Manufacturing / Distribution

The manufacturing and distribution industries are experiencing revolutionary change. From the growing adoption of cloud-based technology and 3-D printing to digitization strategies to speed the pace of innovation, the next generation of manufacturing is here.

At the same time, manufacturing companies are affected by economic and policy decisions, such as changes under tax reform, increasing tariffs, and the challenge of finding skilled labor. The partner-led manufacturing services team at Lumsden McCormick understands the unique challenges you are facing. Our team of professionals, who concentrate their practice in manufacturing and distribution, understand changing industry trends and challenges, and team members participate in ongoing, specialized training.

Our client experience includes a wide array of manufacturing specialties including food processing, custom fabrication, advanced manufacturing, and large equipment. As a result, we have the expertise to assist you with all aspects of your manufacturing operations, from meetings with lenders to implementing costing systems. We continually seek tax compliance and optimization by evaluating allowable income reporting options and maximizing available credits. 

Our manufacturing services include:

Accounting, Audit, and Assurance Services

• Audits, reviews, and compilations of financial statements
• Accounting systems, policies, and procedures
• Cost accounting
• Employee benefit plan audits
• Forecasts and projections
• Internal audits
• Operations and internal control audits

Tax Services

• Business structure
• Corporate taxation
• Cost segregation studies and depreciation optimization
• Domestic International Sales Corporation (IC-DISC)
• Federal and state tax audits
• Individual taxation 
• International (cross-border) taxation
• LIFO (last in, first out) inventory strategies
• Multistate nexus and taxation
• Sales tax reporting and compliance
• State and local tax issues
• Tax credits and incentives
• Tax planning

Consulting Services

• Business valuations
• Cash flow analysis
• Implementing costing systems
• Internal vs. external financing decisions
• Bank financing
• Level payments versus principal plus interest
• Installment loans
• Forensic accounting and investigations 
• General ledger consulting
• Inventory control
• Internal control analysis
• Lease vs. buy decisions
• Mergers and acquisitions
• Software systems
• Strategic planning
• Succession planning

Firm Resources

• Buffalo Niagara Manufacturing Alliance (BNMA)
• Manufacturers Association of the Southern Tier (MAST)
• American Institute of Certified Public Accountants (AICPA)
  • AICPA Employee Benefit Plan Audit Quality Center
• New York State Society of Certified Public Accountants (NYSSCPA)
• BDO Alliance USA
• American Society of Appraisers (ASA)
• Association of Certified Fraud Examiners (ACFE)
• Certified Financial Planner Board of Standards (CFP)
• National Association of Certified Valuation Analysts (NACVA)
• Public Company Accounting Oversight Board (PCAOB)

For more information about our accounting and consulting services for manufacturing businesses, contact Jonathan Roller, Brian Kern, or complete the form below.