On top of the financial and operational difficulties most businesses face, retailers must contend with a variety of industry-specific challenges—including increased competition and the continued rise of e-commerce. Retail companies looking to not just survive but thrive in today’s economy should seek out a trusted advisor who truly understands their challenges and is able to provide partner-level guidance and thoughtful business solutions. The face of retail and consumer products is changing fast, as today’s consumers opt for convenience, quality, speed, and personalization.
- “PKF O’Connor Davies” is the brand name under which PKF O’Connor Davies LLP and PKF O’Connor Davies Advisory LLC provide professional services.
- Now is the time to start building your qualifications and capabilities to maximize your potential to be awarded work on infrastructure projects.
- Whether you are looking for a franchise tax expert, retail accounting services or e-commerce auditors, our business advisors can assist.
- Our team members work to cultivate a unique corporate culture rooted in inclusion, strength, and togetherness.
- We also perform employee benefit plan audits, compile SOC reports and assist with agreed-upon procedures and compilations.
- Our dedicated Consumer Products Group is armed with the experience, insights, and know-how to deliver solutions that help you overcome risks, take advantage of opportunities, and tackle evolving issues and needs.
In this complex environment, consumer products and retail companies must shift their focus from protecting what they have to creating what they need to become. As consumerdemands evolve, consumer products and retail companies must find the right balance between success today and growth tomorrow. It’s vital for retail businesses to work with advisors who value innovation and apply a forward-thinking, future-ready approach to client service. Our mission is to go beyond the traditional role of accountant and tax professional to help our clients anticipate challenges before they arise and resolve complex issues unique to each individual business.
Consumer & Retail
MHM knows the challenges facing retail and consumer product companies and offers solutions to address your complex operating environment. Consumer products companies must deliver their existing business model while supporting the broad spectrum of new strategies and innovations that future success requires. Our end to end solution will enable the flexibility you need to master this plurality of growth.
- We’ve helped assess opportunity and risk, advised on how to attract new target segments in an impulsive consumer-driven market – and how to capitalize on technology and social media.
- The COVID-19 is having a huge impact on the global economy, with manufacturers and the travel industry bearing the initial brunt as the impact expands.
- How people shop has changed drastically in the last decade with the proliferation of smart phones and e-commerce sites.
- Tune into this episode where James McNamara, Partner in Core Tax Services at BDO USA, speaks with us about one of the bigger fads we’ve seen emerge in post-pandemic times.
Even companies that have been successful in the past with traditional operations need to keep pace with technological change in order to compete. Success depends on keeping up with changes in consumer buying behavior, managing supply chain volatility and continually launching new products in response to consumer demands. Companies in this sector need to be strategic at every turn in order to maximize efficiencies and increase profits. Business leaders in retail and consumer products confront many challenges today — from the innovation needs and risk of an online presence to assessing new markets to more effectively leveraging customer data. As your business grows, you must continually address these challenges to achieve your goals. Faced with changing consumer preferences, e-commerce expansion, and regulatory hurdles, retail business owners must find ways to innovate to keep up with the competition.
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From lower margins due to rising operating costs to increased competition and consumer knowledge as a result of the ever-expanding online virtual marketplace, there is a challenge on every corner. Businesses must be on top of change, realize the trends, and make the decisions necessary to keep pace in order to ensure success well into the future. With so many variables and moving pieces in your business, you can rely on Marcum to keep you on the right track.
We use our global resources and 60-plus years of experience serving growth-oriented public, private and not-for-profit organizations, to bring you best practices and sound guidance. Retailers are facing more challenges than ever to stay competitive while maintaining strong profitability. Constant shifts in consumer demands, increased e-commerce and heightened cybersecurity are top-of-mind trends for retail leaders. Withum’s Retail Services Team has extensive experience in the marketplace to guide you through any operational, financial and management challenges. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. Tune in to BDO’s 60-Second Retail Podcast to stay in-the-know on the latest news and trends shaping the retail and consumer products industry.
Discover the benefits of our experience during a complimentary consultation with our dental practice specialists.
We have served a variety of home-based franchise businesses, technologically advanced e-commerce websites and companies that make sustainability and the environment the focus of their responsible products. From televisions to building materials to beauty supplies and apparel, the businesses in the retail retail accounting and consumer products industries are diverse, but they all turn to us for expert accounting and financial guidance. Marcum LLP is a national accounting and advisory services firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals.
Now is the time to start building your qualifications and capabilities to maximize your potential to be awarded work on infrastructure projects. We can help you identify and understand likely government award criteria and make the operational changes necessary to strengthen your bids. Whether you’re making, shipping, selling, or all three, we understand that change is a constant factor in how you do business and how overwhelming it can be to keep up with. Marcum’s April column for Construction Business Owner, about the impact of COVID-19 on the construction industry, was written by Assurance Senior Manager Eric McManus. Adopting the new revenue recognition standard introduced under ASC Topic 606 will be one challenge; being audited with the new standard will be another.
The CFO’s Role in ESG
In addition to these services, Citrin Cooperman is well-versed in providing the below services specifically to consumer products and retail clients. Our most innovative solutions are specifically designed to support greater customer-centricity, including, digital https://www.archyde.com/how-do-bookkeeping-and-accounting-services-affect-the-finances-of-real-estate-companies/ transformation, data analytics and security, supply chain management and growth and new business models. Members of KPMG’s Consumer & Retail global network are dedicated to serving companies in the food and drink, consumer goods, luxury and retail sectors.
- Unforeseen supply chain delays, economic turbulence and rapid demand pattern changes are just a few of the disruptive trends reshaping the retail landscape.
- It’s designed to generate real customer insight from data that retailers can convert into value-generating actions.
- PKF O’Connor Davies LLP and PKF O’Connor Davies Advisory LLC practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards.
- Our specialists in accounting standards help you prepare for the implementation of significant changes in accounting guidance such as revenue recognition and accounting for leases.