Manufacturing businesses, by their very nature, create one of the most complex structures for accounting purposes. They involve so many accounting disciplines, systems, regulations, facility locations, management levels, reporting requirements, and shipping issues—all interfacing and working to achieve profitable results.
It could be said that the cost accounting aspect is the most important contributor to the profitability of a manufacturing business. If the cost accounting system is not being managed and maintained flawlessly, the basic calculations for wholesale and retail sales prices could cause huge losses. Sales prices for a company’s products are based on calculations that include all related costs for those products. To overlook a contributing factor could result in serious underpricing and cause a loss rather than the required profit to support the business.
Turlington and Company, L.L.P.’s consulting services include all of the necessary oversight mechanisms to review accounting systems and software to ensure that your business is utilizing the best methodologies for your unique process.
We can assist with your forecasting and financial modeling to guide your management toward achieving the company’s goals.
There may be succession planning, retirement advice or business valuation assistance required in order to plan for the future of the owners and the business continuity.
Most manufacturing businesses have many employees, therefore benefit packages can become a huge cost. Turlington and Company, L.L.P. has a dedicated partner who is responsible for our employee benefit plan audit practice. We take the compliance, current practices and standards and annual review of these plans very seriously and work diligently to keep management informed of any changes or updates that are required.
Dealing with a large number of customers and employees can expose your company to fraud which, on average, costs an organization 5% of its revenue annually. We have on our staff two Certified Fraud Examiners who are available to determine how you can deter potential fraudulent activity, investigate ongoing problem areas or help resolve current issues.
It goes without saying that our tax services are the main requirement for every client. We have experienced tax specialists to assist with your tax planning, preparation and to guide you as to the most appropriate type of business entity that you should choose for your company. Whether you report as a sole proprietor or various corporate structures can make a difference in your tax obligations for many years.
You can see that Turlington and Company, L.L.P. is a full-service accounting firm with experienced CPAs available to assist in every aspect of your manufacturing business. We want to help you reach the financial and operational goals that you have for your company, the management team, and the employees.