THE INSIDER
November 2016
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WeiserMazars LLP is an independent member firm of Mazars Group.
WELCOME TO THE NOVEMBER 2016 ISSUE
CONTENTS New Wins & New Hires/Highlighted Wins
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Office Community
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Upcoming Events/Thought Leadership
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Firm Initiatives
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We Are WeiserMazars
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Press Mentions
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Social Media
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Webcasts
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Intenrational Mobility
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Podcasts
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WOW
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Workday
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WEISERMAZARS INTERNAL NEWSLETTER THE LEDGER - DECEMBER 2016 ISSUE
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lick here to read the latest edition of the WeiserMazars Ledger!
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New Wins
McCarter & English $65,000 Louis Biscotti
2. Transilwrap $50,000 David McRoberts 3. Laurand Associates, Inc. $50,000 Craig Fine 4. Elica Health Centers $50,000 Russ Foster 5. Western Health Advantage $46,000 Russ Foster
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New Hires
New York Office Matt Tucker Madeleine Rumely Karina Akimenko Riddhi Doshi Yanan Zhang Cindy Mui Kristina McNamara Michael Johnson Minyi Pan Jacqueline Weisenberg Syeda Khadija Veronica Alvarez Lisha Lin Kevin Riley Emily Kearns Joshua Fellus Jerel Maala Dan Zheng Angie Zhen Cathy Liu Shawn Marie Garcia
New Jersey Office Julissa Cruz William Corvino Nicole Nelson Justin Barcenilla Jayde Pang Clare Collins Kelsey Martin Long Island Office Michael Plactere Donald Crotty Moises Sa Catherina Zappala Heather Moore Rosette Curcuru Salman Tahir Amy Cheng Kathryn Leeman Chicago Office Cyril Gervason
Pennsylvania Office Emily Stauffer Marina Nikolaichuk
HIGHLIGHTED WINS Through a connection of Vinny Burke’s, the Services to Lenders team was awarded a due diligence on behalf of Guggenheim Insurance Services. The team went through many loan agreements, agreeing them to the books of several entities, analyzed covenant compliance, validated cash flows and traced financial instruments to financial statements. The work resulted in the generation of nine reports and billings of $150,000.
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UPCOMING EVENTS 12/19 - NYO POM
1/11 - MSSL Meeting
12/19 - NYO Town Hall
1/12 - OMP Meeting
12/19 - NYO Holiday Party
1/16 - SEC Practice Group Meeting
12/20 - NJO Partner Meeting
1/17 - NJO Partner Meeting
12/20 - NJO Town Hall
1/18 - PAO Partner Meeting
12/20 - NJO Holiday Party
1/24 - LIO POM
12/21 - Media, Presentation Skills & Sales Training
1/25 - NYO POM
THOUGHT LEADERSHIP Private Client Services Alert: More Reasons to Consider Transfer Tax Planning Tax Alert: Micro-Captive Transactions Under Scrutiny in New IRS Reporting Requirements Tax Alert: Post Election Review of Tax Policy Tax Alert: Treasury Releases Final Debt-Equity Regulations - Part III Tax Alert: Just Kidding - New Jersey Reverses Course and Reinstates Reciprocal Tax Agreement with Pennsylvania
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Financial Services Trends: Impact of the New Revenue Recognition Standard on the Asset Management Industry Real Estate Advisor: What the Proposed SEC Rule on Continuity Planning Means for Your RIA
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WE ARE WEISERMAZARS FOOD DRIVE Thank you to all who donated to each office's food drive! With everyone's help, we were able to donate a generous amount of money and food. We raised over 30 boxes of food and over $1,700 in monetary donations. The Sacramento office donated $500 to the Food for Families program, which provided meals for 50 families - proof that a small donation from each person goes a long way!
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GREEN TEAM/WE ARE WEISERMAZARS COAT DRIVE We Are WeiserMazars and the Green Team are teaming up to keep our cities warm for the winter! As the winter season approaches, make room in your closet and recycle your slightly worn coat or even better coats to the less fortunate! Please contact your local HR department or office manager for information on where to donate.
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SOCIAL MEDIA HOW TO POST ON LINKEDIN Confused about how to post on LinkedIn? Check out this step-by-step guide by #WMAcademy and you’ll be posting in no time! Click here to view the slideshare.
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INTERNATIONAL MOBILITY As the independent U.S. member firm of Mazars Group, we are able to offer unparalleled international mobility opportunities ranging from three months to three years, to CPAs at the senior level and above. Read about Tatsiana Martynava’s experience working in Australia. November 3, 2016: 1st day back at WM New York office after my 3-months secondment in Australia. Does it feel different? Yes. Do I feel different? Yes. Do I look different? They say – yes. My 1st day back feels a bit overwhelming, as I see a lot of colleagues and get asked the same question: “So, how was your trip?” “It was great!” I say – but this would not represent a quarter of how I really feel. “It was perfect!” I could have said – but this answer could have been more appropriate for a return from vacation, when you know exactly what to expect from your trip. I had no idea of what to expect. So, here’s my answer: I’d heard about the secondment (work exchange) program during my initial interview when I joined WeiserMazars in 2014. An opportunity arose for me to be seconded to Mazars in Australia, an experience to remember. Mazars in Australia is a recent addition to the Mazars group. The Sydney office traditionally had a focus on providing accounting and financial services and, as a result of the Mazars involvement, the audit practice is currently in a growth phase. I worked on audits for a number of the firm’s clients in various suburbs around Sydney, with most of the audit team members. My IDEA skills, in particular, were appreciated, as the Mazars in Australia had just acquired a few IDEA licenses. I was also introduced to the team at Corality – which has now been incorporated into the Mazars group as Mazars Infrastructure Finance. A training session with Corality also broadened my Excel knowledge base and helped me understand what lies behind financial modelling. (An interesting fact I didn’t know: there is such a thing as Financial Model Audit). Of course, there was a learning curve for me, where I needed to learn new audit software, how to research Australian Accounting Standards and other Australian-related nuances of Audit and Accounting. Everyone at Mazars in Australia, from staff to partners, was very accessible, ready to help and answer my questions. During my 1st week in Sydney, a partner had a barbeque for the audit team, which was a great way for me to get to know everyone. And I did. I made some great friends, who I hope will stay in my life for a long time. But, enough about work – what else did I do? Well, on my way there, I’d stopover in Dubai, where I spent a few unforgettable and full of activities days, including a visit to Burj Khalifa, the tallest structure in the world, and a desert safari. I would travel most weekends to various sites around Sydney with a few longer trips to the Great Barrier Reef, Melbourne and Tasmania. I climbed the Harbor Bridge, I fed kangaroos, I petted koalas and I took a selfie with an emu. I attended a few performances at the Sydney Opera House, I snorkeled at a Great Barrier Reef, I have seen Tasmanian devils and I have tasted Australian, Tasmanian and New Zealand wines. I have visited numerous botanical gardens, national reserve parks, beaches and rainforests. It was fascinating to learn about aboriginal culture in Australia (there are over 500 tribes) and meet Maoris, indigenous people of New Zealand.
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INTERNATIONAL MOBILITY The three months flew past and it was time to return home, to the hustle and bustle of New York – although with a stop in California, to do some audit work on the way. Travelling home I went via New Zealand and spent a week exploring this scenic country, with its world heritage sites, such as Milford Sound (amazing!), glaciers, geysers, mud pools, sulphur pools (unrealistic), hot springs, kiwi birds and, of course, the Haka dance. But that’s a story for another day… Honestly, I do not know how to answer the question so I could summarize all my feelings, emotions and share my experiences in one short sentence. There is only one way for you to know how I feel – DO IT! P.S. Thanks to all involved in making this secondment opportunity possible – Heather Cohen and Kathryn Byrne from WeiserMazars and Paul Collins and Rose Megale from Mazars in Australia. This program is a great opportunity for cross-pollination of skills across the Mazars group and it is something I would encourage all of you to take advantage of.
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WOMEN OF WEISERMAZARS
To “Be Visible” means taking a proactive approach to demonstrating leadership while empowering others through shared knowledge. Our Be Visible campaign highlights women leaders who embody the core values and principles that the firm seeks to promote. Our featured leaders were nominated by peers, direct managers and executives because they exemplify the leadership attributes that contribute to a successful career. These attributes were established by a cross-section of WeiserMazars staff and partners. This month’s featured leader is Senior Manager Stacey Barbaro. Hear what she has to say about how you can still be a leader while on a flexible work schedule. Find out what words of advice she offers to our future leaders.
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WOMEN OF WEISERMAZARS
Watch the video below for a WOW recap and find out what's to come!
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OFFICE COMMUNITY
M&D SUMMIT The M&D Group held their 7th Annual M&D Summit on November 1st. Over 100 members of the group attended the all-day education session at the AMA. The agenda focused on internal initiatives like Hub & Spoke and market segment/ service line capabilities including Financial Advisory Services, International, Transfer Pricing and Consulting. Highlights of a recent global manufacturing conference were shared and the group also heard a presentation on Location Analysis & Maximizing Incentives with Capital Investments and Real Estate Capabilities for Manufacturers and Distributors from external speakers.
NYSSCPA NASSAU Check out Partner Ed Ichart speaking about Accounting for Leases at NYSSCPA Nassau's event on November 3rd, 2016.
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OFFICE COMMUNITY
ESCAPE THE ROOM The managers and senior managers of all departments in the NJO had their first teambuilding event at The Escape Room in Freehold, NJ on Friday, November 4th
REI ANNUAL FALL LUNCHEON Partner Donald Bender and Senior Manager Jennifer Safran attended the Real Estate Institute at Stony Brook University's Annual Fall Luncheon on November 4th, 2016, which focused on the Role of Mixed-Use Real Estate in Economic Development. WeiserMazars was a silver sponsor.
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OFFICE COMMUNITY
GETTING TO KNOW THE MEDIA GROUP On November 7th, the media group’s seniors and managers set-up an educational session open to all staff-level and seniors to educate them on the media group’s clients, services, unique aspects of engagements and opportunities for them to get more involved! For more information reach out to Melanie Mahramadjian.
NJBIZ 50 FASTEST GROWING COMPANIES The New Jersey Office was the presenting sponsor for the NJBiz 50 Fastest Growing Companies Awards held on November 10, 2016 at the Palace at Somerset Park. The event recognizes New Jersey businesses who have grown substantially over the past three years. WeiserMazars was responsible for tabulating the results, and presenting the winners their awards at the ceremony. We also got significant branding exposure throughout the promotion of the event.
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OFFICE COMMUNITY
ASSOCIATION OF FUNDRAISING PROFESSIONALS Ron Ries attended the Association of Fundraising Professionals (AFP) Conference on Philanthropy on November 10th at the Marriott Bridgewater Hotel in New Jersey. Here is a picture of Reynold Levy, CEO of the Robin Hood Foundation giving an inspirational and informative speech on fundraising.
WALL OF GRATITUDE In the spirit of being thankful, the NYO, LIO, PAO and NJO have started a wall of gratitude where you can express your gratitude for a co-worker, work experience or a nonrelated work activity! Don’t miss out- get out your post it notes and express what your thankful for today!
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OFFICE COMMUNITY
8TH ANNUAL NEW YORK MULTIFAMILY SUMMIT 2016 WeiserMazars sponsored the 8th annual New York Multifamily Summit, presented by Eastern Consolidated, on November 15th, which brought together the most active and influential multifamily players from the greater New York City area. This highly interactive event addressed today’s toughest challenges in financing, construction, deal flow and supply. Click the link to see Partner Ron Lagnado as he moderated the Emerging Neighborhoods panel: https://www.flickr.com/photos/greenpearlevents/30914948902/in/album-72157676714553805/
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OFFICE COMMUNITY BREAKFAST EVENT WITH MAZARS: DO WE NEED TO UNWIND EUROPEAN HOLDING COMPANIES? On November 15th, we welcomed over 65 people to an informative breakfast roundtable on European holding companies post Base Erosion and Profit Shifting (BEPS). Hosted at the elegant Michelangelo Hotel in Midtown New York, the roundtable featured leaders from various Mazars offices including Catherine Hall from Mazars UK, Francois Karolyi, Mazars Luxembourg, Frederik Habers, Mazars Netherland, Noel Cunningham, Mazars Ireland, Yves-Charles Zimmermann, Mazars France and WeiserMazars’ own Gene Ferraro. WeiserMazars and Mazars colleagues networked with key clients and targets before listening to the informative presentation, which included understanding frequently used holding regimes in Europe and evaluating recent changes in tax law affecting holding companies in Europe.
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OFFICE COMMUNITY PENNSYLVANIA FOOD & BEVERAGE FORUM On Wednesday, November 16th, WeiserMazars held its 3rd Annual Food and Beverage Forum at the beautiful Pen Ryn Estate in Ben Salem, PA. Attendees enjoyed drinks, heavy hor d’oeurves, an insightful panel discussion and dessert reception from 5:00-9:00 p.m. This year over 100 were in attendance. The impressive panel was moderated by PRLA President, John Longstreet. Panelists included: Bill Covaleski, Founder and Brewmaster, Victory Brewing Company, Dan DiZio, CEO and Co-Founder, Philly Pretzel Factory and Anuj Gupta, General Manager, Reading Terminal Market.
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OFFICE COMMUNITY ALUMNI STEERING COMMITTEE EVENT The stormy weather on November 29th didn’t stop the initial Alumni Steering Committee from reconnecting! Spearheaded by Katie Byrne, key WeiserMazars alums met at Ruth’s Chris for dinner and conversation as they were tasked to share what an alumni program would mean to them and their career. The great ideas from the group will help us formulate a calendar of valuable events designed for our alumni. More will be announced in the New Year! Attendees included Clive Cohen, Denis Brosnan, James Berman, Maria Correia, Mark Ellis and Tim Duffy.
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OFFICE COMMUNITY
NJO BASKETBALL TEAM The NJO created a corporate basketball team, which plays in the Hoops Heaven basketball league in Whippany NJ. WeiserMazars has played against Deloitte, Untracht Early, Animal Clinic, JD Core & Livingston A’s. The team currently has four wins and one loss!
ESG On November 30th, the ESG in LIO presented the year end Guide for Controllers to clients and contacts. The Guide for Controllers provides advice, reminders and tips about certain responsibilities that require controllers’ attention in the next few weeks, and includes an update of rates and limits for 2017. Items covered included W-2s and year-end payroll adjustments, information returns, withholding on non-employee payments, the new year, state issues, the affordable care act (Obamacare) and new overtime rules. Pictured left to right: Danny Vettese, Shoshana Blickstein, Stacey Barbaro and Neal Guber.
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OFFICE COMMUNITY
EDISON CHAMBER OF COMMERCE HOLIDAY PARTY On November 30th, Jim Sausmer, Paru Shah, Rachana Mody and Jaspreet Sachdeva attended the Edison Chamber of Commerce Holiday Party.
PAO WOW EVENT The Pennsylvania Office held a WOW event this November, where Lisa Minniti-Soska and Marissa Lieb spoke about work-life integration.
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OFFICE COMMUNITY WOMEN OF DISTINCTION A big congratulations to our own Lisa Minniti-Soska on being recognized as one of Philadelphia's most influential business women by the Philadelphia Business Journal!
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FIRM INITIATIVES
GREEN TEAM Help build environmental awareness among your colleagues by joining the Green Team! As a Green Team member, you can help develop green initiatives throughout our offices and participate in the planning and implementation of fun events! Click here to read our Introductory Guide to WeiserMazars’ Green Team or email us for more information!
Our most recent initiative was partnering up with our client, Citi Bike, to make bike riding available at a low rate for all of our employees! Annual memberships cost $155, but with WeiserMazars’ new program it will only cost $70 to get started. Reach out to Antoine Leroy for more information on how to sign up with your discounted rate.
TOASTMASTERS Worried about your next big presentation? Toastmasters can help! Toastmasters will help improve your communication skills and open doors in your personal and professional life. Instead of laboring in an academic setting or spending money on costly seminars, you’ll learn in a self-paced atmosphere of fun and fellowship. • • • •
Develop better speaking and presentation skills. Learn to think quickly and clearly on your feet. Build strong leadership abilities. Hone your listening skills.
Reach out to Michael Laux or Anthony Maiello for more information.
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FIRM INITIATIVES WEISERMAZARS TV Now you can catch up on what’s going on around the firm just as easily as with your favorite television programs. If you have missed any of the slides, they’re now up on KB! Click here to view them. To better communicate important information, every week there will be updates covering material from newsletter and other email alerts to keep you informed. Have something you want shared? Send it to Chris Rossi in the New York office and he will get it in the next week’s edition.
WEISERMAZARS BOOK CLUB - NYO CHAPTER The NYO Chapter of the WeiserMazars Book Club just finished reaading Shoe Dog by Phil Knight. In this candid and riveting memoir, Nike founder and board chairman Phil Knight shares the inside story of the company’s early days as an intrepid start-up and its evolution into one of the world’s most iconic, game-changing, and profitable brands. What is the WeiserMazars Book Club? The book club meets monthly outside of busy season to discuss business books voted on by members. Invest in yourself by keeping up to date with business literature! These stimulating books provide conversation material for discussion with clients and colleagues. Business books provide ideas for improving your own skills and open your mind to the latest trends and ideas in the marketplace. Contact Gina Pollakis or Melissa Suen.
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FIRM INITIATIVES
BOX TOP$ FOR EDUCATION As part of our continuing efforts to help the less fortunate by teaming with the Mercy Inn Soup Kitchen in Long Island, we are getting involved with their program Box Tops for Education, which helps schools in the surrounding area raise money for education supplies. If you would like to participate, click here to see all of the participating products whose packaging you can collect. Please send all labels to Lisa Bott in LIO. Thank you!
SHARE YOUR STORY! Have you attended a recent charitable event or raised money for a favorite cause? Tell us your story! As part of a new Share Your Story series, we want to highlight the charitable contributions of our firm and employees. Click on the image to fill out the Sharing Form or here to access it on KB to make sure your contribution is included. With your permission, we might highlight your story in a future issue of The Insider, on WeiserMazars’ social media, or in our firm’s year-end Annual Giving Report! We also want to know if you are a member or board member of a committee or organization in your community. Send an email to
[email protected] explaining your involvement and why your cause is important to you!
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PRESS MENTIONS "Offit Kurman Client Integrity Consulting Solutions Completes Successful Merger with WeiserMazars," Houston CityBizList, November 2, 2016 "After U.S. Election, Look For Tax, Infrastructure Debate," Aviation Week Network, November 3, 2016 quoting Jason Slivka "Generic No More: How Private Label Products Compete with National Brands," FoodDive, November 7, 2016 quoting Lou Biscotti "Professionals on the Move - November 7, 2016," CPA Practice Advisor, November 7, 2016 mentioning James Wienclaw "Are You Gambling with Your Family Business?" Commerce Magazine, November 8, 2016 quoting Jason Pourakis (page 30) "Meet the 2016 Philadelphia Business Journal Women of Distinction," Philadelphia Business Journal, November 10, 2016 mentioning Lisa Minniti-Soska "Forensic Accounting Fundamentals," New Jersey Business, November 14, 2016 quoting Andrew Baxtor
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PRESS MENTIONS WEBCAST Missed our "Revenue Recognition Changes for the Media and Software Industries" webcast? Don't worry, the recording is now online! This webcast, led by Partner Barbara Israel and Senior Manager Jonathan Somer, examined the key aspects of the revenue recognition standard which will soon replace all existing U.S. GAAP revenue guidance. Understand how the new standard will impact the media and software industries and learn how to apply the five step approach at your company. Watch the webcast here!
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PRESS MENTIONS WEBCAST Missed our "Revenue Recognition Changes for the Asset Management Industry" webcast? Don't worry, the recording is now online! In this webcast, Partners Charles Abraham and Barry Goodman discussed the new revenue recognition standard, which will soon replace all existing U.S. GAAP revenue related regulations, and its effects on the Asset Management industry. Watch the webcast here!
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PRESS MENTIONS WEBCAST Missed our "Revenue Recognition Changes for Manufacturing & Distribution" webcast? Don't worry, the recording is now online! In this webcast, Partner Michael Rofman and Manager David Rim discussed the revenue recognition standard which will soon replace all existing U.S. GAAP revenue related regulations. Learn how these changes will affect the Manufacturing & Distribution industry, specifically Transportation and Logistics and Consumer Products. Watch the webcast here!
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PRESS MENTIONS PODCAST Jennifer Friedlin, Founder of Hungry Marketing, joins the Bite-Size Biz podcast series and offers 5 tips for creating engaging content for your food and beverage company. Whether it be content for social media, blog or newsletter articles, it’s important to separate yourself from the pack. Feel free to send this podcast to your connections who might be interested in learning some great tips on how to do just that! Love what you heard? Contact Jennifer here. Listen to all other WeiserMazars podcasts here.
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WORKDAY WorkDay gives you the ability to easily manage and maintain your personal data online, at any time, with the click of a button. Some of the key functions of WorkDay self-service are:
• Change address & phone numbers • Update tax elections and direct deposit details • Update emergency contacts • Add professional licenses & skills • View office, phone number and email addresses of other WeiserMazars employees
You now have the ability to view your personal compensation history and benefit information, including the firm’s contribution to your benefits. WorkDay is available 24/7 via an app on your computer, tablet and smart phone. Learn more by reading our Lets Get Started - Welcome to WorkDay guide or accessing WorkDay via the icon on your desktop and by clicking here!
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