“Growing companies have new challenges and rapidly changing needs. Managing growth can be as interesting as managing a company during a downturn. We’re here to help with your evolving needs.”
MY FAVORITE THING: I love manufacturing. I love factories and companies that make things. Strategic business planning, projections, and pro-forma financials, “what if” analyses, being a sounding board for your ideas and offering alternatives is what I enjoy the most. It is especially gratifying when I can use my 25+ years of experience in industry and public accounting to genuinely help a client strengthen and grow their business.
WHAT I DO BEST: I approach my clients and their business as if it was my own. My primary role is auditing. No one likes an audit – any more than going to the dentist. I make the audit as positive and productive as possible, with the goal of providing insight and value along the way.
PROVEN TRACK RECORD:
Cost accounting systems for manufacturing companies: I have helped several clients develop cost accounting systems for inventory and financial reporting.
LIFO inventory reserve calculations: You may save tax dollars by using the LIFO (last-in-first-out) method of reporting inventory, rather than FIFO (first-in first-out). I can help you determine if it makes sense to make the switch and if it does, how to do it.
Projections: I have helped several clients prepare projected financial statements, using client input, historical results, and industry knowledge. Projected financial statements are often needed for companies to obtain financing and anticipate their future cash needs.
Fraud and forensic accounting: I have assisted several clients who have been victimized by fraud. I use data extraction software to analyze and test vast quantities of data efficiently and accurately, to identify errors and irregularities. I recommend new policies and procedures that can be implemented to ward off future damage.
Audits, reviews and compilations: I manage and supervise audits, reviews and compilations of financial statements.
Technical reviews of financial statements: I perform technical reviews of audited, reviewed and compiled financial statements and engagements, as a key part of our firm’s quality control.
OUT OF THE OFFICE: You’ll find me on my Buddy scooter –cruising through the Cleveland Metroparks and the Cuyahoga Valley National Park.
ON MY BUCKET LIST: Hike the Grand Canyon. See the Great Wall of China. Meet Oprah.
MY FAMILY: I have a wonderful husband and four grown children and one son-in-law. Don’t get me started…you probably don’t want to get stuck next to me on an airplane.
What are some of the most overlooked areas by businesses? Measuring inventory is the key to a manufacturing company’s financial statement. And managing inventory is the key to a manufacturing company’s success! Most of my experience and expertise is with manufacturing companies, specifically with their cost accounting systems and inventory valuation.
How do you add value to manufacturers looking to manage the complexity of their inventory?
I help my clients know and understand the real cost of the products they make, and the cost of inventory for financial reporting under U.S. GAAP, and the cost of inventory for tax reporting to the IRS – and yes, these can be different and distinct amounts. The costs are constantly changing because of a myriad of factors – fluctuating material prices, hiring or reducing labor force, beefing up inspection or quality control processes, compliance with certification requirements, automating a manual process, soaring utility costs, the list goes on and on. Knowledge is power, and knowing and understanding your costs in today’s challenging environment is critical to your success.
MORE ABOUT SHEILA BECK
Positive + Pleasant + Passionate + Personable + Practical
- Bachelor of Arts, Accounting – University of Saint Francis
- Masters of Business Administration – University of Saint Francis
- Ohio Society of Certified Public Accountants
- American Institute of Certified Public Accountants
- Fraud in the Workplace – AGP webinar
- Fraud in the Tire Industry – for ITEC 2012 (International Tire Exhibition and Conference)
- Inventory Valuation in Fluctuating Commodities Market – for MAGNET, Ideas at Dawn
- Women’s Initiative at AGP
- Treasurer of Swim Clubs (past)
- City of Brecksville, Aquatics Center Committee (past)