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MANUFACTURING & WHOLESALE DISTRIBUTION INDUSTRY NEWS
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| July/August 2017 |
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Manufacturers Prepare for Risks - Both Known and Unknown
United States manufacturers consistently face risks both domestically as well as abroad. Many manufacturers are looking to expand to overseas markets, and this may cause the fear of poor economic performance. The latest RSM Monitor survey lists 11 risks that manufacturers face when entering the foreign landscape. It is important to know the risks and address them prior to them becoming problems. Once the problem is known, it is often too late. This article discusses each risk and provides some insight on how companies can handle these risks. To view the full article
click here.
For more information, please contact Brant Kennedy, CPA, at 800.880.7800 ext. 1425,
[email protected].
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Indiana Changes Rules relating to R&D Sales Tax Exemption
In April of 2017, the Indiana Department of Revenue issued Information Bulletin #75, disclosing to the public an update to the sales tax rules relating to research and development property. Specifically this bulletin clarified what activities will be regarded as research and development by the Department and would therefore be eligible for the sales tax exemption. The bulletin also notes that activities not considered essential and integral to research and development will not qualify for sales tax exemption and defines these non-qualifying activities.
The changes prescribed in the bulletin are effective as of April 2017. Companies should be aware that the definitions of research and development property for sales tax purposes and the definitions for the R&D income tax credit are not identical. Companies considering the sales tax exemptions related to research and development in their decision-making should review the new bulletin's impact on their projects. To view Information Bulletin #75, click here .
If you have further questions, please contact Aaron Wilzbacher, CPA, at 800.880.7800 ext. 1322,
[email protected]
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Auto Industry Inventory Levels Could Effect Economic Growth
Automakers in the U.S. are developing significant inventory volumes as sales of new automobiles have not met expected projections. This inventory buildup, as consumers move towards sedans and coupes from trucks and SUV's, will likely put downward pressure on GDP. As rates continue to rise for auto loans and the average loan term has surpassed six years, additional pressure on sales from financing is expected. For more information on the current state of the auto industry,
click here to view the full article authored by Joe Bruselas, Chief Economist at RSM.
If you have further questions, please contact Brant Kennedy, CPA, at 800.880.7800 ext. 1425,
[email protected].
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Manufacturers Can Benefit from a Unified Communications System
Manufacturers who are not taking full advantage of their phone systems risk losing an opportunity for a competitive advantage. However, manufacturers who see the importance of their telecommunication systems are finding that their phone systems, when kept up to date and properly maintained, help them reduce costs, streamline operations, and improve service.
The authors of this article, Ben Anderson and David Pierce, raise four questions that managers should address as they assess the current state of their company's communications system:
- Does your current telecommunications technology meet your business demands now and in the future?
- Has your telecommunications system been updated or upgraded in the last 12 months (or ever)?
- Has there been a decrease in customer satisfaction regarding responsiveness to calls and inquiries?
- Has planning for a merger or acquisition included the telecommunications infrastructure?
For more information on how your company can implement a new system or maintain an existing system, click here or contact John Rittichier, CPA, at 800.880.7800 ext. 8484, [email protected].
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TSMA Q3 Event: The Lean Journey - Never Give UP!
As proud supporters of TSMA we would like to invite you to their Q3 Event: The Lean Journey - Never Give Up!
Wednesday, August 16th Southern Indiana Career & Technical Center
7:00 to 11:30 a.m. 1901 Lynch Rd, Evansville, IN 47711
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Sometimes it feels like we're losing the lean transformation battle while others appear to be flourishing. What are we doing wrong? We seem to make progress....but it's often two steps forward, one (or more) backward. Will we ever win?
We've all shared these thoughts at some level. If we're going to be successful, if our companies are going to survive and thrive in this highly competitive landscape, we must figure out our own, company-specific "lean journey." Join TSMA for our Q3 event and draw on the experience of individuals from manufacturing, finance and HR to provide us with a template for success.
- Mark Hamel, Partner and COO; The Murli Group; Lean Leadership Principles
Learn about leadership principles and behaviors within the context of the lean management system, without which an organization cannot effectively develop people or achieve sustainable improvements toward True North.
- Ed and Rhonda Rousch; Getting to the Heart of it- Experiences from James River, Rockwell International, Harley-Davidson and others.
Ed, an executive who started his career on the floor, rose to union steward, grasped the power of lean and applied the concepts. Rhonda, Change Management and Organizational Readiness Director for Harley-Davidson, and Executive Vice President of Human Resources for Simmons - two "Fortune 100 Best Companies To Work For," rigorously aligned and integrated people, organizational purpose and process.
- Tony Wright, CFO and Brandon Mello, Director of Manufacturing, Sur-Seal; What's the cost of your company's culture?
Hear a great lean success story at Sur-Seal, a manufacturer of custom sealing solutions and a 2012 AME Excellence Award winner.
- Brandon Willis, President, Uniseal Inc.; Implementation of Standardized Work
A local manufacturing company, Uniseal will share a blueprint for implementing standard work and why it's so powerful.
Whether you are at the beginning of your journey or simply want to kick-start the culture to focus on winning, this program is for you as each speaker shares their principles, tools, and experiences that led to their success. Our program is meant for the CEO, the leadership team, shop floor leaders and all support functions. If we're going to make this work, we need to ALL be part of the journey together.
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ABOUT OUR MANUFACTURING & WHOLESALE DISTRIBUTION INDUSTRY TEAM
From increased competition and continuous quality improvement demands to rising employee benefit costs and declining margins, manufacturers and wholesale distributors are facing greater challenges than ever before. In addition to the services you would expect from an accounting firm, we have a dedicated team ready to assist you with the unique challenges and issues facing your industry.
A number of our staff members belong to The Association for Operations Management (APICS) with some having achieved the CPIM and CIRM certifications. We understand your key issues and possess the drive and determination to help you manage your company on a proactive basis. This commitment positions us at the cutting edge of the industry and enables us to spot trends and deal quickly with the issues your company may be facing. |
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SEE WHAT OUR CLIENTS ARE SAYING...
"We engaged with HSC in 2007 as we began repositioning our market focus. Since then, our business has increased tenfold. We have expanded into 15 different states and now operate from six locations. HSC's counsel on tax, accounting and finance has proven to be timely and insightful playing a vital role in helping us achieve these results. Harding Shymanski will be a valued partner for the long term."
- Bruce & Katrina Stallings, Owners, P&I Supply
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Disclaimer: The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax or accounting advice.
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Harding, Shymanski & Company, P.S.C.
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