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is advising our retail and manufacturing clients
to work together to get things back on track, as
they need each other. Marcum has suggested retailers
to request discounts ranging from 15 percent
to 50 percent on outstanding invoices, with
monthly payments on balances ranging from 12
to 24 months. As stores begin reopening, new
purchases would be paid under normal terms.
Marcum is seeing resistance with the manufacturers’
willingness to accept these terms, but
without cooperation from the suppliers, there
will be more bankruptcies on the horizon.
Sax LLP
By Joshua Chananie, CPA,
Partner, Head, Manufacturing &
Distribution Practice
The supply chain industry has
faced unprecedented challenges
before COVID‐19, which
the pandemic has now exacerbated. However,
there are different ways to help improve conditions.
This includes leveraging automation for
increased efficiency in production to prevent
human error and overcome the lack of labor.
We work with clients to identify tax benefits,
including through accelerated depreciation
of equipment and the ability to offset interest
burden with Paycheck Protection Program
funds if equipment was purchased prior to Feb.
15, 2020. We also encourage clients to regionalize
their supply chain when possible. Keeping
your supply chain local can help ensure quick
access to product to meet customer demand.
To increase cash flow, we advise clients to focus
on e-commerce or other distribution channels
to turn non-moving inventory into cash.
SobelCo, LLC
By David Capodanno,
CPA, CGMA,
Member of the Firm
At SobelCo we are advising our
clients to re-examine and reinvent
their supply chain relationships,
based on the implementation of strategies
that will help them be better positioned for
short- and long-term success in a COVID‐19
world. These strategies include innovating and
re-tooling many aspects of their core competencies.
This may result in carving out a new market
segment, developing new niche products/services
or even reinventing previously discontinued
products in response to rising new demand.
In any event, all the changes made by our clients
will have an impact on their supply chain. We’ve
encouraged them to engage in transparent discussions
in a collaborative environment with
every vendor. We’ve met with clients and reinforced
how important it is for them to anticipate
the significant changes that will impact the
supply chain as the company undergoes a necessary
paradigm shift in order to remain relevant
and profitable during the pandemic.
Withum
By Dale Tuttle,
Partner of Digital Advisory
Services
As we deal with COVID‐19, we
want to focus on using technology
to adapt to disruptions in
critical supply chains and improve core business
processes. To help adjust to changes to
your operations, we recommend you get a handle
on what exactly has changed. By visualizing
and documenting core pieces of the disrupted
process, you can see where the weak points are
and how to respond to mitigate those risks.
Your supply chain map can identify if certain
processes depend on people, and if this is the
case, it may be good to look at automating as
much of a process as you can. If your primary
issue is access to existing IT systems while your
employees are remote, you can look for ways to
securely provide your desktop environments to
now-remote workers. We think the best way to
adapt is to truly understand your core processes
and create contingency plans.
In uncertain times, there is one certainty:
We are committed to your success
Livingston, NJ | Woodcliff Lake, NJ | Paoli, PA
Audit & Accounting | Tax | Advisory | Forensic and Valuation Services
@Sobel&Co.,LLC
SobelCoLLC.com
@Sobel_Advisory