How We Can Assist with Current Manufacturing Accounting & Tax Issues
Oftentimes actual contract delivery and performance varies from the terms of a supplier contract, causing hidden losses for your campany; in our experience, few companies even attempt to reconcile such non-delivery or underperformance.
How to prepare: Briggs & Veselka professionals can perform audits of actual vs. contracted performance and, depending on the terms of the contract, find cash recoveries for your company. Proactively, we can examine current contract structure from a performance standpoint to advise you on how to create opportunities for recovery in future contracts.
States, counties, and parishes often have complex and varying statutes about tax liabilities, which could have impact on local operations and your federal return.
How to prepare: Our SALT practice can help companies plan appropriately as operations expand beyond their original nexus. Pre-planning is an effective way to assure the right tax structures result in only the fair share of taxes being paid.
Supplier billing, month-end closings, and reports for lenders can place burdens on your existing finance and accounting staff and impede the cash flow of your company.
How to prepare: Briggs & Veselka’s Outsourced Accounting Services provides you budget flexibility and control when you require interim support of full back office accounting functions.
These new lease accounting regulations could have impact on bank loan covenants as they might change the borrowing base for many loans essential to many manufacturing companies.
How to prepare: Briggs & Veselka is already working with companies to advise them on the possible implications of these new accounting regulations to help them prepare possible revisions to existing covenants and as guidance for future loan agreements.
Under the new FASB rules, which go into effect on December 15, 2016 for public companies and in 2017 for all companies, contracts must meet certain requirements before revenue can be recognized. Additionally, contract modifications and performance obligations fall under new scrutiny, and the incremental costs of obtaining a contract will be recognized as an asset, which could impact your balance sheet.
How to prepare: The Briggs & Veselka manufacturing practice has prepared a confidential, no obligation checklist to give manufacturing companies better insight into the impact of these FASB rules, which could impact contracts being executed even before the regulations go into effect.