Maintaining proper controls over your inventory can be challenging especially if you have no controls in place. Think about when was the last time you conducted an inventory check, if an employee was committing fraud, would you able to identify how? Having strong internal controls is essential to help...
Effective for your fiscal years beginning after December 15, 2018, all non-public entities will need to implement the new revenue recognition standards as outlined in Accounting Standards Update 2014-09 Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). The standard requires all companies to take a look at their...
It has been three decades since we have had bold new tax reform. The last time this level of change occurred was in 1986, which was under President Ronald Reagan. The new tax reform bill could bring around change for manufacturers, and in a very positive way making life...
Does your manufacturing facility want significant tax incentives that last up to 10 years? Through the recent legislation, More Jobs for Marylanders Act, Maryland manufacturers are now eligible for 10 years of tax incentives based on job creation.
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...
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...
Is an ERP System right for you? An Enterprise Resource Planning (ERP) system is a business process management software that allows a manufacturing company to integrate a number of applications to more effectively manage their business and automate many back-office functions. With an ERP system, you no longer have...
Of course, as a company owner, you prefer your company’s tax liability to be as small as possible. Transfer pricing is a gray area of business tax law that is becoming increasingly more challenging for taxpayers who are multinational enterprises (MNE). Proper transfer pricing practice through strategic tax planning...
On February 25, 2016, the Financial Accounting Standards Board (FASB) released new guidance on leases. The amendment goes into effect for fiscal years beginning after December 15, 2018, including interim periods within these fiscal years. This is an important change to be aware of, as it places most leases...
Change – Some people say that’s what our country wants, and the accounting standard setters have delivered! The change is related to accounting for warranties. The good news is that the differences between accounting for warranties under current generally accepted accounting principles and the new revenue standard are minimal....
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