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Every manufacturer aims to maximize efficiency to drive production and ultimately increase revenue. After all, if your operation can produce more units with less labor at a lower cost, you are on your way to achieving your goal.
Inventory counts are often thought of as one of the most tedious and mundane tasks in the business, but this undertaking is also one of the most important.
For several years now, my husband has been asking to invest in a 3D printer. And so began my light research into 3D printing. While learning about this additive manufacturing process, I couldn’t help but notice the implications that run a little closer to my current heart: tax and accounting.
Imagine having to remember and describe every item in your home, especially after you’ve been the victim of a fire, theft, or natural disaster. Rather than relying on your memory, you may want to prepare a home inventory — a detailed record of all your personal property.
Understanding the concept of Last In, First Out (LIFO) conformity, and applying it correctly, can help manufacturing businesses maximize tax savings.
Between the reduction in revenue (from deferred revenue) and decrease in gross profit (from inventory), an acquired company’s reported financial performance can look significantly worse during its first post-acquisition year than its underlying activity would actually indicate.
In some ways, embezzlement can be perceived as similar to any addiction. Once a fraudster starts, they have a hard time stopping. Worse, with each repeated theft, the “good employee gone bad” gains confidence that they will never get caught. They think that they cannot be caught, or at minimum that they are “smarter than everyone else” – that is, until the experienced forensic CPA or Certified Fraud Examiner arrives!
Take a closer look at ways to minimize total operating expenses to maximize gross profits, including inventory management, centralized purchasing, risk management and managing your supplier relationships.