What makes a good manufacturing CPA?
Before you think about hiring a CPA for your manufacturing business, you’ll need to ensure that he or she has in-depth knowledge of the manufacturing industry, as a whole, and experience with the industry specific laws and financial requirements in your particular type of business.
It’s not enough to simply choose from reputable CPA firms in your area. You must ensure that whomever you hire can provide references for similar businesses for which they’ve worked. Ask them to provide examples of real improvements they’ve been able to achieve for other manufacturing firms.
CPA’s with manufacturing industry experience will have a good working knowledge of specifics such as the terminology that applies to your business and R & D tax credits available to your company. They should also demonstrate their ability to compile important financial analyses, such as a customer profitability analysis and optimization and/or manufacturing process optimization.
Finding the right firm for you
In order to formulate the best accounting strategy for your particular business, your accountant will need to be qualified to perform operational assessments, inventory costing, benchmarking, and valuations and business plans. He or she should be an expert in the area of taxes, including multi-state taxes, sales and use tax, property tax and international taxation.
Effective CPA firms for manufacturing companies use all of these tools and more to make quarterly and yearly projections and ensure you get the best ROI on money put into your business.
A better working relationship
Although technically you can partner with a firm anywhere, the benefits of going with a local firm are undeniable. Face-to-face meetings and planning sessions are generally much more efficient than phone or video conferencing, and the close partnership you build with your accounting team is invaluable.
CTA – Your tax planning guide
If you’re looking for an excellent manufacturing industry CPA firm in Southern California, contact the experts at GYL. Our CPA team understands the nuances of balancing capital restrictions with inventory in order to keep sales at an optimal level, and we will help you utilize all available tax incentives to your advantage.
Schedule a free consultation today to see why we come highly recommended by our clients. Let us show you how we can help optimize your business today and put plans in place to continue that success into the future.