Articles Tagged - accounting

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.

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.

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.

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.

2018 NATIONAL MANUFACTURING OUTLOOK AND INSIGHTS

By Wiss, Posted in General Business

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, fo... read more.

Revamping Your Chart of Accounts

By Wiss, Posted in Accounting and Auditing

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 acc... read more.

The Benefits of a Clean Chart of Accounts

By Wiss, Posted in Accounting and Auditing

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? It start... read more.

Holy Matrimony: Contractors and New Jersey Sales Tax

By Wiss, Posted in State & Local Tax Services

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 tax? For owners of... read more.

The Importance of Audit Documentation

By Wiss, Posted in Accounting and Auditing

By Zul Kareem 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 auditor always believes... read more.

Breaking the Accountant Stereotype

By Wiss, Posted in Accounting and Auditing

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, these a... read more.