Manufacturing & Distribution

Barfield, Murphy, Shank & Smith has worked extensively clients in the manufacturing and distribution industries since the beginning of our firm.

Our knowledge goes far beyond the accounting and tax services a typical firm might offer. For example, we have developed daily management sheets so that manufacturers can stay on top of financial conditions. We review with our clients their financial statements every month and performed quarterly reviews. Receiving current and correct information and sound advice from BMSS allows you to be more successful, by making correct decisions at the RIGHT time.

How does BMSS help manufacturing & distribution clients?

  • Advised how to better track job costs - changes that often have an immediate impact on the bottom line
  • Assist with hiring and developing organizational charts to improve efficiency
  • Cost segregation analysis to allow additional depreciation resulting in tax savings
  • Develop systems to help better manage cash flow
  • Inventory counts and inventory analysis to better identify slow-moving items
  • Review financial statements with clients and perform quarterly reviews
  • Sales & use tax audits
  • Specialized tax strategies such as Section 179 deduction
  • Succession and continuity planning
  • Work to reduce costs in areas such as worker’s compensation and insurance

What kind of impact do we have? We introduced accounting, tax and business changes in one manufacturing client that turned two consecutive $1 million-loss years into a $1 million-profit year.  In another, we developed a plan to reduce scrap that added more than a quarter of a million dollars to the company’s bottom line. We have saved manufacturers thousands in taxes with LIFO calculations.

BMSS Manufacturing & Distribution Practice Group