Ed Thompson, CPA, CFE, helps manufacturers, distributors and construction clients solve their biggest accounting and business headaches through audit and tax services. Having previously managed a family-owned business, Ed thoroughly enjoys seeing business owners succeed.
YOU MIGHT NOT KNOW
Ed enjoys an afternoon of ironing while watching the Baltimore Ravens.
Ed Thompson, CPA, CFE, a partner in the firm, works with clients in the manufacturing, distribution and construction industries. He is director of the firm’s Manufacturing & Distribution Group and provides audit and tax services to manufacturers and distributors.
He lends a unique perspective to family-owned businesses. Prior to joining Gross Mendelsohn, he managed a family-owned distributorship of materials handling equipment. His responsibilities included sales and marketing, personnel and purchasing. Ed has seen it all with regard to family businesses and thoroughly enjoys helping owners of family businesses succeed.
Ed has also provided accounting services in connection with business interruption loss evaluations and calculations of the value of stolen or destroyed cash and inventory.
More Fun Facts
Manufacturers and distributors need to have inventory available to ensure a steady flow of goods to producers and consumers. Selling inventory also keeps a steady flow of capital coming into your business. However, handling and storing materials can be costly.
Despite slower than expected movement on the legislative front, manufacturers in the United States continue to show historic levels of optimism. In the most recent National Association of Manufacturers’ (NAM) Quarterly Outlook Survey, which covers data from April – June 2017, over 89% of manufacturers said they had a positive outlook for their own company. This is only a slight drop from a few months earlier, when manufacturers reported an unprecedented 93% rate of optimism.
The manufacturing industry isn’t what it was ten years ago. Not only has changing and increasingly advanced technology made finding and recruiting qualified employees more difficult than ever, but uncertainty about the future of tax law and governmental regulations can make planning for the future difficult. Despite this, there are key ways manufacturers can grow their business and thrive.