 HARDING, SHYMANSKI & COMPANY Certified Public Accountants and Consultants
Our Goal: Your Success! Aug/Sept 2011 |
|
|
| Employee Tips & Whistleblower Hotlines are the Most Effective Way to Detect Fraud | |
According to a recent report by the Association of Certified Fraud Examiners (ACFE), the manufacturing industry ranks 2nd out of 22 industries in occurrences of fraud, with a median loss per fraud of $300,000.
Employee tips are far and above the most effective way of detecting fraud, uncovering 34% of the cases per the ACFE Report to the Nations dated March 2010. The next most common method was Internal Audit at 11%.
You can download a copy of the report at http://www.acfe.com/rttn/2010-rttn.asp.
To learn how to impliment a Fraud Reporting Hotline at your company contact Priscilla Capes at 502.584.4142 or pcapes@hsccpa.com |
|
|
| Manufacturing and Wholesale Distributors | |
Is today's business environment presenting unique opportunities and issues for your manufacturing operation? How are you addressing the push from your customers for continuous quality improvement? Are you having difficulty finding and retaining quality employees? Add to these issues declining profit margins and strained resources due to rapid growth and you have major challenges facing you day in and day out.
At Harding, Shymanski & Company, P.S.C. we have a dedicated team ready to assist you with those unique challenges and issues facing your industry.
|
|
Spring 2011 McGladrey Manufacturing & Distribution
Monitor Report results seminar | |
After delivering five years of annual industry snapshots, McGladrey has expanded its study to provide surveys on a quarterly basis in order to provide industry leaders and policymakers with a continuous stream of fresh, focused data and insight.
The first quarter spring 2011 survey revealed that 90% of the 904 responses collected are optimistic about their businesses. Furthermore, 45% indicated their businesses are "Thriving and Growing," nearly double the percentage from last year's numbers and the highest level we have seen since 2007. And over half of the respondents plan to increase their work force in the next 12 months!
Join us for this event where Karen Kurek, the National Manufacturing Leader for McGladrey, will bring us up to date with the recent sentiments and trends in the manufacturing and wholesale distribution industry.
In Louisville:
When: Wednesday, August 17, 2011
Where: Galt House Hotel - East Tower - Wilkinson Room
Time: 11:30 am-1:30 pm (buffet lunch provided)
Cost: $35 per person - free for members of GLI and One Southern Indiana Manufacturing networks as well as HSC clients.
To register contact Leslie Eatherly at 502.584.4142 or leatherly@hsccpa.com
In Evansville:
When: Thursday, August 18, 2011
Where: Old National Bank Autitorium
Time: 7:30 am- 9:30 am (continental breakfast provided)
Cost: $40 per person - free to TSMA members
To register contact Julie Bennett at 812.425.8147 or jbennett@ccswin.com
|
|
IRS Increases Mileage Rate to 55.5 Cents per Mile | |
In recognition of recent gasoline price increases, the Internal Revenue Service has announced an increase in the optional standard mileage rates for the final six months of 2011. The rate will increase to 55.5 cents per mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011.
The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
For more information please contact John Rittichier at 502.584.4142 or jrittichier@hsccpa.com |
|
|
|
|
The Energy Tax Aspects of the Area's MWD Industry | |
Many Kentucky and Indiana manufacturers are implementing energy-efficient projects to remain competitive and are enjoying substantial savings as a result.
In the articles linked below, Charles Goulding, a national leader in energy tax benefits, has summarized why warehousing and manufacturing plants in Indiana and Kentucky should consider acting now to make their buildings more energy efficient.
Kentucky: http://tinyurl.com/3ucpczh
Indiana: http://tinyurl.com/3fkms6n |
|
Calculating the Financial Benefits of Lean using Lean Accounting - Part 1 of 4 |
Well run businesses make business decisions that make financial sense. Executives want to know the financial impact of business decisions on revenue, costs, profits and stock price. Chief financial officers, controllers and the entire finance team have the responsibility of analyzing business decisions and the financial impact of such decisions.
For companies considering the adoption of a lean business strategy, the role of the finance team is the same. However, the financial analysis requires financial people to understand the impact a lean strategy will have on the company's production capacity and be able to produce a financial analysis that does not rely on traditional standard costing analysis.
A lean business strategy is a business growth strategy. How this strategy works can be best summarized as follows: lean practices, tools & methods are adapted to create a culture of continuous improvement, which reduces and eliminates wasteful activities, creating available productive capacity. Lean companies make money by increasing sales to use that productive capacity and developing other sound business practices to reallocate and eliminate unused resources.
Calculating the financial benefits of lean is an initial part of a lean business strategy that forces company management to begin addressing the success of a lean implementation before the success occurs. The role of finance is to lead a cross functional effort (e.g. a Lean Steering Team) to address how the company will create programs and actions to address the productive capacity that will be created as lean implementation proceeds.
Read the October/November issue for the second part of this four part article written by Nick Katko of BMA.
Please contact Scott Olinger at 502-584-4142 or solinger@hsccpa.com or Brant Kennedy at 800-880-7800 or bkennedy@hsccpa.com |
|
Manufacturing - Economic Update - Louisville, KY Metro | |
Despite a continued downward long-term trend in Louisville Metro manufacturing employment, manufacturing continues to be a key factor in overall employment growth. According to Uric Dufrene, Sanders Chair in Business, IU Southeast, one of the reasons why Louisville employment shrank during the recession was the link between financing availability and the ability for one to acquire durable goods. Durable goods are larger ticket items that depend on the consumer or business's ability to acquire financing. Financing dried up around the financial crisis, making it difficult to purchase durable goods like automobiles, appliances and furniture.
As can be seen from the graphs in the article, there is a close link between the change in Louisville employment and the change in durable goods orders. Local manufacturers, suppliers and transportation and warehousing are all impacted by national durable goods activity. To read the full article, click the following link: http://tinyurl.com/3syw8rz |
|
|
Harding, Shymanski & Company, P.S.C. provides accounting, tax, and consulting services to clients from offices in Evansville, Indiana, and Louisville, Kentucky.
Call us today! (800) 880-7800 in Evansville and (502) 584-4142 in Louisville
|
| Disclaimer |
The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax or accounting advice. |
|
|
|
|
|
