One of the biggest fears of any food manufacturer is the risk of foreign object contamination of their products. Yet, it seems that there is not a week that goes by without news of another recall related to some type of contamination or issue related to a foreign...
The AICPA’s Statement on Accounting Standards No. 136 (SAS 136) will meaningfully change the audit process for defined contribution plan sponsors. The AICPA issued SAS 136 in July 2019 with the goal of giving readers of the audit report a better understanding of the...
There is nothing like the excitement of starting your own business and being your own boss. Branching out on your own can be extremely rewarding however, it can also bring many challenges from a financial and operational perspective. In fact, according to data from...
One of the most devastating issues that a company can face is internal fraud. I’ve seen this impact the smallest and the biggest of companies. Either way, the emotional, operational, and financial disruption that follows these incidents can be a challenge for...
The past 18 months have been a challenge and undoubtedly created some form of disruption for just about any type of business due to the pandemic. However, for manufacturers, the pandemic has created a unique challenge as the availability of labor, raw materials, and...
The pandemic undoubtedly created a different type of shopping experience for consumers over the past 18 months, which required retailers to manage through some major disruptions. Decreases in foot traffic, face-to-face customer engagement, in-store experiences,...
For many companies, inventory represents a significant asset on the balance sheet. Whether it’s goods for resale, work in process, or raw materials, the sum of these can represent a significant portion of a company’s assets. Given the size of this asset, it’s...
For many manufacturers, the pandemic had a significant impact on capital expenditures in 2020. Most scaled back plans to build, renovate, make general improvements, or add lines, as the pandemic required a shift to focus more on managing their current levelsof...
One of the most critical areas that we recommend small businesses monitor on a continuous basis is cash flow. No matter if you are just starting your business or if you have been operating for several years, cash flow is the lifeblood of just about any entity, and in...
With the myriad of challenges and issues that businesses have had to navigate this past year, it can be easy to become distracted and lax with basic protocols and controls designed to mitigate losses due to theft and fraud. Historically, an increase in theft and fraud...