We are excited to partner once again with McGladrey, LLP as they launch the 2014 McGladrey Manufacturing & Distribution Monitor survey today, February 18th.

Since 2006, the McGladrey Manufacturing & Distribution Monitor has helped companies address operational efficiencies, growth strategies, exporting best practices and more. Monitor results and analysis are shared with media, industry associations and government policymakers to help these groups understand the challenges and concerns facing our industry today. We encourage you to weigh in on issues that affect the success of your business.

In order to reflect the increasingly global nature of business for middle-market manufacturers and distributors, the 2014 Monitor is expanding participation to include companies based outside the U.S., in countries including Mexico and Brazil. Through your participation in the survey, Harding, Shymanski & Company, P.S.C., will be able to provide you:

• A customized benchmark report comparing your responses to those of your peers across the country, as well as to groupings of companies similar to your own.
• Data to help you plan and execute your strategic objectives.
• An industry advocate who will provide insights to congressional and administrative representatives on your behalf.

Please complete the questionnaire to the best of your ability, based on conditions at your company. Submit your completed survey by March 7th so your responses can be incorporated into the final analysis. It should take approximately 15 minutes to complete the survey.

Please click here to take the survey.

If you have any questions or need assistance with the survey, please contact Brant Kennedy, CPA at 800.880.7800 ext. 1425.

Note that your individual and company information is kept confidential. McGladrey LLP will only share identifiable data internally and with vendors assisting in the creation of the study. Responses will be reported out to third parties only in the aggregate through McGladrey reports and articles, benchmark reports and presentations.

The BEAM Kentucky Export Promotion Grant, provided by a generous donation from the JPMorgan Chase Foundation offers grant awards of up to $4,500 to qualifying small companies to help them increase their export capacity and activity.

Does your small company need business development assistance to prepare for exporting activity? Is your company already exporting, but needs support to explore new market opportunities?

Future Exporters – Grant funds help qualified future exporters purchase business development services to prepare them for the international marketplace.

Current Exporters – Grant funds help current exporters to identify and execute new international sales opportunities. Awards can be used for market research, business to business matchmaking services, strategic planning assistance, financial and cash flow analysis and planning, improvement of web presence, education, translations, trade shows and more.

BEAM Partner Providers – BEAM partner provider organizations are members of the Kentucky Export Initiative and represent the state’s leading business and export development organizations.

Thinking of applying? Click here to learn if your company is eligible.

APPLY NOW

Harding, Shymanski & Company, P.S.C. has joined the American Institute of Certified Public Accountants’ (AICPA) Governmental Audit Quality Center for CPA firms. The Center is a national community of CPA firms that demonstrate a commitment to governmental audit quality and raise awareness about the importance of governmental audits. The Center provides members with best practices, guidelines, and tools CPAs need to perform quality governmental audits and better serve their clients.

Members of the Center demonstrate their commitment by voluntarily agreeing to adhere to Center membership requirements, including designating a partner responsible for its governmental audit practice, establishing quality control programs, performing annual internal inspection procedures, and making the firm’s peer review report findings publicly available.

The Internal Revenue Service (IRS) released a list of warnings to protect the public from tax season scams.

• Be vigilant of any unexpected communication purportedly from the IRS at the start of tax season (January 31).
• Don’t fall for phone and phishing email scams that use the IRS as a lure. Thieves often pose as the IRS using a bogus refund scheme or warnings to pay past-due taxes.
• The IRS doesn’t initiate contact with taxpayers by email to request personal or financial information. This includes any type of e-communication, such as text messages and social media channels.
• The IRS doesn’t ask for PINs, passwords or similar confidential information for credit card, bank or other accounts.
• If you get an unexpected email, don’t open any attachments or click on any links contained in the message. Instead, forward the email to phishing@irs.gov. For more about how to report phishing scams involving the IRS visit the genuine IRS website, IRS.gov.

While generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) are considered to be the standard of financial reporting, there is another option to consider. The newest framework released in June 2013 by the American Institute of CPAs, the Financial Reporting Framework for Small-and Medium-Sized Entities (FRF for SMEs), is another option. This framework provides efficient and meaningful financial statements that are less complex and more cost-effective than those required to issue GAAP-based reports.

To learn more about this compelling new option, click here for the full article written by Scott A. Olinger, CPA, CPIM, Vice President in Charge – Louisville Region.

Indiana is #1 in manufacturing jobs per capita in the nation and #2 in manufacturing job growth according to Indiana’s State Lieutenant Governor Sue Ellspermann. The Lt. Governor’s remarks were shared at the Tri-State Manufacturers’ Alliance 3rd Quarter Event “The State of Manufacturing” sponsored by Harding, Shymanski & Company, P.S.C.  in Evansville last Thursday. During her presentation, Lt. Governor Ellspermann stated, “In manufacturing, we have 6,000 new job commitments and nearly $1B in capital investments.” She went on to say that much of this success can be attributed to the State’s efforts to make Indiana a great place to do business.

After conducting nearly 50 Business and Ag Roundtables since May, the Lt. Governor reports that among the top concerns identified during the roundtables were: difficulty in filling workforce jobs even with 6-10% unemployment, lack of basic work readiness, and lack of skilled workforce. For the complete presentation, click here.

In addition, Karen Kurek, Managing Partner from McGladrey LLC shared the results of the McGladrey 2013 Manufacturing & Distribution Monitor Report. This year’s report covers outlook for growth; cost expectations and maintaining margins; workforce and business proximity; and information technology.  In addition to the full report, a number of customized reports are available by state.  Download a copy of the 2013 Monitor Report here.

Ms. Kurek also delivered the Report’s results as part of One Southern Indiana‘s Metro Manufacturing Alliance Summit event last Friday in Sellersburg, Indiana. Kurek was joined by Sharon Rice, Executive Director, APICS E&R Foundation, Dr. Uric Dufrene, Executive Vice Chancellor for Academic Affairs IU Southeast, and a Workforce Development Panel Discussion led by Wendy Dant-Chesser, President & CEO of One Southern Indiana. Dr. Dufrene shared insights on the regional economic outlook saying that he is “more optimistic than I have been in 7 years” when looking at the economic trends for 2013 and forecasting for 2014.