Inventory is a key balance sheet item for many companies. Depending on the nature of your operations, inventory may include raw materials, work-in-progress (WIP) inventory and finished goods. While you need to have enough inventory on hand to meet your customers’ needs, ca...

As the end of the first quarter of the 21st century nears, cloud computing has become an integral part of the modern-day manufacturing environment, growing in leaps and bounds over the last decade. Indeed, the use of this technology has spurred efficiency in manufacturing pr...

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...

When it comes to business structure, manufacturing company owners have a few choices. Among them are an S corporation and a limited liability company (LLC). They’re popular with manufacturers because of their combination of liability protection and tax benefits. Both forms...

The U.S. House of Representatives passed the Tax Relief for American Families and Works Act on January 31, 2024. Since then, the bill has stalled in the Senate. Congress left Washington on Friday, March 22nd, for a two-week recess, so there is now little or no chance for any...

By now, many of you have become aware of newly enacted Federal Beneficial Ownership Reporting that passed as a part of the Corporate Transparency Act. For many Minnesota entities, the Minnesota Secretary of State sent out a notice stating that the filing is free and you shou...

Boyum Barenscheer is pleased to announce the promotion of Travis Noe to the position of Chief Information Officer (CIO). As the new CIO, Travis will be responsible for overseeing Boyum Barenscheer's IT infrastructure, leading the development and implementation of innovative ...

The quest for skilled laborers in the manufacturing sector continues. Indeed, more than 600,000 manufacturing-related jobs remained open in December 2023, according to the U.S. Bureau of Labor Statistics. The Manufacturing Institute, an independent industry advocate, recentl...

Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good idea to occasionally revisit your billing and collections processes to ensure they’re as efficient and effective as possible. Consider t...

Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely mann...

When manufacturers purchase equipment and other tangible property, various tax breaks are available, including Section 179 expensing and first-year bonus depreciation. For 2024, bonus depreciation has dropped another 20 percentage points in its gradual phaseout under the Tax...

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations:...