Premium Associate Member Spotlight: Wipfli
This article appeared in the February 2025 issue of MiMfg Magazine. Read the full issue and find past issues online.
Many technological, legislative and financial matters affect manufacturing businesses but changes are not always apparent or easy to follow.
Assisting business professionals with data-based insights and clarification about relevant legislative issues can provide them with the tools they need to make informed decisions. Determining businesses’ specific needs is a vital first step in helping them strategize plans for growth as well as ensuring compliance with applicable laws, according to Michael Devereux, National Manufacturing Leader for tax, accounting and advisory services firm Wipfli.
“We start with asking clients/manufacturers what they are trying to achieve and why,” Devereux says. “Is it process improvement? Collecting better data? Areas of focus for Lean events? To determine profitability by customer, part or tool family? To identify which KPIs are important to them?”
Perhaps they have considered implementing a real-time analytics dashboard or maybe they hope to automate accounting protocols, he adds.
Data is typically available through automated technologies but businesses must compile, analyze and understand the data to identify areas of opportunity and risk. Data is also helpful for internal benchmarking and it can aid manufacturers in competing with similar businesses via greater insights into what is profitable and what is not, Devereux says.
In addition to data and analytics solutions, many businesses are focused on enhancing their cyber- security, particularly early this year.
Best Part of My Job
Helping business owners improve their organization. I get to help manufacturing companies become more efficient, mitigate risks and save money.
“The U.S. Department of Defense has issued new rules around the Cybersecurity Maturity Model Certification,” Devereux explains. “If businesses want to work with the Department of Defense or a supplier for the Department, they must have this certification that shows that the government’s data is being protected. Those rules took effect in December 2024, so our cybersecurity group has been very busy preparing businesses for their certification audits.”
Manufacturers also must understand upcoming changes in tax policies, such as the fact that the Tax Cuts and Jobs Act (TCJA) of 2017 is set to expire at the end of 2025.
“If Congress does nothing, every businesses’ taxes will go up,” Devereux says, noting that S corporations will likely be affected the most.
Another financial issue is based on federal research & development tax policies. From 1954 to 2022, businesses could deduct research expenses in the same year they were incurred. However, due to the TCJA, companies must now capitalize and amortize their R&D expenditure over a five-year or 15-year period, making it less financially feasible and less desirable for companies to invest in R&D.
Best Advice You Ever Received
Just do the right thing, everything else will fall into place.
Best Part of My Job
Helping business owners improve their organization. I get to help manufacturing companies become more efficient, mitigate risks and save money.
Wipfli aims to assist businesses in addressing these challenges while determining steps toward future growth. With an office in Southfield and global headquarters in Milwaukee, Wipfli offers tax, consulting/advisory, compliance, auditing, benchmarking, financial reporting, skill development and operational improvement services. The company also offers cyber-security and technology consulting with data and analytics assessment guidance, and it partners with Microsoft, NetSuite and Salesforce to create customized solutions for businesses.
As legislative, technological and logistical issues continue to challenge manufacturers’ bottom lines, gaining greater insights into the solutions can help businesses thrive while contributing to the continued growth of the industry in Michigan.
Wipfli is an MMA Premium Associate Member and has been an MMA member company since February 2018. Visit online: wipfli.com.