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.

Bringing Companies Together Through Post-Transaction Integration

By Wiss, Posted in Advisory Services

By Paul Ursich You’ve just spent months doing due diligence and negotiating terms, and you’ve finally acquired another company — or your company has been acquired. Finally, the hard work is done. Or so you thought. Now begins the process of integrating the two companies, bringing together people, processes and procedures, culture, technologies and management responsibilities as seamlessly as possible.  Here are the next steps to managing the post-transaction integration process.&nb... read more.

Reduce the Threat of Employee Fraud and Embezzlement

By Wiss, Posted in Advisory Services

By Paul Ursich  Employee fraud and embezzlement can devastate a company. Recently, two client companies each lost more than $100,000 to fraud by trusted senior level accountants. A few simple precautions would have saved both companies from six-figure losses.  A search of the Internet will provide details on many different fraud cases; therefore, there is not one simple solution to prevent fraud at your company. The following financial controls are just a few examples that are easy to implement... read more.

CFOs and Controllers Guide for Year-End Reporting and Tax Compliance

By Wiss, Posted in Advisory Services

By Paul Ursich For CFOs and Controllers, the end of the year is typically a hectic and sleepless time. No matter how prepared you are, end-of-year planning inevitably brings surprises and last-minute complications.  To create an accurate, timely and surprise-free planning experience, you need to stay organized throughout the year, by preparing detailed monthly and quarterly financial reporting packages that include reconciliations and detailed back-up schedules.  In addition, you should work wit... read more.

Fishbowl and QuickBooks Advanced Inventory Comparative Review

By Wiss, Posted in Advisory Services

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 inventory management sy... read more.