Accounting Services for Manufacturers

Understanding the nuances of your business is the first step in successful financial planning for manufacturers and consumer goods companies. Amid increasing costs, global competition, and rapidly changing regulatory and tax codes, the manufacturing industry faces a litany of challenges that require strategic planning, acute insight, and operational expertise.

The experts at Barton, Walter & Krier can create a robust tax strategy to enable your business to thrive regardless of the current economic conditions. We offer tailored guidance on tax incentives, supply chain analysis and strategy, and operations to drive growth while mitigating risk in times of uncertainty. From high-level overviews to detailed audits, we provide the assurance you need that your financial reporting is accurate and meets all industry standards.

While we can’t control unforeseen disruptions, we can help you stay focused to meet the increasing demands of your customers and grow your market presence now and in the future.

• Audits

• Reviews

• Compilations

• Retirement planning and consulting

• ERISA plan audits

Manufacturing accounting goes well beyond tracking revenue and expenses. The financial picture of a manufacturing business has complexities like cost variance tracking and multi-stage inventory. That includes details of raw materials, work-in-progress, and finished goods. Each of these categories requires accurate valuation so the cost of goods sold reflects what it truly costs to manufacture and move each unit.

For small and middle market manufacturers without a dedicated finance team, these complexities add up quickly. BWK’s manufacturing CPAs provide the necessary foundation and oversight for a clear picture of your numbers.

There are a lot of moving parts to the manufacturing tax picture. Between factors like inventory accounting methods and R&D credits, the margin for missed opportunities can be significant. Section 179 and bonus depreciation alone can make a meaningful difference in years when capital has reached serious heights. 

Manufacturing tax professionals can:

• Identify and apply applicable tax credits

• Advise on inventory accounting method selection and its impact on taxable income

• Structure equipment purchases to maximize depreciation benefits

• Navigates state-specific tax obligations and multi-state compliance where applicable

• Align entity structure with long-term tax and operational goals

Accurate financial statements provide a manufacturing business with compliant operations and clear view of where the business stands. BWK provides financial statement audits, reviews, and compilations tailored to your reporting needs. For companies sponsoring retirement plans with 100 or more participants, a federally required ERISA audit is also part of the picture.  

When financing or outside capital comes into the picture, the quality of your financial reporting matters all the more. Prepared, accurate statements will give lenders and investors the confidence they need to move forward with your business.

The manufacturing sector in and around Minneapolis and St. Paul spans everything from medical devices to consumer goods. Each business comes with its own accounting and compliance demands. 

Barton, Walter & Krier brings accounting and tax services specific to the demands of your sector. Our team understands the pressures Minnesota businesses face, and we work alongside you to stay ahead of it.

Learn more about how BWK can help your manufacturing business. Contact us to speak with an accounting or assurance professional.