Digitalization in the Manufacturing Industry

Manufacturers are being revolutionized by digital technologies. Digitalization is the use of digital technologies and data in order to create revenue, improve business, replace and transform processes, and create a new environment for digital business. Digitalization is integrated into all aspects of our life, and the manufacturing industry is no different. Digitalization is enabling end consumers to be more empowered, creating transparency with suppliers, enabling flexible business models with more customer-focused business processes, enhancing security, and at the same time, allowing for better analysis.

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Business Planning and Budgeting

Business planning and budgeting are intertwined. When both are done right, financial goals are met, and the business has a reliable future ahead. Here are a few tips to consider before starting your business.

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Fraud Can’t Happen in My Business, Can It?

Are your company’s funds safe on the inside of your organization? As the Starks say in Game of Thrones, “Winter is Coming!”

Some types of fraud are inevitable, and businesses should be prepared! Are you too trusting? Consider this example:

Brice is the owner of a gym. Brice sees that his competitors have a great online presence, and he suspects he may be losing both old and new customers because he does not feel relevant online. Brice doesn’t have any experience with online marketing and social media presence. After a few discussions with his sales manager, Damian, Brice agrees to invest $120,000 with an online web development/marketing company to solve his online issue.

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Selling Investments

selling investments

Selling investments are not as simple as selling cookies to your neighbors. In fact, a hasty decision to sell might cost you money.  So, before you sell an investment (stocks, real estate, or any other valuable), consider the following tips.

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Implementing the New FASB Lease Standards – Will your bank loan covenants be adversely affected?

 

During 2016, The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 – 02, Leases.  The purpose of the update is to address transparency and improve reporting of obligations for entities involved in leasing activities.  The impact of the new standard on lessors will be minimal, primarily affecting income statement reporting.  However, for lessees, the new standard will impact both the balance sheet and the income statement.  For leasing obligations that are not considered “short-term leases” (12 months or less), lessees will now need to record a “right of use” asset along with a corresponding “lease liability” that is to be amortized over the life of the leasing agreement.  Adding this lease liability to the balance sheet could create a violation of certain loan covenants, even though this new liability will not be considered debt in the eyes of the FASB.

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Uses of Trusts in Estate Planning

For some reason, perhaps owing to its use in popular culture via soaps, tabloids, and movies, the word estate seems to be applied to the very rich. In fact, when you have a property and other valuables after you die, those make up your estate. This may include a house, a car and the benefits from your life insurance. In this article, we will discuss how you can use trusts for your estate plan.

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Understanding the Impact on Revenue Recognition and Inventory Based on International Shipping Terms

Understanding the Impact on Revenue Recognition and Inventory Based on International Shipping Terms

Does your company currently have international sales?  Do you plan to begin selling merchandise in an international marketplace now or in the future?  If the answer is yes, then having knowledge of when revenue is properly recognized is critical to accurate financial reporting.  Even if your company does not sell products internationally, you may be purchasing items from an international vendor. Understanding when the products become part of your inventory and when you are liable for them is equally important.

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Predicting the Future of Manufacturing

Can you read the tealeaves of your organization and predict what the future will hold? We may not be able to look into a crystal ball and know the next big fad in manufacturing; however, new technology is on the rise that will help manufacturers improve how they monitor their equipment and production lines.

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