3 min read
Update on New Retirement Account Catch-Up Contribution Rules
The Setting Every Community Up for Retirement Enhancement (SECURE) Actbrought numerous changes to the retirement and...
Keep costs down and productivity up
Today’s manufacturer faces many unique and difficult challenges: how to finance inventory and receivables, control inventory cost and quantities, schedule production, determine and control production costs, allocate overhead, develop pricing strategies and more.
The industry is extremely capital-intensive and requires the owners to have good working relationships with financing sources, to be innovative and receptive to new manufacturing techniques and to have a thorough grasp of cost accounting principles. Changes in tax laws have also had a significant impact on manufacturers.
Governmental and environmental regulations abound, which restrict the manufacturing process. In order to be successful, today’s owner of a manufacturing company must be capable of wearing many hats.
Development of pricing structures
Evaluation of production methods
Evaluation of production costs—fixed vs. variable
Development of overhead absorption rates
Break-even analysis
Computerization
Inventory valuation and controls
Development of cost system to analyze variances
Evaluation of product-line profitability
Expansion
Business continuation/succession planning
Analysis of potential acquisitions and mergers
Recommendations to improve working capital to help increase financing capacities
Evaluation, development and installation of accounting and job cost systems
Preparation of budgets and projections
Preparation of financial statements according to present industry standards
Coordination of business and personal tax planning
Income and cost recognition methods
Multistate issues—nexus, sales and use tax, franchise, income and other taxes
Equipment leasing company considerations
Structuring of business entities
3 min read
Sep 26, 2023
The Setting Every Community Up for Retirement Enhancement (SECURE) Actbrought numerous changes to the retirement and...
4 min read
Sep 21, 2023
Attention: Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under...