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Manufacturers have used transportation management systems (TMSs) for nearly 15 years. The good news is that these supply-chain-management software systems have evolved and improved. Learn about these improvements by reading more
Manufacturers know that cargo insurance is vital when it comes to moving valuable products and machinery, yet many have found that their coverage isn’t sufficient, leaving them with lost or damaged goods and little compensation. Read this article to learn how to cope.
Newsletter
Here’s a brief glance at what you’ll find in the Winter 2009 Issue…
By forming an interest charge–domestic international sales corporation (IC-DISC), a manufacturing company may realize substantial tax savings on export-sales income. The general concept is fairly simple: A U.S. manufacturer establishes a “shell” company — an IC-DISC — and then pays its IC-DISC a percentage of the company’s export revenue, also known as commissions; the company doesn’t pay taxes on these commissions. There can be operational advantages, as well. This article looks at the qualifications required to set up an IC-DISC, while a sidebar looks at the history of this tax incentive.
While some cost-cutting measures may be essential in a weak economy, slashing information technology (IT) budgets and expenditures isn’t the way to stay afloat. Smart manufacturers are creating comprehensive IT strategies that allow transparency in all facets of operations and supply chains. IT can also control costs and improve revenue through quality control and compliance. Smart IT investments can improve processes, from the enterprise and engineering stages all the way to the plant floor and distribution centers. Taking these initiatives can help a manufacturing company stay successful regardless of the economic climate.
Corporate finance, employee benefits and succession planning likely are key issues the owner of a manufacturing company must contend with. But there’s a multifaceted strategy that can handle all three issues. It’s the employee stock ownership plan (ESOP). An ESOP is a qualified retirement plan that’s similar to a profit-sharing plan, except it enables employees to own part of the company that employs them. This article explains leveraged vs. unleveraged ESOPs, and their potential benefits and drawbacks.
Aftermarket parts and accessories and maintenance and repair are the bane of some manufacturers’ existences. For others, they’re one of the most lucrative aspects of their businesses. No matter where a manufacturer falls on the continuum, establishing a parts and service outsourcing agreement with an experienced partner can do wonders for the company’s operations and bottom line. In addition to eliminating the need for in-house aftermarket customer service, using a partner to warehouse and distribute inventory can allow reduction of warehouse personnel and logistics costs. It can also improve distribution speed and order accuracy.
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Massachusetts Manufacturing Classification
All tangible personal property situated in Massachusetts is taxable unless expressly exempt. A Corporation’s manufacturing equipment is exempt from personal property assessment as long as the Corporation has been classified as a Manufacturing Corporation by the Massachusetts Department of Revenue. In order to receive this manufacturing classification for 2010, the Corporation must apply for manufacturing classification with the Department of Revenue on Form 355Q (Statement Relating to Manufacturing Activities) on or before January 31, 2010.
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