How we help you
Get a smooth, effective audit process to clarify your financials, strengthen compliance, manage risks, discover opportunities and gain a deeper understanding of what’s happening inside your business.
Clarify and validate your financials
Enhance compliance and optimize performance
Strengthen your controls to mitigate risks and protect data
Get fresh insights into your business
Make your audits into organizational assets
Wipfli’s manufacturing audit team provides efficient, committed audit services tailored to the specific needs of your business. Our experienced auditors also use what they learn to deliver insights you can use to strengthen your operations and expand your opportunities.
Explore our audit and assurance services
Wipfli’s internal audit for manufacturing services gives you access to professionals who specialize in delivering a streamlined, more valuable internal audit process. We help you enhance compliance and optimize performance with support for developing a strong internal audit plan, identifying best practices and mitigating risk.
Financial clarity is critical for manufacturers, as rising costs and tight margins make profitability more challenging. Wipfli’s customized, risk-based approach to reviews and manufacturing audits focuses on the critical issues your business faces, from inventory management to revenue recognition. We blend financial know-how with business practicality to provide your financial leadership with the insights they need for more confident capital decisions.
Wipfli can help you meet regulations and protect sensitive data with our SOC 1, SOC 2 and SOC 3 audit services. We also provide support for SOC 2+ audits that evaluate your preparedness against the Cloud Controls Matrix.
Wipfli’s manufacturing audit services apply practicality and deep industry experience to provide a smooth single audit experience. We know the unique challenges manufacturers face, and we’re ready to help you maintain greater transparency and compliance.
Wipfli can help your organization navigate compliance with complex employee benefit plan requirements. Each year, Wipfli conducts over 700 employee benefit plan audits for organizations ranging from as few as 100 employees to 50,000, giving us the experience needed to help you adhere to fiduciary responsibilities and maintain compliance.
When financial statements aren’t enough, Wipfli delivers independent assurance through tailored attest services and agreed-upon procedures. Whether it’s contract compliance, board-level examinations or SEC custody reviews, we provide objective validation that enhances transparency, reduces risk and streamlines oversight.
Reach out to our team
Let’s talk about how you can make your audit process a source of organizational insight and competitive advantage. Connect with our experienced manufacturing audit team for streamlined, effective audits that help you better understand your business and your opportunities.
Insights and resources
CASE STUDY
Reducing a tax liability by 90%
Allied Tube & Conduit leveraged Wipfli’s strength in state sales and use tax to untangle a complex situation and reduce its tax liability by 90%.
CASE STUDY
Transforming a fifth-generation family business
Stickle Steam Specialties Co. turned to accounting and business consulting firm Wipfli for help modernizing the fifth-generation family business.
ARTICLE
Top 10 accounting tips to make life easier
You finally have the year closed, and your CPA firm has completed its annual audit and tax work. Now, how can you make the next year more stress-free for your organization? Our accounting professionals have created a top 10 accounting tips list just for you so you can make your year run as effectively as a well-oiled machine. #1: Organize files — both paper and digital Easier said than done, right? But seriously, this could be the one thing you might have been putting off for months that could lead to the highest reduction in your department’s waste (and, in turn, generate increased productivity). Think of organization in two different ways: paper organization and digital organization. Although we’re living in a digital world, there is still a need for some paper trails. But there’s also room for improvement. Even if your department has reduced the use of paper and thus the need for bulky storage cabinets, take a look at what you really need to retain on paper and how you can more effectively store that information for quick retrieval. The same goes for digital files. We continue to add folders and subfolders to our computers to store our files. How often do we go through that storage system and “clean up” files we no longer need? Also, take a look at how you are storing files. Does it make sense? Do you need to keep a separate file for each month, or can you move old files to a different location after a set amount of time? Should some files be stored on the network for everyone to access? These questions and others should be answered periodically so you can assess the best use of space on your computer. #2: Let your accounting software work for you Perhaps you think of your accounting software the same way you do that old Tupperware™ container in your refrigerator that hasn’t moved for three weeks — you work around it and try to avoid opening it at all costs! But while your accounting software might not be perfect, it likely has several features you can utilize to become more efficient and effective in your role. First, utilize those automatic monthly entries. You probably use them for things like prepaids and accruals, but are there other areas that you could use the feature for? How about your monthly debt payment? Of course principal and interest are different each month, but if you know the annual amount for each, you could set up an automatic entry and record the monthly interest on more of a “straight line” basis. You may not match up to the bank each month, but at the end of the year, you should be right on. Hopefully you are also utilizing your accounting system’s ability to manage a budget. Budgets can be a powerful tool, but it can be quite cumbersome if you have to key monthly financial data into an Excel spreadsheet just to compare it to the budget. Most systems allow you to enter and manage a budget internally and produce reports periodically to compare actual results to budgeted numbers. There’s also the bank reconciliation tool your software has embedded in it. Are you using it? By manually keeping an Excel spreadsheet to perform a bank reconciliation, you are creating an additional administrative burden that might be unnecessary. Excel is a great tool, but there are times when we overuse Excel and create unnecessary schedules and reconciliations that your accounting software is likely equipped to perform for you. Finally, make sure you take the time to update your accounting system periodically. Some of your frustrations may come from the fact that you are not running the latest and greatest version. #3: Make a list of month-end close procedures A large portion of our monthly responsibility relates to that sometimes dreaded month-end close process. We suggest taking some time to analyze this process. Before you start making recommendations to change things, however, the first step is to completely understand the process. Start by making a checklist of steps that need to be completed in order to close out the month. This might be a project that cannot be completed by one person alone. If you have multiple people contributing to the monthly close process, be sure to include their duties and responsibilities in the checklist so you have a complete list compiled. #4: Know that timeliness is everything Now that you have this list of “duties,” it’s time to start analyzing the process. Ask yourself which of these duties should be performed first and which need to wait until later in the process. Can a few of the duties even be performed before the month is actually complete? Another thing to consider is materiality in relation to timing. Do you need to analyze all accounts on a monthly basis, or are there some accounts you can review on a quarterly basis? This analysis should be based on the risk of error with that account and the volume and dollar value of the respective transactions in that account. If you have an account, such as prepaid insurance, with very little risk, very few transactions and not very many dollars, maybe you could consider performing a formal reconciliation of that account on a quarterly or semiannual basis rather than a monthly basis. Obviously this is not something you would want to implement on a cash account (high risk, large number of transactions and large dollars going in and out throughout the month). However, if you could eliminate some accounts from your monthly reconciliation list, your process could become a little more manageable. #5: Delegate tasks that are low risk Using the aforementioned “list” in #3 above, consider examining whether the right people are performing the risk tasks. Delegation is a powerful thing. And you want to delegate based on risk. While you might keep the higher-risk accounts, it is probably time to think about using the staff you have to help with the other tasks. Like many accounting departments in small businesses, you may have a very limited staff to pull from. In fact, you might be the only one in the accounting department. Don’t let that stop you. Think outside the box. I have a few clients who have begun using the receptionist for certain low-risk monthly close tasks. This can be advantageous on multiple levels: while you are delegating these tasks off your (full) plate, you are also engaging the receptionist. You might be surprised how much they actually appreciate being able to make a greater contribution to the company, and, in my experience, they have taken their new responsibility very seriously and have produced very accurate results. Other “outside the box” thinking might be to involve a board member in this process. Again, you will want to match their skill set with the task at hand, but this could be another way to not only ease the administrative burden, but also strengthen your internal control structure by eliminating certain duties that create problems with segregation of duties. #6: Gamify your month-end close Now that you have this month-end close process working efficiently, you can up the ante a little. I had one client who used a stuffed monkey called the “adjustments monkey.” When the auditors identified an area in which an adjustment was needed, the stuffed monkey was delivered to that department or person’s desk. While it was all in good fun, you would be surprised at how few adjustments they had the next year. You could use a similar program with the month-end close process. Whoever gets their assigned tasks completed last would get the monkey (or other stuffed animal) for the rest of the month. This could be a lighthearted way to increase the speed of the closing process. You might be surprised at the results you see! #7: Document your policies and procedures Many companies have very good policies and procedures in place to function on a day-to-day basis and prepare accurate and timely financial data. Preparing accurate and timely data is so important to the management of a company because it allows the opportunity to respond and react to situations as quickly as possible. Time is money, right? Unfortunately, these same companies that have great policies and procedures fail to document these policies and procedures. If one key person were to leave, the entire company would be in flux. It’s critical to have policies and procedures written down and saved. If your company has a documented policy and procedures manual, assign someone to analyze and update that manual at least annually. Employee turnover is something we often neglect to think about, but it is inevitable in most organizations and can be planned for. The other thing to consider in this area is cross-training. The more people you have who are capable of performing the functions of others, the more flexibility your organization has. This will also allow you to transition smoothly through times of employee turnover. #8: Manage risk by solving little problems before they become big problems While you are probably familiar with the song from the Disney movie Frozen, “Let it Go,” you don’t necessarily want to take this approach when you notice small differences and errors in your company’s financial data. If you take that approach, you are creating an unnecessary risk that you will let it grow into a larger problem. This is an area we suggest investing time in upfront rather than trying to look back after the fact and determine when and where the problem started. Small problems are always easier to diagnose and fix. Also, by digging into these items on the front end, you might identify other problems and risks that you can avoid in the future. #9: Identify process improvement opportunities A client recently had four different payrolls: one for weekly hourly associates, one for biweekly hourly associates, one for management and one for biweekly salaried associates. It was like that for years. One day, I asked the million-dollar question, “Why?” Amazingly, they didn’t really have an answer (other than, “That’s the way we have always done it.”). They discussed it internally and eventually made the decision to move everyone to the same biweekly payroll. They have since noted large savings in time and money. If you are constantly tracking down data for multiple payrolls, maybe it’s time to make the switch to simplifying your payroll process. What other procedures do you think your company is doing only because “that’s the way we have always done it”? #10: Gain an outside perspective from your CPA While you prefer to handle all of your accounting-related issues internally, don’t be afraid to reach out to your CPA if you encounter an unusual situation or if you are planning on making some substantial changes to your policies and procedures. A fresh look from an outsider can be very beneficial. Reducing stress while increasing efficiency Each of the above 10 process improvements should not only lead directly to saving time and money but also help you drastically reduce your stress at work. By continually analyzing the processes you operate by, you can identify areas that can be improved. Want more accounting tips? Read more here: 10 ways to elevate your financial reports Is expense tracking and reporting a drain on your business? 5 ways revenue recognition will affect you outside of recognizing revenue
LET'S CONNECT
Discover how Wipfli can help you overcome barriers to profitability and build smarter, leaner operations.
