Our COVID-19 Response Team is also available to help.
Mexico Manufacturing During the COVID-19 Crisis
Posted by Carlos Calderon on April 13, 2020
Carlos Calderon
Like most of the countries in the world, Mexico has been and will be significantly impacted by the Coronavirus outbreak. With the shutdown of non-essential activities, the peso has devaluated, the index of risk has risen and unemployment rates have soared.
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Financial Analysis – Days Cash On Hand
Posted by David Van Damme on April 6, 2020
In light of COVID-19, business owners, CFOs and operations managers are spending a lot of time thinking about cash flow. Now, more than ever, cash is king and understanding how to plan over the next few months and beyond is vital.
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CARES Act Special Rules for Use of Retirement Funds
Posted by Julie Killian on March 30, 2020
The CARES Act includes a number of provisions to allow access to retirement funds in employer-sponsored retirement plans.
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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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Financial Analysis – Utilization
Posted by David Van Damme on March 3, 2020
Senior Manager Dave Van Damme shares insights on a handful of key performance metrics to help business owners track financial performance.
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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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Financial Analysis – Revenue By Employee
Posted by David Van Damme on January 23, 2020
Senior Manager Dave Van Damme shares insights on a handful of key metrics to help business owners track financial performance. Here, he discusses revenue per employee so that business owners can better understand the relationship between revenues and costs.
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US Senate Approves the USMCA
Posted by Carlos Calderon on January 20, 2020
The United States, Mexico, Canada trade deal (aka. NAFTA 2.0), has finally been approved by the US Senate after 29 months of extensive negotiations. Republicans and Democrats came together to show support with 89 votes in favor of the new agreement.
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5 Considerations for Finding the Right CPA
Posted by Denise Asker on January 3, 2020
Whether you are handling business or personal finances, having a Certified Public Accountant (CPA) as your advocate is priceless. The right CPA can help you and your business move toward financial success and uncover areas of financial improvement.
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Be on the Lookout for R&D Tax Credit Changes
Posted by Bryan Powrozek on December 29, 2019
As the end of another calendar year approaches many companies are beginning to shift their focus to year-end planning. As the dust continues to settle on the changes implemented under the Tax Cuts and Jobs Act (TCJA) most taxpayers have familiarized themselves with the new tax landscape.
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Tips for a Smooth Audit
Posted by Julie Killian on December 19, 2019
Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth and relatively painless corporate financial statement audit.
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Industry 4.0 is Driving Transformation in Finance and Accounting
Posted by Clayton & McKervey on December 4, 2019
“The term Industry 4.0 conjures up images of high-tech factories filled with connected robots performing work previously done by people, but the technologies enabling this transformation are not just confined to the plant floor,”
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Considering Expanding to Mexico? Learn the Impacts of Taxes and Personnel Expenses
Posted by Carlos Calderon on November 26, 2019
It is true that Mexico has a highly qualified and competitive labor market, and a young population; however, it is mandatory -- and extremely important -- to factor in the personnel-related requirements below when expanding or operating in Mexico.
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Industry 4.0: It’s Not Just for Manufacturers!
Posted by Bryan Powrozek on November 21, 2019
The term Industry 4.0 conjures up images of the high tech factories filled with connected robots performing work previously performed by people. However, the technologies …
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Debt Restructuring: How Does it Impact Your Taxes?
Posted by Margaret Amsden on November 18, 2019
Throughout the ordinary course of business, you could very well find yourself in a position of insolvency which leads to the restructuring of your debt. Dealing with cash flow issues or insolvency can be very stressful and time-sensitive, and many business owners and taxpayers alike shudder at the thought of finding themselves in this state.
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Doing Business in the US: Challenges and Experiences of European Companies
Posted by Teresa Gordon on October 31, 2019
European companies open branches in the United States for a host of reasons. For starters, the US gives these businesses a completely new base of customers; a chance to step out from the almost saturated European market and stand out from the crowd.
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Getting Ready for Year-End Planning
Posted by Margaret Amsden on October 28, 2019
Every year brings a list of information filing requirements necessary to make sure that payees have the information needed to file their taxes. To assist with year-end business reporting, Clayton & McKervey has identified some items for you to consider.
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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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Turns on Inventory – Systems and Processes to Monitor Inventory Levels
Posted by David Van Damme and Jim Biehl on July 30, 2019
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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Thinking of Expanding your Business Overseas?
Posted by Sue Tuson on July 18, 2019
Thinking of expanding your business overseas? The first question is usually, “What’s the best way to start? Should I set up an office immediately or use an independent contractor familiar with the country?”
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Expanding into the US?
Posted by Teresa Gordon on July 2, 2019
International businesses expanding into the US, whether a manufacturer, distribution company or professional service firm, face similar challenges. Operational issues such as supply chain, vendor management and process or production optimization require close attention, as do human resources, sales and marketing.
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Using the R&E Tax Credit to Improve Profitability
Posted by Tim Finerty and Bryan Powrozek on June 26, 2019
Most system integrators have heard that the R&E tax credit can have an immediate impact on a company’s cash position as it frees up money...
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Where is the NAFTA Now?
Posted by Carlos Calderon on June 17, 2019
After Mexico, Canada and the USA officially signed the United States-Mexico-Canada Agreement (USMCA) in November 2018, many of us may have expected immediate action. Clearly, that was not the case! It is expected that this new agreement will bring more investment opportunities to promote the creation of jobs, effectively positioning North America as the most competitive region worldwide.
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Do You have to Adopt the FASB Revenue and Lease Standards?
Posted by Julie Killian on June 11, 2019
Do you provide monthly or quarterly financial statements to your bank or other stakeholders? Are those financial statements required to be prepared using US GAAP standards?
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Common GAAP Violations for Manufacturers
Posted by Kevin Johns on May 16, 2019
Across the manufacturing sector, there is a great amount of diverse strategies, footprints, and segment approaches as they deal with artificial intelligence augmented reality and the ever-increasing spread of robotics. From an accounting standpoint, the one thing that often unites these companies together is GAAP (Generally Accepted Accounting Principles) which provides...
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Now is the Time to Prepare for Next Year’s Taxes
Posted by Clayton & McKervey on May 8, 2019
This year marked the first of many under the new tax regime set in motion by the Tax Cuts and Jobs Act. Now that you have one year of experience under your belt, you can pivot your strategies to optimize your tax positions under the new legislation. Let’s walk through four easy steps you can take to ensure that next year’s tax season goes smoothly.
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50% Meals and More: Digesting the Latest TCJA Update
Posted by Margaret Amsden on January 2, 2019
Those planning to discuss business at the next tailgate, or talk shop over eighteen holes with the intention of writing off the expense on this year’s tax return, need to think again. In the IRS’s latest notice on the Tax Cuts and Jobs Act (TCJA), changes to Internal Revenue Code (IRC) Section 274 regarding meals & entertainment, entertainment expenses are strictly off the menu.
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Before Celebrating the New Pass-Through Deduction, Know if it Will Benefit Your Business, CPA Advises
Posted by Clayton & McKervey on September 21, 2018
Clayton & McKervey has noticed business owners’ enthusiastic response to the newly enacted Internal Revenue Code (IRC) §199A or the “pass-through deduction,” as part of the Tax Cut and Jobs Act (TCJA) that became law in December 2017.
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Tips for a Good Year-End Inventory Observation
Posted by Julie Killian on October 5, 2016
As business processes become more complex, the balance between the efficiency and effectiveness of operational procedures becomes more critical to examine. With the calendar year-end …
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Tips for a Smooth Audit
Posted by Julie Killian on September 14, 2016
Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth …
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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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