Technology and Health & Life Sciences
6 Problems Mobile Technology Can Solve for Manufacturing: Part 1
Amazon is making your job in manufacturing harder. So are Lyft and Uber. And even Netflix. How? They are changing human behavior with their instant, or nearly instant, delivery models. Everyone expects to get what they want instantaneously. That raises the bar pretty high for everyone else. Answering clients’ demands for immediate gratification is just one of manufacturing’s challenges. Clients also want better quality, high levels of customization, personalized service – all at the absolute best cost. On the other side, your stakeholders want higher productivity and efficiency plus fatter profit margins, all while maintaining quality and answering to compliance. Read More.
FASB to Clarify Guidance for Collaborative Arrangements
The Financial Accounting Standards Board (“FASB”) will seek ways to make its guidance under Topic 808, Collaborative Arrangements, easier to follow. At its October 4 meeting, the FASB unanimously agreed to simplify the guidance to reflect the board’s initial goal of clarifying when partners in a collaborative arrangement must record revenue due to the venture’s cost reductions. The FASB also plans to examine the guidance for transactions that do not generate revenue for the partners, as well as consider guidance for what is the unit of accounting under Topic 808. FASB members and staffers said that the board will not. Read More.
Revenue Standard Could Have Major Impact on Software Industry
With the Financial Accounting Standards Board’s (“FASB”) new revenue recognition rules becoming effective in three months, the Accounting Standards Update (“ASU”) could have a major effect on the bottom lines of companies in the software industry. Under ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), software companies will have to recognize more revenue when the sale occurs. However, companies in the software industry have long-term arrangements with customers, meaning revenue is usually recognized over the life of the contract. One software company already feeling the impact is Microsoft, which was an early adopter of the standard. Under the. Read More.
Georgia Concrete Companies Receive New Tax Breaks
Two months ago, the Georgia legislature approved several bills offering tax breaks and incentives to concrete businesses around the state. In particular, House Bill 247 adds concrete mixing businesses to Georgia’s sales tax exemption for manufacturers. While this is good news for the state’s concrete companies, claiming these sales tax exemptions might be complicated. Eligible businesses could miss out on many of the available tax breaks by failing to submit the proper paperwork. If paperwork is submitted, the forms could be inaccurate, causing lost opportunities for additional tax savings and increased audit exposure. If you have a concrete business in. Read More.
Data Will Lead the Fourth Industrial Revolution: Part 2
No one denies that data’s role in the Fourth Industrial Revolution (and in our daily lives in general) is growing. In Part 1 of “Data Will Lead the Fourth Industrial Revolution,” we examined how data is actually one of the major components shaping this industrial revolution. Data is both measuring human behavior and influencing it at the same time. That data-technology-human connection: Disrupts which jobs have priority in modern manufacturing (think: data analysts and coders becoming possibly more influential and indispensable in the daily process than manual laborers) Helps business leaders make better, more informed business decisions Reveals misconceptions or misinformation that. Read More.
COTS Software vs. Custom Software: Every Startup’s Dilemma
There are two sides to the commercial off-the-shelf (“COTS”) software versus custom software dilemma that startups and growing businesses face. On one hand, using COTS software can help your business become operational faster and usually more economically. You license some software. You install it. You go. Or perhaps you access it via “the Cloud” if you subscribe to a software program that enables user access via a software as a service (“SaaS”) model. If commercially available software meets your business process support requirements and suits your needs, then COTS software is a great option. If it’s something popular, like Microsoft. Read More.
Topics: commercial off-the-shelf "COTS", COTS software, Custom Software, customer relationship management “CRM”, Domestic Production Activities Deduction “DPAD”, DPAD, enterprise resource planning "ERP", PATH Act, Protecting Americans Against Tax Hikes Act "PATH Act", research and development, Software-as-a-Service "SaaS", tax credits