Month: August 2024

Eight Tax Questions Restaurant Owners May Want to Consider in the Last Four Months of 2024

In the blink of an eye, it will be September and there will be just four months left in 2024 to maximize tax credits and deductions for your business.

Here are some questions you may want to think about to make the most of the time left in 2024.

Have you been thinking about purchasing equipment, machinery, certain software, or furniture?

Under Section 179 of the tax code, you can deduct the full purchase price (up to certain thresholds) if you put the item purchased into service this year. As an alternative, you may be eligible for bonus depreciation under Section 168, where you can deduct 60% of a qualified expenditure this year and 40% over the remainder of the item’s useful life. (Bonus depreciation will decrease to 40% in 2025 and 20% in 2026; then, it phases out in 2027.) Before making any purchases, you may want to explore how energy-efficient equipment can help you reduce ongoing operating expenses.

Are you considering updating your restaurant?

Section 168 bonus depreciation can also be used for certain interior improvements. A cost segregation study may help identify fixed assets that qualify for faster depreciation (just give yourself enough time, as they usually take four to eight weeks to complete). If you own the building where your restaurant operates, additional tax deductions may be available for energy-efficient improvements.

Do you need maintenance or repairs performed on equipment?

As long as the maintenance or repair isn’t to a critical or major component, you may be able to deduct the full cost rather than capitalizing and depreciating it over time.

Are you looking for ways to strengthen your ability to attract and retain employees?

If you meet eligibility requirements, you may receive tax credits for certain benefits you provide to your employees, including health care coverage, retirement benefits, childcare, and education or student loan benefits. In addition, any year-end bonuses you give to employees are tax-deductible.

Are you looking to hire additional help for the holiday season?

Hiring members of certain groups, like veterans or public assistance recipients, may make you eligible for the Work Opportunity Tax Credit (WOTC).

With the holiday season approaching, should you step up marketing efforts?

Like other costs of running your business, advertising, and marketing expenses are usually deductible. You may also want to consider selling gift certificates to boost revenues this year (sales tax won’t apply until gift certificates are used).

If you’re hoping for a year-end burst in sales but worried about ending up with extra food, have you considered food donations?

Donating extra food to qualified non-profit organizations benefits the community and provides tax deductions – as long as you keep good records.

Should you stock up on bulk purchases of nonperishable goods?

It can help reduce your taxable income this year and give you some breathing room on purchases going into 2025.

If answering these questions brings up more questions, please don’t hesitate to reach out to the professionals at RBT CPAs for answers. We offer accounting, advisory, audit, and tax services – as well as estate and gift planning. To learn more, give us a call or send us a message. We would love to have the opportunity to show you how we can be Remarkably Better Together.

RBT CPAs never offshores work outside of the U.S., so you always know who is handling your financial information.

The Role of Financial Due Diligence and EBITDA in Business Transactions

When it comes to buying, merging, or selling a business, financial due diligence is critical. This thorough analysis of a business’s financial health provides a comprehensive understanding of its economic standing, mitigating potential risks and ensuring a fair deal for both parties involved. One factor that plays a significant role in this evaluation is EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization).

EBITDA is a financial metric that assesses a company’s operating performance. It’s essentially the net income with interest, taxes, depreciation, and amortization added back. EBITDA is used to analyze and compare profitability among companies and industries as it eliminates the effects of financing and accounting decisions. In straightforward terms, it reflects the profitability of a business before the influence of non-operating factors.

The importance of EBITDA during financial due diligence cannot be overstated. It delivers a clear picture of a business’s operational profitability by focusing solely on earnings from its core business operations. This enables potential buyers or sellers to make a more informed and objective evaluation of a business’s performance and potential.

EBITDA is an excellent indicator of a company’s financial health, and here’s why. When a potential investor or buyer examines a business, they’re interested in its ability to generate profits. EBITDA provides a more accurate reflection of this, as it excludes non-operational costs and potential tax shields—these are factors that can vary between businesses and industries and can distort the true operational performance of a company.

By using EBITDA, buyers and sellers can compare businesses in the same industry, regardless of size. It allows them to benchmark against industry averages and competitors, providing a fairer and more effective measure for comparison.

It’s important to note that while EBITDA is a useful tool, it should not be the sole determinant in a business transaction. It’s a non-GAAP (Generally Accepted Accounting Principles) measure, which means it can be susceptible to manipulation. Therefore, it should be used in conjunction with other financial metrics and a comprehensive due diligence process to ensure a holistic understanding of a company’s financial health.

If you are planning on buying, merging, or selling a business, RBT CPAs professionals are available to conduct financial due diligence. To learn more about our services and approach, give us a call or send us a message. We would love to have the opportunity to show you how we can be Remarkably Better Together.

RBT CPAs never offshores work outside of the U.S., so you always know who is handling your financial information.

An Update on the New York State Foundation Aid Formula Study

After Foundation Aid and the “hold harmless” provision survived New York’s 2025 budget process, Governor Hochul stated in her 2025 budget press release that education priorities include “a Rockefeller Institute study to examine Foundation Aid and prepare for formula changes next year.” Here’s what happened next…

The Rockefeller Institute embarked on a large Foundation Aid study that included collecting data, input, and feedback from numerous stakeholders, including school families, teachers, staff, administration, boards of education, appointed and elected officials, education experts, and education support and advocacy groups.

In July and August, the Institute hosted five public hearings in New York City, Buffalo, Farmingdale, Laurens, and Guilderland (click the link to see the livestream recording). Hearings featured invited stakeholders to provide testimony and then public comments about potential changes to the Foundation Aid formula.

By early December, the Institute is supposed to share its findings and policy options with the Legislature and the Governor.

Most constituents appear to be on board for changing the Foundation Aid formula, considering it was created in 2007, is based on census data from 2000, and doesn’t reflect how dramatically schools, learning, and demands have changed over the last 17 years.

At the hearings and via other channels, a variety of stakeholders presented their take on what needs to happen. NYSUT and UFT presidents shared their observations about where the Foundation Aid formula comes up short and what it should address. Both also expressed concern that the study focuses on financial sustainability versus providing a quality education.

Union members shared a variety of considerations from schools’ evolving role as a social safety net, geographic isolation contributing to costs, and a formula that uses outdated data to address mental health, housing and food insecurity, and other special needs.

The New York State Council for School Superintendents shared principles for the study, as well as recommendations. An education policy and advocacy organization asserted any changes need to be student and equity-focused, with funds reaching those requiring the most support. Budget watchdog groups and education law groups have their own opinions on the matter. One group is going as far as creating its own fair and equitable Foundation Aid formula.

(Even before the Rockefeller Institute study, the Association of School Business Officials drafted a State Aid Proposal and the NYS Educational Conference Board shared their recommendations for a Foundation Aid formula review.)

Although the Rockefeller Institute’s final public hearing was held on August 14, stakeholders can still share input via an online form through Friday, September 6, at 11:59 pm (EST). In fact, a number of school districts have shared information about the public hearings and online form to engage their communities in the discussion (and perhaps set the stage for Foundation Aid changes).

As you work to stay abreast of how Foundation Aid may change and what it may mean to your district, please remember you can count on RBT CPAs for your accounting, advisory, audit, and tax needs. Learn how we can be Remarkably Better Together. Contact us today.

RBT CPAs never offshores work outside of the U.S., so you always know who is handling your financial information.

Does Your Construction Business Need to Register to Pay Taxes in Another State?

Understanding and complying with nexus laws is critical for construction companies operating across state lines and within certain municipalities.

Nexus determines where a company has state or local tax obligations, which can be triggered by various factors. Once triggered, a company must register its business, collect sales tax, and file tax returns.

One of the most common triggers of nexus is economic activity. In general, economic nexus can be triggered when a company’s sales and/or number of transactions exceed a particular threshold. Thresholds vary by state and are subject to change. For example, in New Jersey economic nexus is triggered when you reach $100,000 in sales or have 200 or more separate transactions. In Florida, it’s triggered after $100,000 in sales.

There are additional triggers like physical nexus, which may occur when a business has people (i.e., employees, subcontractors, agents, remote workers, and more) or property (i.e., a storage warehouse) in another state.

A company must obtain a business registration in any state where it has nexus, collect taxes on sales, and regularly file sales tax returns. Registration deadlines vary by state. For example, in New York, it’s 30 days after meeting the threshold. For Florida, it’s the first day of the next calendar year.

Timely compliance is crucial. If a company doesn’t register as a taxpayer by a state’s deadline after nexus is triggered, it can face back taxes for the period it operated in the state without remitting sales tax. The company might also be liable for penalties and interest. In some cases, the state could hold the company’s owners or officers personally responsible for unpaid taxes.

Here are a few of the more common questions we hear about nexus and their answers:

How do I know if my construction business triggered nexus in another state or municipality?

Laws differ by states and even certain local municipalities, so it’s important to review local laws or consult a tax professional. Be aware that activities like subcontracting, storing materials, or temporary work assignments might trigger nexus. Also, different types of taxes (sales, income, franchise) have different nexus standards.

What do I need to do and by when if my construction business triggers nexus in another state or municipality?

You’re required to obtain a business registration, collect appropriate taxes from customers, and regularly file tax returns in that state or municipality. Deadlines for registration vary.

Does nexus impact payroll taxes for construction contractors and subcontractors?

If contractors or subcontractors perform work or have employees in a state where they establish nexus, they may be required to withhold and pay payroll taxes in that state.

Do I need to account for nexus in my bidding process?

If you are bidding on an out-of-state project, you should understand how nexus may impact your budget and bottom line. You want to avoid getting into a situation where not accounting for local sales taxes results in unexpected liabilities that reduce profitability.

The preceding information provides highlights – the many ways your business may trigger nexus and the resulting obligations are complex and varied. RBT CPAs tax professionals are available to help you understand and navigate nexus, so instead of worrying about tax obligations and repercussions, you can focus on managing your business and driving success. To learn more, contact RBT CPAs today.

RBT CPAs never offshores work outside of the U.S., so you always know who is handling your financial information.

What Local Union Leaders Need to Know About Recordkeeping Requirements

The Labor-Management Reporting and Disclosure Act (LMRDA) contains recordkeeping requirements for financial records that clarify or verify reports filed with the Office of Labor-Management Standards (OLMS). A union’s treasurer and president (or other corresponding principal officers) are responsible for ensuring their union meets these recordkeeping requirements.

After a report is filed with the OLMS, records must be maintained for five years. This includes all records used in the normal course of doing business and used to complete, read, and file the report (i.e., electronic documents and recordkeeping software). These records verify OLMS reports are complete and accurate.

Per an OLMS Fact Sheet providing guidance on LMRDA recordkeeping requirements, examples of records that should be retained include, but aren’t limited to:

Receipts and disbursement journals
Cancelled checks and check stubs
Bank statements
Dues collection receipts
Employer checkoff statements
Per capita tax reports
Vendor invoices
Payroll records

In addition, unions should retain records that help explain or clarify financial transactions, including:

Credit card statements and itemized receipts for each credit card charge
Former members’ ledger cards
Bank deposit slips
Bank debit and credit memos
Vouchers for union expenditures
Internal union financial reports and statements
Minutes of all membership and executive board meetings
Accountants’ working papers used to prepare financial statements and reports filed with OLMS
Fixed assets inventory

If you are not sure about whether to keep a record, you can contact the nearest OLM field office for advice.

A quick scan of Compliance Audit Program outcomes from audits conducted thus far in 2024 very clearly shows details matter. From failing to record a vending machine’s beverage sales and missing itemized receipts for meal expenses to not having an inventory of property that was discarded and failing to obtain countersignatures on all checks, audits are uncovering numerous issues (although many simply require the issue be fixed going forward).

Unions are subject to other recordkeeping requirements related to financial reports (where records must be retained for seven years), as well as staff, their pay, and benefits. Refer to your union’s policies and handbook for details.

As you work to keep your union in compliance with recordkeeping requirements, you can count on RBT CPAs for all of your accounting, advisory, audit, and tax needs. Learn how we can be Remarkably Better Together by contacting us today.

RBT CPAs never offshores work outside of the U.S., so you always know who is handling your financial information.

NOTE: RBT CPAs is not a law firm and the content in this article should not be construed as legal advice. Should you have questions, it’s in your best interest to contact your legal counsel.

Are You Keeping Up with Fair Housing Act Developments?

Activities to prevent bias and discrimination in housing have dramatically picked up speed on the Federal level and in New York. Guidance and communications reveal a multi-pronged approach to enforcing the Fair Housing Act by touching on a wide variety of activities from screenings to insurer practices and more. Following are highlights of a few national and state activities occurring since the start of 2024.

On February 23, HUD announced adjustments to civil monetary penalty amounts for 2024. These adjustments took effect on March 25. Fair Housing Act civil penalties range from $25,597 with no prior violations to $63,991 if there’s one prior violation and $127,983 if you have two or more priors. (Criminal proceedings may be pursued for complaints involving force or threat of force.)

In early April, HUD awarded over $30 million in grants to fair housing organizations working to address Fair Housing Act violations, including three in New York.

On April 29, HUD issued guidance on the Application of the Fair Housing Act to the Screening of Applicants for Rental Housing. It addresses ways to screen applicants in a nondiscriminatory manner and best practices for Fair Housing Act compliance. It also discusses the use of AI and machine learning in screenings. (Separate guidance was issued to address the use of AI in the advertising of housing opportunities.)

There’s also a proposed rule under consideration to amend existing regulations “for applicants with criminal records or a history of involvement with the criminal justice system and eviction or termination of assistance of persons on the basis of illegal drug use, drug-related criminal activity, or other criminal activity.” Stay tuned.

When it comes to New York, on April 22, an agreement was enacted as part of the 2025 budget “to address New York’s housing crisis by increasing the housing supply, promoting affordability, strengthening protections for New York renters and homeowners, and combatting bias and discrimination in housing.”

There were several changes to housing laws, including the Good Cause Eviction Notice taking effect in NYC and giving any other village, town, or city in New York the opportunity to opt in. As of the end of July, Albany, Kingston, Poughkeepsie, Rochester, and Ithaca had opted in.

On April 26, Governor Hochul shared a comprehensive assessment of fair housing in the state, with Fair Housing Matters NY and a new online mapping tool showing how fair housing issues impact New Yorkers. The report highlights key issues and defines goals and action items addressing housing disparities.

To promote Fair Housing compliance, an additional $2.2 million expanded New York’s Fair Housing Testing Program, where undercover testers act as renters and homebuyers to uncover discrimination and educate landlords, tenants, local governments, and real estate professionals on fair housing requirements. In addition, the Governor is creating a new unit dedicated to swift enforcement of housing discrimination related to Section 8 Housing Choice Vouchers.

As you focus on staying up-to-date on Fair Housing Act activities on both the Federal and state levels to promote compliance and protect your organization from penalties, you can count on RBT CPAs to be your trusted advisor for accounting, audits, taxes, and more. Learn how we can be Remarkably Better Together by contacting us today.

RBT CPAs never offshore work outside of the U.S., so you always know who is handling your financial information.

NOTE: RBT CPAs is not a law firm and the content in this article should not be construed as legal advice. Should you have questions about Fair Housing Act law or compliance, it’s in your best interest to contact your legal counsel.

Several Ways to Operate Your Brewery and Distillery More Sustainably

Sustainability is a way of operating to minimize negative impacts on the environment and use resources more effectively. Not only can it be a brand enhancer, as many potential customers feel better about doing business with companies that operate sustainably, but it can also save you money by eliminating waste and effectively using resources.

Every stage of brewing presents opportunities to operate more sustainably and, possibly, save money at the same time. From the water, energy, and other resources used for each batch of brew to sourcing, packaging, and transporting your product – not to mention all of the resources used when running a facility – there are numerous ways to reduce pollution and waste, promote energy efficiency, and lower greenhouse gas emissions.

An easy place to start is with your facility. Explore using LED lighting. Install energy-efficient windows and doors. Motion control lights, touchless taps in sinks, low-flow toilets, autoflush sensors, and hand dryers in bathrooms can help save energy and water. Even when buying paint, furniture, or cleaning products, there are eco-friendly options available. When it comes to the power you need for your entire operation, you may want to consider using renewable energy like solar or wind.

As for the actual brewing process, look for sustainable options at each stage. Starting with sourcing, if possible, grow some of your own ingredients (eliminating shipping and packaging costs); opt for organic; and source locally to improve freshness and reduce shipping and storage costs.

Turning to production, there are numerous to minimize waste and recycle. Reduce water and electricity consumption with retrofits or upgrades to new energy-efficient, automated equipment. Inspect equipment regularly for leaks and maintenance needs. Explore closed-loop water and cooling systems; heat exchangers to capture and reuse heat; and more.

When it comes to packaging, explore using recyclable or biodegradable materials. Not only is it environmentally friendly, but it also puts your business in a better position should legislation on reducing plastic and other materials in packaging come to fruition.

As for transportation, you may be able to reduce associated fees and carbon emissions by sourcing locally. If you have business vehicles, there are tax incentives available to go electric.

Finally, sustainability efforts offer ways to strengthen engagement with your employees and the surrounding community. Involve employees in your efforts by asking for their ideas and suggestions. Show you care about their development by paying for them to get sustainability certifications. Engage with the community by supporting and donating to environmental causes. Be a good neighbor and partner with local farms that can use wastewater and spent grains to feed livestock or for composting (you may even be able to charge a small fee).

Government resources are available to support your sustainability efforts. The U.S. Environmental Protection Agency administers the Energy Star program. NYSERDA, the New York Energy Research and Development Authority, offers services and resources to help you identify energy-saving opportunities, map out a strategy, and even find equipment. Both can also help direct you to related tax incentives.

For example, under Section 179, you can write off the purchase price of machinery, software, and vehicles. Plus there’s a 60% bonus depreciation that allows you to deduct qualifying costs for equipment placed into service in 2024. If you do research and development related to water recycling and waste management, you may qualify for an R&D tax credit. New York sales tax exemptions may also be available on certain purchases.

While you focus on the many aspects of running a successful brewery and distillery business, you can count on RBT CPAs to be your trusted advisor for accounting, audits, taxes, and more. Learn how we can be Remarkably Better Together by contacting us today.

RBT CPAs never offshore work outside of the U.S., so you always know who is handling your financial information.

Find Money in Your Billing Processes

When was the last time you took a close look at your practice’s billing processes and results?

Given the current inflationary environment, where everything from food to gas costs more, you may want to take a close look at your billing practices to help maintain and protect cash flow.

Effective billing practices are essential to capturing all possible revenue and maintaining or boosting your bottom line. Services rendered may not be correctly billed due to oversight, the lack of standardized processes, or insufficient training, and the costs of these mistakes can add up over time.

To address this, it’s a good idea to regularly speak with your staff about the importance of accurate billing and the negative financial implications of missed charges. Use this as an opportunity to foster teamwork and commitment to achieve a common goal: 100% accuracy in billing.

Consider making this responsibility part of job descriptions and performance reviews. Linking pay and performance for billing accuracy reinforces its importance and can motivate greater attention to detail.

Also, inexpensive rewards – like a pizza party at the end of a month with no billing omissions or a gift card to the person with the best track record for accurate billing – can go a long way to engage your team in upholding best-in-class practices.

As people get caught up in the flurry of daily office activities, shortcuts or slight adjustments to protocols may emerge and, over time, become routine. Keep your billing protocols intact with periodic training where procedures and protocols are reviewed and goals for billing accuracy are reinforced. To keep it interesting, consider conducting a “mock appointment” to refresh your team’s knowledge and understanding of expectations.

Regular audits of billing records can help identify billing errors, omissions, or oversights. This can range from simply auditing a few bills each week to hiring an outside firm to evaluate billing performance and opportunities. Watching key financial indices – like revenue-to-expense ratios or gross margin – can help identify red flags signaling potential billing issues.

Finally, with the constant evolution of technology, staying in the know about billing systems and capabilities can help you identify additional opportunities to automate and reduce the likelihood of missed fees.

If you simply can’t see adding these responsibilities to your already overflowing to-do list, give RBT CPAs a call. Whether you want to outsource bookkeeping and accounting, audit your practice or books, or rent a CFO part-time, we would appreciate having the opportunity to show you how we can be Remarkably Better Together.

RBT CPAs has been providing accounting, audit, advisory, and tax services to businesses in the Hudson Valley and beyond for over 55 years. We are proud to say 100% of our work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.

8 Ways to Counteract Rising Costs in Your Restaurant Business

Wages are up. Health insurance, business insurance, and utility costs are up. Food costs are up…no down…no up. Cost increases and volatility are putting a squeeze on all sectors, particularly restaurants and food services.

Here are eight strategies to consider for counteracting rising costs:

1. Efficient Inventory Management

Poor inventory management can lead to excessive waste, overstocking, and underuse of resources, all of which can contribute to higher costs. By implementing an efficient inventory management system, restaurants can better control spending and reduce unnecessary expenses. This might involve adopting a first-in-first-out approach, using technology to track inventory accurately, or negotiating bulk purchase discounts with suppliers. More frequent monitoring of your most used or most expensive items can also help

2. Strategic Menu Engineering

Menu engineering involves analyzing dish profitability and popularity to create a menu that maximizes profits. For instance, restaurants can highlight high-margin dishes, re-evaluate the pricing of less profitable items, and remove dishes that are neither popular nor profitable.

3. Portion Control

Portion control is an effective cost-cutting measure. Watch your recipe yields to ensure you’re getting what you expect. If you or your staff notice a lot of leftovers of a particular dish, consider adjusting the portion size. When you reduce waste, in addition to managing costs, you operate more sustainably, which can be a marketing point for your business.

4. Energy Efficiency

By implementing energy-efficient practices such as switching to LED lighting, installing energy-efficient appliances, and ensuring regular maintenance of HVAC systems, your business may see a reduction in utility costs.

5. Staff Training

Well-trained staff are more efficient, make fewer mistakes, and provide better customer service, all of which can help to reduce costs. Training should also address the importance of minimizing waste and engage employees in identifying opportunities to cut waste and costs.

6. Leveraging Technology

Technological advancements can help restaurants reduce costs and improve efficiency. For example, a point of sale (POS) system can streamline order taking and billing, while online reservation systems can help manage customer flow and reduce waiting times.

7. Raising Prices Strategically

While it might seem like an obvious solution, raising prices should be done strategically to avoid alienating customers. Instead of applying a blanket price increase, consider raising prices on less price-sensitive items, offering smaller portions at a lower price, or introducing premium items to boost revenues.

8. Shopping around

Especially if it has been a while since you compared costs for insurance, cable/phone, cleaning services, maintenance, food, ingredients, and more, it’s time to do some comparison shopping to see if you can find less expensive suppliers, products, and services.

When implementing any change, be sure to monitor effectiveness, track results, and make any additional adjustments necessary.

While you focus on managing costs, you can depend on RBT CPAs to focus on your business’ accounting, advisory, audit, and tax needs. Give us a call today so we can show you how we can be Remarkably Better Together.

RBT CPAs is proud to say 100% of its work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.

Charting Your Supply Chain Strategy in Stormy Waters

With escalating trade wars, geopolitical uncertainties and conflicts, the pending Presidential election, and more, U.S. manufacturers continue to navigate choppy waters to chart their supply chain strategy.

Building on President Trump’s 2018 tariff increase on goods from China, in mid-May, President Biden set out to address unfair trade practices and “artificially low-priced exports” from China that are “threatening American businesses and workers.” Under Section 301 of the Trade Act of 1974, tariffs are increasing on $18 billion of imports from China. Tariffs on electric vehicles are increasing from 27.5% to 100%. They are also increasing between 25% and 50% for semiconductors, steel and aluminum, batteries and critical minerals, solar cells, ship-to-shore cranes, medical products, and more.

In mid-June, the G7 (Britain, Canada, France, Germany, Italy, Japan, and the U.S.) pledged to protect their manufacturers against China’s unfair practices and discussed shifting production to countries like Vietnam and Mexico. (India and Bangladesh are also popular options).

For U.S. manufacturers, nearshoring by bringing production to Mexico appears to be an attractive option. In fact, in 2023, Mexico replaced China as the leading exporter to the U.S. thanks to low labor costs, its proximity, and the US/Mexico/Canada free trade pact (USMCA) which removes barriers to buying, selling, and moving parts across the continent.

However, there’s a problem. According to a report from the Alliance for American Manufacturing, “Countries like Vietnam and Mexico have become routes for Chinese manufacturers to flood the American market with the products they have difficulty sending here directly.” In some cases, China is setting up operations in other countries to bypass the U.S. tariffs. In others, it’s shipping supplies to local manufacturers that ship it out under their name.

Perhaps that’s why onshoring (also referred to as reshoring) remains the preferred supply chain strategy among U.S. manufacturers. Fictiv’s 9^th annual State of Manufacturing report indicated, “For the third year in a row, improving manufacturing and supply chain visibility (54%) is the top priority for leaders, followed by increasing supply chain resilience and agility (48%).” The report indicates manufacturing leaders are considering global tensions as they go about long-term planning and are continuing to adopt onshoring as their lead supply chain strategy.

Finding supply chains offering stability, flexibility, shorter lead times, sustainability, lower costs, and ultimately a competitive advantage is no easy task, especially given the current environment. If you’re looking for more information or assistance, the Manufacturing Extension Partnership’s (MEP’s) National Network offers services to help improve supply chain performance and manage disruptions. This may include supply chain mapping and risk assessment; supplier scouting; process improvement and supplier development; and procurement and supply chain management strategy.

While you focus on your supply chain and other priorities, you can count on RBT CPAs to focus on your accounting, advisory, audit, and tax needs. Give us a call or send an email and let us know what you need. We would appreciate having the opportunity to show you how we can be Remarkably Better Together.

RBT CPAs is proud to say 100% of its work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.