Manufacturing & Distribution
Barfield, Murphy, Shank & Smith has worked extensively clients in the manufacturing and distribution industries since the beginning of our firm.
BMSS understands the financial and managerial issues manufacturers face. Our knowledge comes from 22 years of experience in the manufacturing & distribution industries, focused continuing education, and successful consulting with similar clients. We work with over 150 clients in these industries including cement & concrete manufacturers, clay and mineral refractories, electrical manufacturers, food service distributors, metal & mineral wholesalers, machine builders, mining companies, steel fabricators and structural and architectural manufacturers and distributors, among others.
Receiving current and accurate information and sound advice from your trusted financial advisor allows you to be more successful, by making correct decisions at the right time.
How does BMSS help manufacturing & distribution clients?
- Advised how to better track job costs and fixed and variable costs - changes that often have an immediate impact on the bottom line
- Assist with hiring and developing organizational charts to improve efficiency
- Cost segregation analysis to allow additional depreciation resulting in tax savings
- Develop daily management sheets to stay on top of financial conditions
- Develop systems to help better manage cash flow
- Inventory counts and inventory analysis to better identify slow-moving items
- Multi-state tax liabilities and business license issues for distributors with clients across the nation
- Review financial statements with clients and perform quarterly reviews
- Sales & use tax audits
- Specialized tax strategies such as Section 179 deduction
- Succession and continuity planning
- Work to reduce costs in areas such as worker’s compensation and insurance
What kind of impact do we have? We introduced accounting, tax and business changes in one manufacturing client that turned two consecutive $1 million-loss years into a $1 million-profit year. In another, we developed a plan to reduce scrap that added more than a quarter of a million dollars to the company’s bottom line.
Additionally, through our BDO Alliance USA, we can provide you access to our national and international network of professionals with backgrounds as industrial engineers, plant managers, and information system managers who are well-versed in lean manufacturing, Six Sigma, ERP systems and process improvement best practices.
BMSS Manufacturing & Distribution Practice Group
Keith Barfield has five children - Heather, Mitchell, Sacca, William, and Jillian. He is a founding member at Barfield, Murphy, Shank & Smith and has lead resp... read more
"They are helpful and quick to respond to my calls and emails and keep their appointments."