Connections for Success

 

Manufacturing and Distribution

10.03.22

Get Ready for the New Lease Accounting Standard
Kenneth Tornheim

After several postponements, the updated lease accounting standard Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) is in effect for private companies. Late last year, the Financial Accounting Standards Board (FASB) voted unanimously against another delay. That means companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal years beginning […]

08.30.22

Insourcing, Outsourcing, and Co-Sourcing: Which Is Right for You?
Joel A. Herman

Conventional wisdom often holds that it is most efficient to keep all roles in-house, but this is not always the case. Rising labor costs, increased costs to meet advancing technology needs or equipment improvements, internal quality control issues and a number of other factors could dictate certain operations to be handled more effectively and efficiently […]

07.12.22

Six Tips for Dealing With Rising Material Prices
Thomas Pierce

Manufacturers face enormous business challenges today. According to the fourth quarter 2021 Manufacturers’ Outlook Survey conducted by the National Association of Manufacturers (NAM), the top two are rising raw material costs and supply chain challenges. Other significant challenges that may affect the availability of materials include rising transportation and logistics costs, unfavorable business climates and […]

06.14.22

Get Ahead on Cybersecurity — Before It Is Too Late
Mark A. Thomson

Manufacturers cannot afford to put cybersecurity issues on the back burner. Just because manufacturers may not sell directly to consumers, it does not mean that they are not at risk. Sometimes manufacturers are impacted when their customers or vendors get hit by a cyberattack. And while news media gives play to data breaches that occur […]

05.24.22

Using AR To Enhance Manufacturing Processes
Joyce Carlson

A new innovative technology, introduced recently in the last five to six years, is taking its place in manufacturing with a higher than expected acceptance. Known as Augmented Reality (AR), this phenomenon has emerged with the potential to transform the manufacturing industry. Unlike virtual reality, AR overlays digital imagery onto physical surroundings, typically through the […]

03.14.22

Boost Cash Flow With a Fixed Asset or Cost Segregation Study
Brandon W. Vahl

If you are seeking opportunities to improve your company’s cash flow, consider a fixed asset or cost segregation study. Manufacturing is a capital-intensive industry, so it is critical to ensure that fixed assets are classified properly to recover their costs as quickly as possible. Fixed asset study A fixed asset study examines all depreciable assets […]

02.16.22

The Price Is Right: Implementing the Right Pricing Strategy
Thomas Pierce

COVID-19. Inflation. Labor shortages. Supply chain delays. Manufacturers have had a lot on their plates the past couple of years. Across the board, the result has been increasing prices. But simply increasing prices without factoring market-based considerations into your pricing strategies might not be enough. Related Read: Manufacturing Evolving from COVID-19 What is production-based pricing? Direct […]

12.15.21

South Dakota v. Wayfair – Economic Nexus and Manufacturers’ Sales Tax Obligations
Seamus M. Donoghue

It has been more than three years since the U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair. In that case, the Court held that a state may require out-of-state sellers to collect and remit sales tax even if they lack a physical presence in the state. Since then, nearly every state with a […]

11.15.21

Three Ways To Prepare for the Next Supply Chain Disruption
Brandon W. Vahl

Before the COVID-19 pandemic, many manufacturers’ supply chain management efforts focused on reducing costs and increasing efficiency, in some cases at the expense of flexibility and resiliency. But the pandemic highlighted the vulnerability of global supply chains to disruptions caused not only by public health emergencies, but also natural disasters, political unrest, economic volatility and […]

09.15.21

The Future of the Supply Chain Is Digital
Mark A. Thomson

As the supply chain for the manufacturing industry becomes increasingly global, it is also becoming increasingly complex. Even before the COVID-19 pandemic, many manufacturers and distributors were adopting digital solutions — particularly blockchain — to improve the visibility and traceability of raw materials and goods through the supply chain. These upgrades have helped enhance transparency, […]

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