Lease accounting standards are changing, aiming to improve transparency and make it easier to compare statements. Here’s what manufacturing companies need to know.
Category: Manufacturing
Updated September 2021: Over the past fourteen months, the employee retention tax credit has undergone a number of changes since it was initially introduced. The most current information is in the Current Employee Retention Tax Credit Standards: American Rescue Plan Act – March 2021 section, but we recommend reading everything below to understand the full picture of the employee retention tax credit.
Tax planning isn’t something that just comes around at the end of each year. To ensure your company is taking advantage of all available opportunities to lower your tax responsibility, consider the following as you plan for 2021:
- Research and Development Tax Credit
While any qualifying activity must pass the four-part test (permitted purpose, technical uncertainty, process of experimentation and technical in nature), the Research and Development tax credit is applic
Akta Parikh is a Senior Associate at Corrigan Krause.
A manufacturing company’s inventory includes goods in various stages of production; from raw materials to finished goods, assembled and ready to ship to customers. Due to the complexity and frequency of manufacturing processes, a management system can provide benefits for the organization, assembly and production of goods.
Regardless of size, having an inventory management system is critical to the success of a bu Read More >>
Sal Caroniti, CPA is the Chief Operating Officer at Corrigan Krause.
A vendor provides goods and services that are critical to your business. Regardless of the size or function of your organization, vendors can save your company money and time as well as decrease any unforeseen complications that may arise. As vendors are an essential piece of an organization, it is important to cultivate strong relationships. Vendor management is the process of overseeing the entire ven Read More >>
Sal Caroniti is the Chief Operating Officer at Corrigan Krause.
Regardless of the specific industry within the manufacturing sector, today’s companies face a variety of challenges ranging from employment issues, international competition and margin compression due to pressures placed on them from their customers.
With the national and State of Ohio unemployment rates being 3.9% and 4.6%, respectively, companies are faced with increased competition for top talent Read More >>
Akta Parikh, CPA, CA is a senior associate at Corrigan Krause.
The most important decision after deciding when, where and what to sell, is at what price. It is common for manufactures to achieve strong top-line sales and still have a loss or less than desirable profits.
Today we will focus on product costing aspect. So, what are costs? An estimate of a price.
Costs to manufacture a product are known as manufacturing or direct costs. Some of the most common costs are raw material Read More >>
Brian Weisbarth, CPA, CFE is a senior manager at Corrigan Krause.
With interest rates continually on the rise, borrowed funds are becoming more expensive for businesses. Being able to improve internal cash flow can help a manufacturing company reduce its need for borrowed funds.
Here are a few ideas to help improve cash flow:
Sell excess inventory – if a company has slow moving inventory, those are invested dollars sitting in your warehouse; materials, labor costs and pa Read More >>
Pat Lang is a senior associate at Corrigan Krause.
Accelerated depreciation is a tax strategy that businesses have been utilizing for quite some time. There are two types of accelerated depreciation: Section 179 Depreciation and standard Bonus Depreciation. A huge advantage of accelerated depreciation to business owners: the full cost of the purchase may be written off in the year that its placed into service, even if that asset is financed. This post highlights eac Read More >>
Being in business is not easy considering common challenges such as labor issues, raising supply costs and slow paying customers, but not much stings worse than when a customer of yours defaults on their trade receivables and your company does not get paid for a product you have already produced and delivered.
The Stats
On average, 40% of a company’s assets are in the form of trade debts (i.e. accounts receivable). Sometimes the figure is far higher. It Read More >>
