Our clients in the manufacturing and processing sector look to DZH Phillips for assistance with a broad range of accounting and compliance needs. In working with them, our challenge is to help these clients increase profit and remain competitive in a changing market. While we tailor our services to their specific needs, many of our clients rely on us for cost reduction and accounting, profit and budget analysis, cash flow management, multi-state tax filings, business planning and investment decisions, incentive compensation plans, and financial audits, reviews, or compilations.
Compliance and accounting assignments make up the majority of the firm’s work with distributors. Due to the nature of their business, distributors are subject to the competing demands of increased global competition and a need for consolidation within their industry. At DZH Phillips, we provide tax preparation and assurance services, as well as consulting in the areas of cost accounting, inventory control, and multi-state/international shipping.
The food and beverage industry is highly competitive, and with new products and markets constantly in development, the most successful businesses are those that have a firm grasp on their current financial standing and a realistic view of their market share. DZH Phillips has years of experience helping clients in the food and beverage processing industry. We bring a thorough knowledge of the various credits and incentives, operational efficiencies, and international manufacturing and shipping considerations that can impact your business’ finances. Our specialized industry experience also informs our knowledge of issues that have the greatest impact in the food and beverage sector, such as the establishment and documentation of food safety processes and procedures for required monitoring; sales tax planning in relation to movement of operations during growing seasons; and tax deductions for donations of excess, unused food.
Manufacturers are under immense pressure to produce more, better, and faster. The competition for products and markets is never-ending, and today’s success is often short-lived. DZH Phillips helps clients in the manufacturing industry capitalize on the specific accounting, tax, and operational strategies they can implement to facilitate informed decision making and long-term financial growth. We begin by examining your current finances and past tax returns to determine eligibility for certain tax credits and incentives available for businesses in the manufacturing industry. Our professionals also are well-versed in the various tax considerations and assurance procedures that come into play for manufacturers who perform work outside of the United States.
DZH Phillips advocates “lean manufacturing” as the key to maximizing your profitability and maintaining a competitive advantage. When you work with us, we’ll uncover operational efficiencies and address strategies that will ultimately save your business time and money.
Tax planning and compliance are of vital importance to wholesalers. The tax professionals at DZH Phillips have abundant experience working with wholesalers to reduce tax burden through effective planning, forward distribution, and virtual manufacturing strategies. Our planning process includes a thorough examination of your business’ real estate considerations, including whether storage buildings are owned or leased, cost segregation to maximize depreciation, energy tax credits for “green” upgrades, and sub-leasing extra space. We also work with you to understand the logistics around distribution, as there are often opportunities to allocate income to states with lower tax rates, and to explore how virtual manufacturing can help you minimize your inventory holding.