Accounting Advisory for Manufacturing
Streamline your core operations
Efficiency is the name of the game in manufacturing. In today’s markets, achieving that efficiency demands innovative approaches to core business functions, including supply chain, operational finance, accounting, IT, risk management and compliance.
CFGI tackles the complex issues that hinder manufacturers as they seek to streamline their core operations. With our experts aiding at the helm, we can help reduce expenses, restructure operations and optimize your organization to face the challenges of rising costs and increasing complexity.
How CFGI helps
If it pertains to finance, accounting, IT, supply chain, risk, compliance or any core business operation, we do it.
Some examples of how we deliver strategic support for manufacturers and supply-chain companies include:
Revenue accounting is a robust function for manufacturers, and the transition to ASC 606 introduces complexity. The new accounting standard provides a unified framework for reporting the nature, timing, amount and uncertainty of all revenue from contracts with customers.
CFGI works with your stakeholders to determine the impact of the new standard on revenue reporting. We then identify the processes and controls needed for the adjustment. Lastly, we make strategic recommendations for IT systems and data management frameworks that permanently enhance revenue accounting.
Most if not all manufacturers lease certain assets, and are therefore subject to the sweeping changes imposed by ASC 842. The standard requires both operating and finance leases to be represented on the balance sheet.
Our lease accounting specialists work directly with manufacturers to help with everything from identifying leases to drafting accounting policies that determine which of those leases needs adjustments under the policy, calculating right-of-use asset and lease liabilities, training stakeholders on the new policies and more. We also use this as an opportunity to recommend new operating models that rely on automation and other transformative technologies.
CFGI helps manufacturers assess the performance of their current operating models, including those associated with supply chain management and finance. We also supply recommendations for digital processes and technologies that maximize revenue and reduce costs.
Our consultants are especially experienced with robotic process automation implementations. We develop, test and deploy software robots over existing IT infrastructure that automate data-handling chores and unify disjointed processes. RPA and other innovative technologies at our command improve the employee experience, expedite productivity, reduce risk, cut costs and generate new revenue opportunities.
Our experts can also assist with:
- Mergers and acquisitions.
- Buy/sell due diligence.
- IPO readiness.
- Interim management.
- Corporate tax solutions.
We have the business savvy, digital proficiency, finance and accounting expertise, flexible service model and dedication to operational excellence necessary to build value into manufacturers’ core operations.