MMA October: COVID-19 Financial Tips
Posted by Jim Biehl on October 19, 2020
Jim Biehl
COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. Shareholder Jim Biehl shares financial tips for managing the ongoing COVID-19 fallout in the October issue of the Michigan Manufacturers Association (MiMfg) magazine.
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Navigating Global Trade During a Worldwide Pandemic
Posted by Jim Biehl on September 28, 2020
When COVID-19 emerged, global trade was brought to a standstill. Today, the global economy has slowly begun to recover, but in order to maintain trade functions that supply goods to the world, companies must adapt to the “new normal.”
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COVID-19 Cash Flow Planning
Posted by Jim Biehl on July 20, 2020
The COVID-19 pandemic caught many businesses by surprise. Beyond just health concerns, the combination of forced business closures, stay-at home-orders, and general fear about transmission created an unforeseen economic situation.
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New Survey Findings Reveal the Impact of COVID-19 on Manufacturers
Posted by Jim Biehl on June 2, 2020
COVID-19 has profoundly impacted business. The combination of stay-at-home orders, forced business closures and fear of virus transmission meant some businesses had to cease operations entirely while others were tasked with challenging modifications to comply with state and local regulations.
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To “C” or not to “C”? That is the Question
Posted by Jim Biehl on March 17, 2020
Whether it is nobler in the mind to suffer the higher effective tax rates as a flow-through entity, while maintaining optimum future planning flexibility, or elect to convert your flow-through entity to be taxed as a C corporation, and by doing so realize the immediate and delicious 21% “permanent” C corporation tax rate?
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Demystifying the Financial Statement
Posted by Jim Biehl on February 12, 2020
Owners spend years amassing the knowledge and experience necessary to become masters at their craft. Passion for the work and the satisfaction of helping clients is what drives them – not necessarily administrative tasks like financial accounting and reporting.
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I Bought the Building, So Now What?
Posted by Jim Biehl on August 15, 2019
Many business owners “do the math” and determine that it makes financial sense to buy the building(s) in which they operate the business, instead of continuing to rent. Generally the analysis they perform to make this decision is focused on real estate prices, current rental and interest rates, and the desire to build equity in the investment.
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The Secret to Longevity in Business
Posted by Jim Biehl on February 6, 2019
Have you ever wondered how some companies last for generations while others fade into obsolescence? In the firm’s long history of working with closely-held businesses, …
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Top 5 Questions about Sales & Use Tax
Posted by Jim Biehl on August 26, 2014
1. Do I have to charge sales tax on my sales to customers in my home state? Individuals or businesses that sell tangible personal property …
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Top 5 Questions on State Income Tax Nexus
Posted by Jim Biehl on August 5, 2014
As companies expand and begin to sell, deliver, and/or maintain products in multiple states, there are tax impacts that need to be researched …
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Sales Tax – Evolving Nexus Standards
Posted by Jim Biehl on June 24, 2014
Almost all 50 states have a type of sales tax. This tax often helps fund vital projects such as roads, police, …
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Turns on Inventory – Systems and Processes to Monitor Inventory Levels
Posted by David Van Damme and Jim Biehl on June 22, 2020
You’re in the wholesale or distribution space and have a huge asset, called inventory, which needs to be converted to cash, but you aren’t great at tracking or counting it and you are not really sure which items are sitting. So what do you do?
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Managing Cash Flow through Data Analytics
Posted by Ben Smith and Jim Biehl on June 16, 2020
Every business should regularly review cash flow and optimization opportunities to ensure the highest level of financial vitality. Maintaining a clear picture of this important metric is not only essential to effective decision making but also necessary for managing the unexpected.
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