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.

Pitfalls to Avoid when Hiring an Outsourced Accounting Firm

By Wiss, Posted in Outsourced Accounting & Tax

By Carolyn Hall and Craig Jackson Accounting is necessary in any type of business to assess a company’s revenue and resources. In some instances, businesses simply do not have the manpower or ability to conduct their own accounting, thus triggering the search for an outsourced accounting firm. As a company begins this search for a firm to handle their back office function, there are a few standout pitfalls to avoid. Lack of transparencyWith today’s cloud technology, business owners should have... read more.

Accommodating the Millennial Mindset and Bridging the Gap

By Wiss, Posted in Workplace Culture

By Wiss Associate If you’ve been working for quite a while, you know how things went when it came to accommodating new generations in the workplace. The newbies watched and learned from their wise elders, creating informal mentorships. Recent college grads paid their dues and worked their way through the ranks before gaining more authority. That’s how things have worked since … well, forever. And then came the digital age, and the balance of power tilted.   These are millenni... read more.

Exploring Charitable Gifting Options

By Wiss, Posted in Tax Services

By Kevin Kerrigan Americans donated nearly $260 billion to charitable causes last year, according to Giving USA Foundation. The impressive figure demonstrates the value that U.S. residents, businesses and nonprofits place on charitable giving, but it is an ongoing challenge for top earners to find effective gifting strategies that maximize the tax benefit of their charitable donations. Here are two gifting strategies worth exploring when making large donations.  Donor-advised funds A donor-advised... read more.

A Startup's Guide to Seeking Investments

By Wiss, Posted in Emerging Companies

By Matt Barbieri With every investment deal comes risks and questions waiting to be answered. If you are seeking investments, it is important you are as prepared as possible when it comes time to present your case. The following recommendations will increase confidence, but more importantly, make sure you are prepared for anything investors throw at you.  Be prepared to discuss the numbers. To an investor, your story matters, but ultimately every investment boils down to the numbers. Do they mak... read more.

Millennials: One word to describe us, but we're not all the same

By Wiss, Posted in Workplace Culture

By Abby Blecker, Former Marketing Intern The term "millennial" is not only a noun pertaining to a specific age group, but a trending buzzword that has been permeated with assumptions about personal preferences in our interests, career goals, and culture. I have personally come to dislike the word, as I find I am continually lumped into a large group almost solely based on age.  I have found our age dictates an assumed culture we all want to have in our working life.  However, a much wider and br... read more.

Make the Outsourced Accounting Transition and Watch your Business Soar

By Wiss, Posted in Outsourced Accounting & Tax

By Carolyn Hall Many companies consider outsourcing their accounting services at some point in their development, whether it is to support growth, improve efficiency or simply ease the administrative burden on their staff. There are a number of advantages, but it is a big decision to outsource part of your operations. Here are five key reasons to consider making the transition.  With that responsibility out of the way, you can focus on your core strengths. The primary reason to consider hiring an o... read more.

How to Reduce Risk Using Fidelity Bonds and Fiduciary Liability Coverage

By Wiss, Posted in Employee Benefit Plan Audits

By Craig Erickson  Managing an organization’s employee benefit and retirement plan comes with risks, and potential missteps can affect both the plan administrator and participants. To protect you from those risks, insurance companies offer fiduciary bond — often called fidelity bond — and fiduciary liability coverage. And while the two terms sound similar, there are distinct differences.  Assets and administrators at risk The plan administrator can act, or fail to act, in ways... 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.

New York Sales Tax and Cloud Computing: What you Need to Know

By Wiss, Posted in Tax Services

By Phil London  One of my guiding principles for giving clients strategic tax advice is don’t make a move simply to minimize the tax impact without making sure that your decision makes sense from all other business perspectives. For example, an opinion issued by the New York State Department of Taxation and Finance has businesses considering the tax ramifications of moving operational software to the cloud. The cloud The cloud includes servers, programs and computing services that work off you... read more.