Manufacturing

At Lumsden McCormick our CPAs understand the unique challenges those in manufacturing and distribution face. Our partner-led manufacturing services team consists of professionals who concentrate their practice primarily in this area and, to better understand changing industry trends and challenges, we provide team members specialized training annually.

Our client experience includes a wide array of manufacturing specialties covering various industries such as food processing, custom fabrication and large equipment.  This experience has provided us with the expertise to assist clients with all aspects of manufacturing operations, from meetings with banks to costing systems. We continually seek tax compliance and optimization by evaluating allowable income reporting options and maximizing available credits.   

Our manufacturing services include:

Audit and assurance services

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

Tax services

• 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
• Multi-state nexus and taxation
• Sales tax reporting and compliance
• State and local tax issues
• Tax credits and business development incentives
• Tax planning

Consulting services

• Accounts receivable
• Business valuations
• Cash flow analysis
• Costing systems
• Financing
• Bank financing
• Level payments versus principal plus interest
• Installment loans
• Fraud prevention, audits, and investigations 
• General ledger consulting
• Inventory control
• Lease vs. buy decisions
• Mergers and acquisitions
• Software systems
• Strategic planning
• Succession planning and business structure
• C Corporations
• S Corporations
• ESOP (employee stock ownership plan)

Firm resources

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