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In the world of manufacturing, keeping a close eye on finances is crucial for maintaining efficiency and profitability. Proper accounting practices not only help manufacturers manage costs but also enable them to make informed strategic decisions. In this blog, we highlight some of the essential accounting tips that manufacturing companies can implement to enhance their financial health and operational efficiency.

1. Implement Robust Cost Accounting Systems

Cost accounting is vital for manufacturers, as it provides detailed insights into production costs,…

The fourth quarter of 2024 holds a decent amount of tax deadlines. Review them below and mark your calendar if they apply to you:

October 10 ­– Employees must report September tip income of $20 or more to employers (Form 4070).

 October 15 – Individuals whose personal federal income tax returns for 2023 received an automatic extension must file them no later than today and pay any tax, interest and penalties due. In addition:

• Those with offshore bank accounts must file the Financial Crimes Enforcement Network (FinCEN) Report 114 “Report of Foreign Bank and Financial Accounts” (also known as…

Interns are a valuable asset to any accounting operation. Over the years, we have been blessed to have many talented students work with us through our internship program. One of these special people recently completed her time with us as an intern and was kind enough to share her thoughts and experiences with us upon her departure.

We are thrilled to share Ritika Harish's write-up below. Ritika is now in her third year studying Finance at The Ohio State University:

I want to take a moment to highlight my 10-week internship this summer at Holbrook & Manter, CPAs as an…