26 Jan
Post by Christian Beith, Senior Consultant
in BLOG
Hits: 323

Whether you agree with the tax cuts the government has passed or not, the fact is they are here to stay. But these cuts give way to some great reinvestment opportunities. Many companies across the nation will be getting greatly reduced tax bills and this leads to countless ways to invest those savings back into your company. Whether you need to buy a new machine, hire some new employees, or update your old computer systems, there has never been a better time.

Some of the highlights of the tax bill for manufacturers that we found were for a C Corporation, the rate is cut from 35% to 21%, and for pass-through businesses, it goes from roughly 40% down to approximately 30%.

Another is this capital expenditure at 100%. One thing that is interesting that was put into the bill is when you had the bonus depreciation, it was just for new equipment purchases. Now with this bill, the equipment can be new or used. It doesn’t have to be new anymore, just new to your company. The best part is the effective date is back to September 27, 2017. Any of the fourth-quarter 2017 purchases will be able to take advantage of that 100% expensing. For manufacturers, it does provide some certainty, at least for a five-year period, that they know what the rules are and they are able to take that 100% expensing. That does provide the ability to plan over the next several years.

Something else is the LIFO inventory method that some manufacturers use. Many manufacturers use LIFO when they have increasing prices over the years. LIFO provides a tax benefit for that. There was some discussion and speculation that as part of the tax reform the LIFO benefit could be taken out by this tax bill. It was not in the bill, so LIFO is still available for companies that have used that method. The other one is the R&D credit. Manufacturers that develop new products and processes can take advantage of the R&D credit that was retained by the bill. Those were two items that were favorable before the bill and were not changed by it.

Finally, they came up with a new tax credit that is initially going to be only for 2018 and 2019, a family leave credit. If a company has a family leave program or a sick leave program, if they pay their employees at least 50% of their regular wage, they can receive a tax credit for a portion of their wage when an employee is out on family leave or sick time. This would apply to C Corporations or pass-through businesses.

Of course, these tax effects will vary from business to business so we suggest you talk to your tax advisor to find out the true effect of the new tax bill on your company.

Now those were just a few of the highlights for manufacturers from the tax reform bill. Using those savings now to reinvest in your company will help it to continue to grow and continue to meet or exceed the competition. One of the best ways to do that is to add a new or upgrade an existing ERP software system. A new ERP system will help to streamline and increase efficiency across all company operations. In turn, saving your business even more money in the long run.

If you want to learn more about how the right ERP system can help your Manufacturing Company, contact us anytime, or download this free resources:

 

  

28 Nov
Post by Super User
in BLOG
Hits: 451

It´s that time of the year! And we are happy to invite all of our Customers to share coffee and lunch with our team, in a day full of presentations and workshops that will help you get the best of your SAP Business One!

Consensus Annual Customer Day is a unique opportunity to meet face to face with our team and other SAP Business One users like yourself. You will have access to the latest updates like new features that could be relevant for your business and are coming in SAP Business On 9.3, Tips and Tricks for your everyday use of the system that will make your life easier, and several presentations on how to optimize the use of your SAP Business One.

Take a look at our Agenda below and reserve your seat here.

We are looking forward to seeing all of our valued customers there!

CLICK HERE TO DOWNLOAD THE EVENT TO YOUR CALENDAR AND TO RESERVE YOUR SEAT!

22 Nov
Post by Consensus International
in BLOG
Hits: 777

Is your Company accepting credit card payments today? In case your answer was yes to the previous question, you´re probably using a merchant payment gateway to process those payments. But what is a payment gateway? In short, a merchant payment gateway is cloud base credit card processing software. (For a more detailed description, scroll down to the Infographic at the end of this blog post)

A payment gateway authorizes payments for companies in all business categorizations. They ensure that sensitive information, such as credit card numbers, entered into a virtual terminal or on an E-commerce website, are passed securely from the customer to the merchant and from the merchant to the payment processor through the use of encryption.

In a 2016 survey, payment processor TSYS asked over 1,000 consumers which payment form they prefer. Forty percent chose credit cards, while 35 percent selected debit cards. If you are not accepting credit card payments yet, you probably should in this digital world.

But when choosing the right Payment Gateway for your business, what are the 5 top features you should pay attention to?

1. Security is always first. 

Accepting credit card payments can be a huge liability if not done correctly. If something goes wrong it could mean heavy fines and damage to your reputation. This could possibly mean not just losing money, but your business. Look for a payment gateway provider that adheres to strict PCI compliance standards and takes steps to safely store customer data. Encryption and tokenization are best practices that can set payment gateway providers apart. Don’t let lax security come back to haunt you, and invest in a provider that uses the latest technology to protect customer information.

2. Support 24/7. 

Accepting credit card payments can be risky—a card may be declined, or a customer may issue a chargeback—and having the support you need at the time you need it is crucial to keeping your business running smoothly. You could be at a Trade Show on a Sunday taking a big order from a new client, and you need help with the connection to your Payment Gateway, you should be able to get the support you need.

3. Savings. 

Some providers utilize level 3 processing in order to cut interchange rates and slash fees, while flat-rate pricing ensures that merchants aren’t losing money to nickel and dime transaction fees. Bottom line: read the fine print, check the pricing, and make sure you’re partnering with a provider who will truly add value to your business.

4. Reporting and Flexibility

You need comprehensive and flexible reporting tools that allow you to better manage your credit card transactions. You’ll be able to drill down, better understand the data, and make changes to be more profitable in the future. You also need a payment gateway that accommodates to your needs today and in the future. Can you accept credit cards over the phone? Do you have a physical machine or an E-commerce shopping cart?

5. Integration with your ERP software

Some payment gateways are integrated into accounting software (also called ERP, or Enterprise Resource Planning) like SAP Business One and e-commerce shopping carts, acting as the back-end processing software. Integration payments save time and increase security. Does your Payment Gateway integrate with your accounting software so you can streamline the process for accepting credit card payments, saving you time and increasing your efficiency and security?

Finding a good Payment Gateway provider might not be an easy task, but once you find it you'll feel the benefits every day. 

Today we would like to introduce you to EBizCharge for SAP Business One by Century Business Solutions. Is a native your SAP program,  so there’s minimal training time, no hassle, and no third-party popup. Their proprietary virtual gateway integrates seamlessly with SAP Business One and adheres to all PCI compliance guidelines, utilizing tokenization technology for the best possible data security. Their system is developed to qualify transactions at the lowest possible interchange level, and they offer 24/7 in-house support.

Whether you are accepting cards today or are thinking about accepting payments by credit cards soon, we invite you to consider this integrated solution and compare it to others or your current one, you could be in for a good surprise!

 

To learn more about EBizCharge for SAP Business One, click here and view their Infographic