Business and Industry Sectors
Technology and Software
The professionals at SMC understand what differentiates the business of technology from the business of software. Being able to speak the language of your business is very important as it relates to understanding what tax and accounting practices fit best with your business and operational processes.
While most people consider the business of technology and software to be one in the same, this lack of understanding can lead to mistakes in judgement that can negatively impact your business. There may be different rules and tax consequences that can affect the efficiencies of your business especially as it relates to forecasting and tax planning.
SMC has the skills and experience to advise you on what you need to consider whether it be for continuing the growth of your business or planning for an exit via a sale or merger. For certain opportunities, the possibility of going public may need to be considered as well. Regardless, you can rest assured that our experts will provide you the insight and guidance you want when it comes to making the best decision.
Construction and Engineering
While construction projects and engineering go hand in hand, the accounting and financial planning may differ to some degree. The professionals at SMC understand how these two business disciplines differ but yet work hand in hand. It can be said that each one depends on the other when it comes to accomplishing the outcomes most desired.
Over the course of the past four decades, SMC’s team of professionals have provided extensive services in accounting, tax preparation and compliance services to construction and engineering firms. We understand how the engineering and construction industries can take advantage of digital technologies to connect construction capabilities. The move towards more connectivity between engineering and construction will improve operational efficiencies and profitability.
The business of manufacturing incorporates numerous business disciplines that work together to turn raw materials and parts into finished goods. Each of these business disciplines creates the need for an accurate and focused approach to the accounting and financial planning processes.
The professionals at SMC have decades of experience working alongside our manufacturing clients to assist in making sure these processes are current and efficient. Ownership must have accounting processes in place that generate reports to enable accurate cost analysis for each phase of the manufacturing process.
SMC takes great pride in our history of enabling manufacturing clients to operate efficiently as it relates to the cost of goods and general operating overhead. It is a part of our process of making sure the business operates at the highest level of tax efficiencies as possible.
The transportation industry is one of the most diverse industries in the country in that it dictates the movement of goods and persons from one place to another through multiple options that can be used to accomplish the move.
While the business of transportation itself sounds relatively simple, the accounting and taxable opportunities along with compliance issues have to be managed with a keen eye for accuracy. Virtually every step in the transportation process is a high cost center requiring accurate and timely record keeping.
Transportation firms face several accounting and operational challenges that can impact their net earnings. That is why it is critical that good accounting practices are followed to manage their cash flow and liquidity. SMC has the experience and knowledge of how to turn accounting and compliance issues into opportunities that enable a high level of tax efficiencies for our clients.
Farming & Agriculture
People cannot exist without the agricultural industry. For many, agriculture is considered the industry term while farming is considered a way of life and a business into itself. In both cases, agriculture and farming are synonymous with each other.
As a business, farming is governed by the same rules and regulations that any other business has to follow. The principles of accounting, forecasting and managing cash flows all apply and must be adhered to for the farm business to survive and be in good standing with the IRS and state governments.
There are a few substantial differences between agricultural accounting and business accounting, however those differences can make a difference in how cash flows are managed and reported. The professionals at SMC have the experience and skills needed to help keep your farming business on track and in compliance.
Food & Beverage
The food and beverage industry is growing exponentially as new business models are developed to take advantage of the opportunities that now exist due to the pandemic and the challenges it brought to light. Everything from costs of goods to regulatory issues to health and safety concerns are impacting food and beverage companies meaning they have to continue to evolve to meet the customer needs and demands.
Specialized members of SMC’s team work alongside you to assist in navigating the changing environments you operate in. We help our clients obtain information that is practical and value-added with a focus on assurance services that provide critical information required when making decisions. We take great pride in our capabilities to provide accounting, tax and compliance services to enable you to focus on the day to day operations required to grow the profitability of your business.
Sales is the life blood for all businesses. Whether a company survives or thrives is dependent on sales revenues. Retail businesses have some unique accounting challenges all of which have some unique accounting challenges all of which SMC’s team is more than qualified to handle.
Accounting, compliance and the timely and accurate filing of tax returns is similar to other business sectors however there are some nuisances that need to be considered. With all things considered, SMC has retail accounting professionals who have the skills and experience to guide you when it comes to what’s best and most favorable for your business.
The business of healthcare has evolved to the digital world leaving behind a trail of paper forms, files and general clutter. Medical professionals are busier than ever trying to meet the challenges of the changing world around them along with stricter compliance and rules regarding how the process of tracking receivables and projecting cash flows is more critical than ever.
Maintaining a staff of experienced professionals is a daunting task into itself. Medical school didn’t prepare physicians as to best practices for accounting management within a medical practice. Significant challenges surfaced with the COVID-19 pandemic. Staff was limited and sometimes not even available. The cost associated with accounting practices that are up to date with the cost of care and audit requirements have to be considered as well.
Healthcare providers are there for their patients and require time and attention. SMC’s team of professionals are here to work alongside the accounting and reporting side of your medical practice to ensure that the highest level of accounting and tax reporting efficiencies are maintained day in and day out.
SMC is a professional service provider with over four decades of experience. We know what it takes to navigate the challenges of the professional services industry. How much or how little we do for a professional service client is dependent upon the needs of your practice. We are not a “cookie cutter” one size fits all service provider.
Included in our list of clients through our decades of experience are doctors, engineering firms, insurance agencies, financial service providers, law firms, and marketing/public relations firms along with numerous other forms of consultancies.
Your time means money and where our focus is to make sure that your accounting and reporting requirements are planned and executed according to best practices. SMC’s goal is to enable a high level of tax efficiencies for the business ownership.
SMC is dedicated to giving back to the communities we serve. Part of our giving back is how we structure relationships with non-profit businesses. We realize the men and women that work and manage non-profits are dedicated to the mission of their organization. Fulfilling the mission of the non-profit puts smiles on everyone’s face while the complexities of dealing with compliance and IRS regulations can be a daunting challenge.
That’s where having the professionals at SMC brings its value to your non-profit. We tailor our services to fit your needs especially when it comes to non-profit accounting matters. This is an area that is responsible for planning, recording and reporting on the financials of your business. Unlike for profit companies, the non-profit accounting processes are more centered on being accountable to donors, sponsors and the IRS and other regulatory agencies.
Real Estate Development
While general accounting practices can transcend from one business sector to another, each sector has its own challenges. Successful real estate investors and developer’s business models have unique business processes that require specific accounting and compliance procedures to enable the business to be tax efficient.
The professionals at SMC have decades of experience working with real estate development projects. Each phase of a project can present unique scenarios relative to accounting and regulatory compliance matters. We use industry best practice standards to make sure your finances are efficiently managed and your development operating procedures are compliant with state and county tax and reporting requirements.
Optimizing the profitability of a wholesale distribution company requires a keen focus on cash flows and inventory especially as they relate to profit margins. So often a lot of activity can be misconstrued as turning a profit while dollars are slipping through the cracks due to a lack of focus on what matters at the end of the day.
The professionals at SMC are experienced in all areas of the wholesale distribution industry. We will work with you to forecast sales to better manage inventories. Inventory forecasting and purchasing can dramatically impact your bottom line.
Financing is another critical area of managing cash flows and requirements of a wholesale distribution company. There are numerous factors to take into consideration including the cost of transporting merchandise from one place to another. With prices fluctuating on a daily basis, you have to be financially structured in order to optimize the profitability of your company as well as managing accounting processes to make your company as tax efficient as possible.
There are also regulatory and filing requirements that come into play if you are doing business in multiple counties, states or countries. These challenges are not normal for traditional business operations however they are customary for wholesale distribution companies.
There are numerous moving pieces and parts in the accounting process of your business. The professionals at SMC have the experience and procedures to make sure your accounting and filing requirements are met in a timely and accurate manner.