Currently, modifications to the Revenue Department’s tax requirements and Manufacturing, plant engineering, and mechanical engineering are all experiencing increased levels of competition and demand as a direct result of current patterns of global economic development. As a result of these demands, forward-looking automation solutions are becoming increasingly important in the context of the ongoing revolution in business models and manufacturing processes brought on by Industry 4.0. As a direct consequence of this expansion, many recent innovations have emerged, including the application of data analysis, networked production, and the connectivity of products.
On the factory floor, digitalization is playing an increasingly important role as it transforms the function of industrial production into that of a promising and agile participant in global competition. In the context of the global supply chain of manufactured goods, companies of a medium size play the role of central suppliers of complex goods to the economy and buyers of technologically advanced supplies and services. In this competitive and aspirational market environment, there are a great deal of regulations, legal requirements, and internationally binding industry standards that must be followed.
You can get assistance from the ACC Consulting Company. Our “Manufacturing Auditors Team” has many years of experience in advising and auditing companies in the industrial production sector. We pursue an interdisciplinary advisory approach and offer a broad range of auditing and consulting services. Our team stays up to date on all of the relevant regulations that could have an impact on your company. with a comprehensive offering of services, such as auditing financial statements, providing tax planning, and a great deal more besides. We assist our clients in developing and sustaining agile organizations, which enables them to better satisfy the ever-evolving requirements of the market.
We offer our services to organizations that are privately owned as well as organizations that are owned by multi-national corporations. Our clients come from a variety of industries, including the automotive, plastics, food, cosmetics, beverage, machinery, power plant, and chemical plant sectors, among others.
WHAT IS IT THAT MAKES THE MANUFACTURING INDUSTRY MOVE ?
The process of producing goods through industry is dynamic and ever-evolving. Because of the combined effects of economic, social, political, and technological factors, the sector is under constant pressure to innovate.
The current situation with Covid-19 is, on the one hand, both reinforcing and accelerating digitalization, as well as the business processes associated with it. On the other hand, both it and the measures that have been taken to contain it put international and complex value chains in jeopardy. The procurement and sales channels are both affected by the increased uncertainty caused by this.
Growing digitalization presents an opportunity to safely expand the role of industrial production as a promising and agile participant in global competition, which, in turn, will have a positive effect on earnings. Medium-sized businesses play an important role in the global supply chain of manufacturing, both as buyers of technologically advanced supplies and services and as central suppliers of complex products for the economy. In this competitive and aspirational market environment, there are a great deal of regulations, legal requirements, and internationally binding industry standards that must be followed.
The term “digitalization” refers to a process that includes and overlaps a number of different domains; some examples of these domains include robotics and the Internet of things (IoT). The term “Industry 4.0” refers to the integration of information technology (IT) systems and landscapes with various stages of the manufacturing process. The utilization of this terminology is designed to convey the beginning of the fourth industrial revolution in the realm of industrial production. Within the framework of a globalized economy, the complex industrial production sector plays a central role, and global value chains also give rise to tax issues.
In recent years, sustainability and corporate social responsibility (also abbreviated as CSR) have emerged as issues of growing significance for businesses, investors, and the general public. In addition to the growing significance of the corporate profile, issues of responsibility and sustainability have started to impact the economic aspects of the company, such as the selection of suppliers.
WHAT ARE SOME OF THE MOST COMMON PROBLEMS THAT ARISE IN THE MANUFACTURING INDUSTRY AND IN THE PRODUCTION GROUP AUDIT ?
Accounting for industrial businesses, factories, or manufacturers of finished products is not like accounting for businesses in other industries. Industrial accounting is special and distinct. Raw material is one key distinction that stands out immediately. In order to comprehend the situation and make appropriate suggestions, the audit team needs to have personal experience. The following are the issues that our ACC Consulting Company faces on a regular basis:
- The recorded inventory does not match the physical one.
- Inventory awaiting to be destroyed are not separated from the main product.
- Incorrect raw material recording.
- Inventory amortization. ETC.