee, and both parties go on their way. But are contractors always independent? The Affordable Care Act has given this already important questi... read more.

Reduce Year-End Accounting Woes with these End-of-Month Closing Best Practices

By Wiss, Posted in Advisory Services

By Felice Rudolph One of the best ways to alleviate end-of-year financial stress is by being more proactive in your monthly closing process. The trick to keeping procrastination at bay throughout the year is to make your monthly closings more productive and predictable. Follow these tips to stay on track each month.  Set and maintain a schedule. When your staff knows that the final Friday of the month (or whichever date you set) is close time, it becomes a structured part of the schedule. An official... read more.