Stay Current on Manufacturing Industry Trends
The certified public accountants and business advisors at LSL CPAs focus on the opportunities and strategies that can help Manufacturing and Distribution owners, CFOs and controllers keep costs in line and reduce taxes. We also help you explore incentives such as IC-DISC and empowerment zones to remain competitive long-term.
Whether your company sells mainly in Orange County and the greater SoCal region or is involved in multi-state and international commerce, LSL CPAs is experienced with the tax, assurance and cost-saving measures that make sense for you. We assist a range of manufacturers and distributors, from computer, medical device and plastic molding manufacturers to machine shops, printing suppliers, oil distributors and more.
Our services range from simple tax reporting, manufacturing accounting and assurance support to more sophisticated tax planning, business advisory and strategic planning services. For example, we consult with executives on budgeting and forecasting, KPI reporting, pricing support, inventory management strategies and planning for equipment purchases or a new location. From simple improvements in policies and procedures to the complex discussions of merger and acquisition or succession, LSL CPAs guides you through every business stage.
See what our clients are saying about LSL:
"They are not just here to audit. They know the people in our facility. We work with the same auditing group. They are willing and able to investigate any issue or situation. They even work through some of the international business issues with us."
- CFO, Manufacturing Company
LSL CPAs and Business Advisors has extensive experience in Wholesale/Distribution accounting for industry with clients in many verticals.
If you are a wholesale/distribution firm please contact Maria Arriola, CPA in our Santa Ana office at (714) 569-1000.
Manufacturing & Distribution Accounting Services Provided
Compliance (Tax, Accounting and Assurance Management)
Tax incentives, reporting and filing (income, sales, IC-DISC, empowerment zones)
Financial statements and reviews
Policies and procedures
Audits and compilations and reviews
Standard costing analysis
Performance (Executive Functions and Outsourcing)
Analytical and management/CFO advisory services
Budgeting and forecasting
Outsourced CFO/Controller services
Capital expenditure and finance planning
Inventory management (counting, costing, profit leaders and losers)
Gross profit margins and pricing support
Specialized services referrals (cost segregation, business valuation)
Production policies and procedures
Strategic (Business Planning and Strategy)
Merger & Acquisition strategies
New location or expansion planning
Real estate strategies for tax purposes
KPI reporting development and interpretation - tax impacts
Ongoing owner/board advisory
Contact Mike Mangold, our manufacturing lead Partner, to tour your facility and provide an initial consultation. We stand behind our work just like you do.
Related reading about Manufacturing & Distribution topics
- Why Loading Up On Inventory to Beat a Tax Increase Can Be a Mistake In late 2018, the United States government announced the new Excise Tax for products purchased from China. Many distributors and manufacturers raced out and purchased extra merchandise to avoid the Excise Tax for as long as possible. By purchasing excess inventory, they thought they would be saving money because they would have the inventory in the United States before the tax would take effect. Many people bought ...
- Inventory in the Manufacturing Industry In the manufacturing industry, the investment in inventory is significant. In many instances inventory in the manufacturing industry is financed by borrowings from a financial institution. Protecting inventory is a major factor in profitability and management is responsible for developing and maintaining adequate internal controls so that inventory items are safeguarded from theft or other types of misappropriation by employees or outsiders. In the manufacturing industry a company ...
- Tips for planning a successful physical inventory observation Physical inventory counts at year-end are a necessary component of business if your company maintains inventory. However, if they are done incorrectly they can end up not only being difficult to perform but also misstating the company’s assets. As part of our audits, we perform observations of our clients’ inventory counts and this year we noticed errors that were costly to fix. In order to make inventory ...
- Partial Sales Tax Exemption Don’t forget that California currently has a partial sales tax exemption for manufacturers. The effective time period for this exemption is between July 1, 2014 and June 30, 2022. The exemption is at the rate of 4.1875% from July 1, 2014 to December 31, 2016. During the remainder of the exemption period the rate is 3.9375%. The exemption applies to sales taxes on machinery and equipment used ...
- Greg Lewis to speak at Manufacturers Bank Symposium Q2 – 5/20/16 Manufacturers Bank Symposium Q2 May 20, 2016 8:30 AM – 11:30 AM PDT Event Description: https://vimeo.com/163280141/654ed0e065 Los Coyotes Country Club 8888 Los Coyotes Dr Buena Park, CA 90621 Google Map Event Description: Outstanding Symposium for Business owners working in the commercial and industrial industries as well as food franchisees. Please view link above to view 90 second video which details our guest speakers: Greg Lewis – shareholder of LSL CPA’s and Business Advisors: TOPIC – Cost Segregation is the ...
- Finally some IRS relief for small businesses! On November 24, 2015, the IRS released IR-2015-133. This ruling increases the threshold for deduction of capital items purchased. Under the prior tangible property regulations, a business without an audited financial statement was required to capitalize and depreciate assets purchased exceeding $500. Larger businesses who have audited financial statements were subject to a $5,000 threshold. Many tax practitioners complained about this inequity and so the IRS ...
- Wholesale Distribution – How to Succeed in a Tight Margin Business The wholesale distribution arena is a difficult environment for a company to operate in. Gross margins tend to be small. This mandates that a company in this business space needs to be well run. The management team should focus on a number of key factors in order to be successful. Several of these factors are as follows: The company must focus on the local market. This allows ...
- FASB’s Accounting Standards Update on Measuring Inventories In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 is part of FASB’s simplification initiative that is intended to improve U.S. GAAP by reducing costs and complexity while maintaining or enhancing the usefulness of the related financial statement information. Also, this pronouncement more closely aligns the measurement of inventory ...
- Equipment Write Off and Tax Considerations for Businesses One of my manufacturing clients located in Santa Ana called with a “simple” question. “I am looking to make a significant investment in equipment this year and want to know how much can I get in tax write offs”? Seems like a simple question! However, there are many different areas of the Federal Tax Code which could have an impact on the answer to this “simple” question. One of ...
- Key Elements for Establishing an Efficient Inventory Cycle Count Establishing an efficient and effective inventory cycle count process provides a Company with many benefits. Companies will be able to identify inventory process problems quickly, and corrections to the inventory process can be done immediately to avoid operational problems. Additionally, performing cycle counts can help reduce or eliminate the need for an annual physical count. There are four key elements for preparing an efficient inventory cycle ...