Connections for Success

 

Manufacturing and Distribution

08.24.18

Is it Time to Switch Accounting Methods?
Mark A. Thomson

The Tax Cuts and Jobs Act (TCJA) liberalizes the eligibility requirements for certain accounting methods that are generally easier to use and more flexible. As a result, more small and midsize manufacturers may be eligible for tax reporting shortcuts that may warrant accounting method changes.

06.12.18

How to Put Financial Statements to Work for Your Business
Kenneth Tornheim

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.

03.13.18

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.

12.12.17

Smart Factories and Blockchain: Stay on the Cutting Edge of Technology
Kenneth Tornheim

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. […]

11.14.17

Know the Risks and Rewards of Operating Across State Lines
Max Grebenschikov

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 […]

10.09.17

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.

09.13.17

Loan or Lease: What Is the Smartest Way to Finance New Asset Purchases?
Adam Guldan

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.

08.15.17

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

07.27.17

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.

06.20.17

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.

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