Manufacturing and Distribution
How to Put Financial Statements to Work for Your Business
Spring is the time of year that calendar-year-end businesses receive financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP). This year, take your financial statements beyond compliance and use it to develop a comprehensive business plan.
Production Costs – Are the Prices Too High, Too Low, or Just Right?
Anna M. Coldwell
Manufacturers tend to base product prices on direct production costs. They occasionally adjust prices for inflation or when the costs of raw materials spike. Here’s why this simplified pricing model may compromise market share over the long run and how market leaders factor market-based considerations into their pricing strategies.
Smart Factories and Blockchain: Stay on the Cutting Edge of Technology
Most manufacturers have already applied classic business management concepts, such as just-in-time production and continuous improvement initiatives, in order to enhance cash flow and efficiency. However, these efforts might not be enough to stay competitive in a technology-driven marketplace. Smart factories and blockchain technologies are expected to revolutionize the manufacturing industry in the 21st century. […]
Know the Risks and Rewards of Operating Across State Lines
Estimating state taxes is generally easier when you operate in only one state. However, manufacturers and distributors that cross state lines may be subject to taxes in more than one state. Although this may complicate matters during tax filing season, it could also offer opportunities to lower your company’s state tax liability. The Concept of […]
Worker Classification Matters
Mark A. Thomson
Many employers mistakenly believe that the misclassification of employees as independent contractors does not really matter, so long as contractors satisfy all of their tax obligations. This could not be further from the truth. This article explains the stakes involved when employers classify workers as employees or independent contractors.
Loan or Lease: What Is the Smartest Way to Finance New Asset Purchases?
Manufacturers that need to expand their facilities or update equipment may be weighing the pros and cons of financing versus leasing. This article explains tax, financial and practical considerations to help business owners make informed decisions.
Deciphering and Combating Cyber Risks
Seamus M. Donoghue
Data breaches can cause safety issues, negative publicity, lost productivity, and compromised personal and corporate data. This article explains the cost of data breach and outlines ways to help prevent attacks from inside and outside an organization
Carefully Weigh the Pros and Cons of Automation
Joel A. Herman
Manufacturers and distributors face rising costs of labor and benefits, burdensome government regulations and a shortage of skilled workers. Investing in automated equipment may seem like a cost efficient alternative to relying on people, but automation can sometimes end up being more expensive and time consuming than management expects. This article presents the pros and cons of automation and explains why it is important to crunch the numbers to assess all the costs and benefits.
E-Verify Helps Confirm Employment Eligibility
Joel A. Herman
Immigration and legal residency are hot topics in today’s environment, and, as a result, closer scrutiny is being paid to employment eligibility. Federal law requires employers to verify employment status; however, dishonest workers sometimes use fake or stolen IDs to get hired. The E-Verify system helps employers comply with the law. This article explains how E-Verify works and why the requirements for using it might change in the future.
How Manufacturers Can Reduce Waste
Look around most shop floors, and you will see evidence of waste. Piles of scrap materials can be found around production and assembly areas, leading to safety issues and cleanup costs. If you look deeper into the operations of manufacturing companies, you will see that waste extends beyond trash. This article explores the concept of waste and provides creative solutions for reducing it with preventive maintenance, routine physical inspections and effective quality control.