If yours is a manufacturing business, you’re confronted with many complicated issues, including cost accounting, inventory management and multi-state taxes. And it doesn’t end there—you also have special income tax rules to deal with.
Know your costs to set your price
Our expertise in accounting software consulting enables us to help you with your inventory management, so you know what your costs really are and are able to set the right price as opposed to the low price. After all, your competitor likely knows what their costs are, and they’re pricing products to be profitable. Be smarter than the competition. Know how to price.
Manage your inventory cost effectively
Our depth of experience in manufacturing accounting has us prepared to help you manage your inventory in a way that is proactively cost-effective. If you’re to properly apply your resources, you first must know how much cash you have—and Shannon & Associates can help you with both sides of that equation.
Control your cash flow
By helping you devise and establish minimum order points, we’ll enable you to most effectively manage your cash flow—without tying up capital in inventory that’s not turning.
Make informed decisions
We can help you make informed capital investment decisions. If your business has outgrown your space, for example, we’ll consider the things you need to make a financially sound choice about moving—whether you should lease or buy, for example, or what time of the fiscal year works best for your accounting system. Or perhaps it’s time to invest in a major piece of equipment: What’s the best way to finance it? Will the timing impact the financial ramifications of a purchase? By looking forward and investigating every possible outcome, we can help you make smarter financial decisions now to improve your profitability in the future.
We’ll advise you on complicated transactions too, such as mergers and acquisitions, buy/sell agreements, and even how to structure your business to manage your risks and tax liabilities: corporation or LLC, for example.
For more about our manufacturing-specific experience, contact us.
Are you prepared to take advantage of the new Domestic Production Deduction? Now in its 6th year, the Domestic Production Deduction is up to 9% of domestic production income but the rules haven’t gotten any easier to navigate. Countless court cases and new legislation have expanded the IRS’s original 150 pages of definitions and rules. We can help you guide you through the regulations to make sure you’re getting the most from this deduction, let us help.
We are members of the Center for Advanced Manufacturing Puget Sound (CAMPS)
To learn more about our new Red Flag Fraud Hotline, click here. This is a new service designed to protect organizations, their people, and minimize financial losses.
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