The start of a new year is an obvious time to strategize for your manufacturing business, but really, any time is the right time to invest in strategies and initiatives that will help your business grow. Below are five areas manufacturing businesses should consider investing their resources this year.
Tag: manufacturing
If your company is developing new or improved business components, including products, processes, software, techniques, formulas, or inventions, that result in new or improved functionality, performance, reliability, or quality, it’s time to take a look at the R&D (research and development) tax credit.
Attracting and retaining talent for any business is a challenge, so once you have the team you trust in place, you want to keep those employees for as long as possible. A bonus program can be an integral part of your employee retention strategy.
Lease accounting standards are changing, aiming to improve transparency and make it easier to compare statements. Here’s what manufacturing companies need to know.
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
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.
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.
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 >>
Borrowed funds can be expensive for businesses. Being able to improve internal cash flow can help a manufacturing company reduce its need for borrowed funds.
