Well, on the one hand, there are modern (and fairly expensive) tools like Izotope RX for doing noise reduction that work brilliantly.
On the other hand, a bit of manual effort can work wonders. I generally edit vocal tracks to cut out all the space between words. Only keep actual sung words and breaths immediately before words. It can be painstaking precise work, but most audio engineering is.
If you have hiss that's still audible after doing that, you'd be better off solving that at the source. Where is the hiss coming from?