This document summarizes key information about changes to lease accounting standards that will affect manufacturers in 2022. The Financial Accounting Standards Board updated lease accounting guidance in ASC Topic 842, which requires companies to record operating leases on their balance sheets. This will impact manufacturers that lease major assets like equipment. The summary discusses how the new standards classify leases and require companies to catalog leases, determine lease types, calculate lease assets and liabilities, and account for lease modifications. It also notes challenges for manufacturers around build-to-suit arrangements and embedded leases.
CBIZ Quarterly Commercial Real Estate "Hot Topics" Newsletter (Jan-Feb 2022)CBIZ, Inc.
The January 2022 issue of CBIZ’s Commercial Real Estate Quarterly Hot Topics Newsletter is now available! Learn about the impact of changes lease accounting, post-pandemic calculation companies are using to reassess office space needs, tax planning knowns and unknowns and the impact of rising construction costs on insurance costs. Plus – access strategies to combat the great resignation and safeguard against the unexpected.
For years, lease accounting has been criticized as a means of structuring off-balance sheet financing, particularly as it related to the airline industry. In response to this feedback, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) initiated a joint project to overhaul accounting for leases in 2008, which was one of the cornerstone projects of a path towards convergence.
The FASB issued an exposure draft in 2010, but it received such heavy criticism from multiple parties that it didn't issue the final standard until early 2016. Accounting Standards Update 2016-02, Leases (ASC Topic 842) may be cumbersome to implement as it affects all leases (i.e. property, equipment, copiers) with only a few, minor scope exceptions. It also removes any differences between leases of equipment and real estate that exist in today's U.S. generally accepted accounting principles (GAAP).
CBIZ Manufacturing & Distribution Hot Topics June-July 2020 NewsletterCBIZ, Inc.
Articles discuss strategies to help manufacturers and distributors expedite their financial recovery as they adjust to the new normal, 2020 insurance planning insights, 3 HCM keys for a smooth transition to the new normal, what companies looking at buying or selling can do now, and "News from the NAM" including the Q2 NAM outlook survey and major markets economic trends.
CBIZ Quarterly Commercial Real Estate "Hot Topics" Newsletter (Jan-Feb 2022)CBIZ, Inc.
The January 2022 issue of CBIZ’s Commercial Real Estate Quarterly Hot Topics Newsletter is now available! Learn about the impact of changes lease accounting, post-pandemic calculation companies are using to reassess office space needs, tax planning knowns and unknowns and the impact of rising construction costs on insurance costs. Plus – access strategies to combat the great resignation and safeguard against the unexpected.
For years, lease accounting has been criticized as a means of structuring off-balance sheet financing, particularly as it related to the airline industry. In response to this feedback, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) initiated a joint project to overhaul accounting for leases in 2008, which was one of the cornerstone projects of a path towards convergence.
The FASB issued an exposure draft in 2010, but it received such heavy criticism from multiple parties that it didn't issue the final standard until early 2016. Accounting Standards Update 2016-02, Leases (ASC Topic 842) may be cumbersome to implement as it affects all leases (i.e. property, equipment, copiers) with only a few, minor scope exceptions. It also removes any differences between leases of equipment and real estate that exist in today's U.S. generally accepted accounting principles (GAAP).
CBIZ Manufacturing & Distribution Hot Topics June-July 2020 NewsletterCBIZ, Inc.
Articles discuss strategies to help manufacturers and distributors expedite their financial recovery as they adjust to the new normal, 2020 insurance planning insights, 3 HCM keys for a smooth transition to the new normal, what companies looking at buying or selling can do now, and "News from the NAM" including the Q2 NAM outlook survey and major markets economic trends.
CBIZ Commercial Real Estate Hot Topics Newsletter - June-July 2020CBIZ, Inc.
This issue offers links to webinars and articles addressing COVID-19 issues like PPP forgiveness, specific tax considerations for the CRE sector, preparing for cybersecurity questions from your auditor, the P&C market outlook and associated insurance planning insights, keys for a smooth transition to the new normal, and two QOZ topics – one on IRS pandemic deadline relief and a guest article on the role OZ funds can play at both the community and national levels.
What every tech company needs to know to prepare for the new revenue accounting standards. The new revenue recognition standard ASC 606 represents the most widespread change to revenue recognition rules in recent years. The transition from a rules-based approach for rev rec to a principle-based approach has significant implications for the entire organization. Software and other high tech companies must ready themselves for numerous impacts across systems, processes and policies as they work toward compliance.
Read this SAP Thought Leadership Paper to understand what new changes in regulations mean for your business and how you can become smarter about revenue recognition and lease accounting with SAP Lease Administration by Nakisa, a solution extension from SAP.
The Financial Accounting Standards Board has issued Accounting Standards Update No. 2016-
02, Leases (Topic 842), an Amendment of the FASB Accounting Standards Codification, which outlines changes in the way that lessors are required to report certain monies collected for leased assets. These new lease accounting standards – known as ASC 842 – will go into effect for public companies January 2019 and for private companies and not-for-profits January 2020.
These changes affect the several aspects of lease accounting documentation,Learn What This Means for Your Business
4 Ways the Manufacturing & Distribution Sector Can Prepare for the Post COVID...CBIZ, Inc.
Manufacturers and distributors were among the first sectors to feel the impact of the COVID-19 pandemic and may continue to feel its effects during the recovery phase. A number of strategies are discussed that may help manufacturers and distributors expedite their financial recovery as they adjust to the new normal.
CBIZ Quarterly Manufacturing & Distribution “Hot Topics” Newsletter (Sep-Oct ...CBIZ, Inc.
This issue delivers links to key resources, NAM’s Manufacturers’ Q3 Outlook Survey and four articles on key industry topics — 3 Ways Manufacturers Can Bridge Talent Gaps & Improve Product; Is It Time to Consider Group Captive Insurance?; Equal or Equitable – The Family Business Owner’s Dilemma; and Special Purpose Acquisition Companies (aka SPACs) Are Really Hot!
Five ways to develop a successful outsourcing contractWGroup
WGroup perspective paper on how to develop a successful outsourcing contratct--A few key aspects of an outsourcing contract typically drive its projected savings and return on investment (ROI). You must carefully consider all of these areas to avoid mixed financial results on your outsourcing project. Strategizing the following five areas can help you develop a successful outsourcing contract. The 5 key ways are contract components, unit pricing, resource volume, dead bands, and renegotiation bands.
By 1st December 2015, BCBS-IOSCO rules mean that all eligible financial and non-financial counterparties must be able to exchange bilateral Variation Margin (VM) and Initial Margin (IM) with their OTC derivatives counterparties. The consequences of this extend far beyond methodology, requiring a re-evaluation of the whole end to end workflow.
Commercial Real Estate: Hot Topics October 2015CBIZ, Inc.
This Commercial Real Estate issue contains the following articles: Four Ways Business Owners Can Generate Savings with the Tangible Property Regulations, Property Insurance Rate Trends – The Buyer’s Market Continues, Three Ways Real Estate Developers Can Benefit from Crowdfunding and Construction Vital Statistics.
Revenue Recognition Considerations for SaaS CompaniesMatt Ream
The new Revenue Recognition Standard has finally been issued, and now the real work begins. The new guidance standardizes how companies should recognize revenue under U.S. GAAP and IFRS, but many questions remain. In this session we will discuss the new standard and provide practical examples for implementing and automating revenue recognition specifically for SaaS companies. Including: SaaS offerings, allocations, multiple element arrangement, VSOE, performance obligations (POBs) and implementation factors to consider.
Jagan Reddy and Vibhor Chandra gave this presentation at Zuora’s Subscribed 2016 event in San Francisco earlier this month. It was a great session, very well received by those in attendance. We hope you find it helpful.
Watch the full webinar and get the complete deck at: https://goo.gl/Zg1SO1
Like the rest of the financial services industry, insurers are subject to increasingly complex and prescriptive regulations and standards. In the year ahead, insurers will need to focus on the new U.S.Department of Labor fiduciary standard, which is likely to have a significant effect on how insurance products are sold. Moreover, global developments, especially those related to the developing International Capital Standard, will require insurers to closely monitor – and ideally contribute to – official discussions about how globally active insurers should manage capital
What's next for the investment management industry?SimCorp
“It's difficult to predict. Especially about the future."
It may be debatable who the source of the above quote is: Mark Twain, Storm P., Niels Bohr or Yogi Berra. But the truth of it struck us as particularly relevant as we looked back at the tumultuous events of the past twelve months in preparation for writing this outlook on the year ahead.
BIZGrowth Strategies — Cybersecurity Special Edition 2023CBIZ, Inc.
As cybercriminals continue to advance and evolve, a stagnant cyber risk management approach is simply not an option. Further, the prevalence of cyber breaches means cybersecurity is not solely an IT concern. It takes a robust set of processes and people from across your organization, working together toward a common goal. We offer fresh insights to help protect your organization from cyberthreats in multiple operational areas. Articles include:
- How Cybercriminals Are Weaponizing Artificial Intelligence
- Employee Benefits Cyber Risk Exposure Scorecard
- Closing the Security Gap: Managing Vendor Cyber Risk
- Retirement Plan Sponsor Cybersecurity Checklist
- Protect Your Digital Frontline With Employee Training
BIZGrowth Strategies - Back to Basics Special EditionCBIZ, Inc.
Amid the increasing complexity of today’s business landscape, it can be of great benefit to shut out the noise and simply get back to the basics. Summer offers the rare opportunity for organizations to slow down and sweat the small stuff.
In this issue, our experts address seven key topics intended to help leaders guide their teams to stability and refocus on the foundational elements of success, including:
- Talent Management 101: How to Attract & Retain Great Employees
- Exploring the What, Why & How Behind the Employee Experience
- The Shifting Normal: 3 Ways Leaders Can Embrace Change & Conquer Challenge
- What is Financial Wellbeing & Why Should Employers Care?
- D&O Insurance Application Basics to Protect Your Leaders
- Your Life Insurance Policy May Be One of Your Biggest Assets
- Understanding Labor Law Poster Compliance
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This issue offers links to webinars and articles addressing COVID-19 issues like PPP forgiveness, specific tax considerations for the CRE sector, preparing for cybersecurity questions from your auditor, the P&C market outlook and associated insurance planning insights, keys for a smooth transition to the new normal, and two QOZ topics – one on IRS pandemic deadline relief and a guest article on the role OZ funds can play at both the community and national levels.
What every tech company needs to know to prepare for the new revenue accounting standards. The new revenue recognition standard ASC 606 represents the most widespread change to revenue recognition rules in recent years. The transition from a rules-based approach for rev rec to a principle-based approach has significant implications for the entire organization. Software and other high tech companies must ready themselves for numerous impacts across systems, processes and policies as they work toward compliance.
Read this SAP Thought Leadership Paper to understand what new changes in regulations mean for your business and how you can become smarter about revenue recognition and lease accounting with SAP Lease Administration by Nakisa, a solution extension from SAP.
The Financial Accounting Standards Board has issued Accounting Standards Update No. 2016-
02, Leases (Topic 842), an Amendment of the FASB Accounting Standards Codification, which outlines changes in the way that lessors are required to report certain monies collected for leased assets. These new lease accounting standards – known as ASC 842 – will go into effect for public companies January 2019 and for private companies and not-for-profits January 2020.
These changes affect the several aspects of lease accounting documentation,Learn What This Means for Your Business
4 Ways the Manufacturing & Distribution Sector Can Prepare for the Post COVID...CBIZ, Inc.
Manufacturers and distributors were among the first sectors to feel the impact of the COVID-19 pandemic and may continue to feel its effects during the recovery phase. A number of strategies are discussed that may help manufacturers and distributors expedite their financial recovery as they adjust to the new normal.
CBIZ Quarterly Manufacturing & Distribution “Hot Topics” Newsletter (Sep-Oct ...CBIZ, Inc.
This issue delivers links to key resources, NAM’s Manufacturers’ Q3 Outlook Survey and four articles on key industry topics — 3 Ways Manufacturers Can Bridge Talent Gaps & Improve Product; Is It Time to Consider Group Captive Insurance?; Equal or Equitable – The Family Business Owner’s Dilemma; and Special Purpose Acquisition Companies (aka SPACs) Are Really Hot!
Five ways to develop a successful outsourcing contractWGroup
WGroup perspective paper on how to develop a successful outsourcing contratct--A few key aspects of an outsourcing contract typically drive its projected savings and return on investment (ROI). You must carefully consider all of these areas to avoid mixed financial results on your outsourcing project. Strategizing the following five areas can help you develop a successful outsourcing contract. The 5 key ways are contract components, unit pricing, resource volume, dead bands, and renegotiation bands.
By 1st December 2015, BCBS-IOSCO rules mean that all eligible financial and non-financial counterparties must be able to exchange bilateral Variation Margin (VM) and Initial Margin (IM) with their OTC derivatives counterparties. The consequences of this extend far beyond methodology, requiring a re-evaluation of the whole end to end workflow.
Commercial Real Estate: Hot Topics October 2015CBIZ, Inc.
This Commercial Real Estate issue contains the following articles: Four Ways Business Owners Can Generate Savings with the Tangible Property Regulations, Property Insurance Rate Trends – The Buyer’s Market Continues, Three Ways Real Estate Developers Can Benefit from Crowdfunding and Construction Vital Statistics.
Revenue Recognition Considerations for SaaS CompaniesMatt Ream
The new Revenue Recognition Standard has finally been issued, and now the real work begins. The new guidance standardizes how companies should recognize revenue under U.S. GAAP and IFRS, but many questions remain. In this session we will discuss the new standard and provide practical examples for implementing and automating revenue recognition specifically for SaaS companies. Including: SaaS offerings, allocations, multiple element arrangement, VSOE, performance obligations (POBs) and implementation factors to consider.
Jagan Reddy and Vibhor Chandra gave this presentation at Zuora’s Subscribed 2016 event in San Francisco earlier this month. It was a great session, very well received by those in attendance. We hope you find it helpful.
Watch the full webinar and get the complete deck at: https://goo.gl/Zg1SO1
Like the rest of the financial services industry, insurers are subject to increasingly complex and prescriptive regulations and standards. In the year ahead, insurers will need to focus on the new U.S.Department of Labor fiduciary standard, which is likely to have a significant effect on how insurance products are sold. Moreover, global developments, especially those related to the developing International Capital Standard, will require insurers to closely monitor – and ideally contribute to – official discussions about how globally active insurers should manage capital
What's next for the investment management industry?SimCorp
“It's difficult to predict. Especially about the future."
It may be debatable who the source of the above quote is: Mark Twain, Storm P., Niels Bohr or Yogi Berra. But the truth of it struck us as particularly relevant as we looked back at the tumultuous events of the past twelve months in preparation for writing this outlook on the year ahead.
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BIZGrowth Strategies — Cybersecurity Special Edition 2023CBIZ, Inc.
As cybercriminals continue to advance and evolve, a stagnant cyber risk management approach is simply not an option. Further, the prevalence of cyber breaches means cybersecurity is not solely an IT concern. It takes a robust set of processes and people from across your organization, working together toward a common goal. We offer fresh insights to help protect your organization from cyberthreats in multiple operational areas. Articles include:
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BIZGrowth Strategies - Back to Basics Special EditionCBIZ, Inc.
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- The Shifting Normal: 3 Ways Leaders Can Embrace Change & Conquer Challenge
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- D&O Insurance Application Basics to Protect Your Leaders
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Welcome to our newly branded newsletter, "The Advantage." The articles in this issue provide insights to help you:
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BIZGrowth Strategies - Workforce & Talent Optimization Special EditionCBIZ, Inc.
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BIZGrowth Newsletter - Economic Slowdown Solutions Special EditionCBIZ, Inc.
The "Economic Slowdown Solutions Special Edition" newsletter includes articles that present tips, strategies and ideas to help your organization master economic uncertainty and recessionary concerns. Topics include:
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BIZGrowth Strategies - Cybersecurity Special EditionCBIZ, Inc.
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Connections Help Law Practice Efficiently Obtain $5 Million Line of CreditCBIZ, Inc.
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CBIZ Quarterly Manufacturing and Distribution "Hot Topics" Newsletter (May-Ju...CBIZ, Inc.
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BIZGrowth Strategies - The Great Resignation Special EditionCBIZ, Inc.
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In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
It's another new era of digital and marketers are faced with making big bets on their digital strategy. If you are looking at modernizing your tech stack to support your digital evolution, there are a few can't miss (often overlooked) areas that should be part of every conversation. We'll cover setting your vision, avoiding siloes, adding a democratized approach to data strategy, localization, creating critical governance requirements and more. Attendees will walk away with actions they can take into initiatives they are running today and consider for the future.
Is AI-Generated Content the Future of Content Creation?Cut-the-SaaS
Discover the transformative power of AI in content creation with our presentation, "Is AI-Generated Content the Future of Content Creation?" by Puran Parsani, CEO & Editor of Cut-The-SaaS. Learn how AI-generated content is revolutionizing marketing, publishing, education, healthcare, and finance by offering unprecedented efficiency, creativity, and scalability.
Understanding
AI-Generated Content:
AI-generated content includes text, images, videos, and audio produced by AI without direct human involvement. This technology leverages large datasets to create contextually relevant and coherent material, streamlining content production.
Key Benefits:
Content Creation: Rapidly generate high-quality content for blogs, articles, and social media.
Brainstorming: AI simulates conversations to inspire creative ideas.
Research Assistance: Efficiently summarize and research information.
Market Insights:
The content marketing industry is projected to grow to $17.6 billion by 2032, with AI-generated content expected to dominate over 55% of the market.
Case Study: CNET’s AI Content Controversy:
CNET’s use of AI for news articles led to public scrutiny due to factual inaccuracies, highlighting the need for transparency and human oversight.
Benefits Across Industries:
Marketing: Personalize content at scale and optimize engagement with predictive analytics.
Publishing: Automate content creation for faster publication cycles.
Education: Efficiently generate educational materials.
Healthcare: Create accurate content for patients and professionals.
Finance: Produce timely financial content for decision-making.
Challenges and Ethical Considerations:
Transparency: Disclose AI use to maintain trust.
Bias: Address potential AI biases with diverse datasets.
SEO: Ensure AI content meets SEO standards.
Quality: Maintain high standards to prevent misinformation.
Conclusion:
AI-generated content offers significant benefits in efficiency, personalization, and scalability. However, ethical considerations and quality assurance are crucial for responsible use. Explore the future of content creation with us and see how AI is transforming various industries.
Connect with Us:
Follow Cut-The-SaaS on LinkedIn, Instagram, YouTube, Twitter, and Medium. Visit cut-the-saas.com for more insights and resources.
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
SEO as the Backbone of Digital MarketingFelipe Bazon
In this talk Felipe Bazon will share how him and his team at Hedgehog Digital share our journey of making C-Levels alike, specially CMOS realize that SEO is the backbone of digital marketing by showing how SEO can contribute to brand awareness, reputation and authority and above all how to use SEO to create more robust global marketing strategies.
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
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How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
The Secret to Engaging Modern Consumers: Journey Mapping and Personalization
In today's digital landscape, understanding the customer's journey and delivering personalized experiences are paramount. This masterclass delves into the art of consumer journey mapping, a powerful technique that visualizes the entire customer experience across touchpoints. Attendees will learn how to create detailed journey maps, identify pain points, and uncover opportunities for optimization. The presentation also explores personalization strategies that leverage data and technology to tailor content, products, and experiences to individual customers. From real-time personalization to predictive analytics, attendees will gain insights into cutting-edge approaches that drive engagement and loyalty.
Key Takeaways:
Current consumer landscape; Steps to mapping an effective consumer journey; Understanding the value of personalization; Integrating mapping and personalization for success; Brands that are getting It right!; Best Practices; Future Trends
Everyone knows the power of stories, but when asked to come up with them, we struggle. Either we second guess ourselves as to the story's relevance, or we just come up blank and can't think of any. Unlocking Everyday Narratives: The Power of Storytelling in Marketing will teach you how to recognize stories in the moment and to recall forgotten moments that your audience needs to hear.
Key Takeaways:
Understand Why Personal Stories Connect Better
How To Remember Forgotten Stories
How To Use Customer Experiences As Stories For Your Brand
5 big bets to drive growth in 2024 without one additional marketing dollar AND how to adapt to the biggest shifting eCommerce trend- AI.
1) Romance Your Customers - Retention
2) ‘Alternative’ Lead Gen - Advocacy
3) The Beautiful Basics - Conversion Rate Optimization
4) Land that Bottom Line - Profitability
5) Roll the Dice - New Business Models
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
The session includes a brief history of the evolution of search before diving into the roles technology, content, and links play in developing a powerful SEO strategy in a world of Generative AI and social search. Discover how to optimize for TikTok searches, Google's Gemini, and Search Generative Experience while developing a powerful arsenal of tools and templates to help maximize the effectiveness of your SEO initiatives.
Key Takeaways:
Understand how search engines work
Be able to find out where your users search
Know what is required for each discipline of SEO
Feel confident creating an SEO Plan
Confidently measure SEO performance
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Digital marketing is a rapidly changing, ever evolving industry--Influencers, Threads, X, AI, etc. But one of the most effective digital marketing tools is also one of the oldest: Email. Find out from two Houston-based digital experts how to maximize your results from email.
Key Takeaways:
Email has the best ROI of any digital tactic
It can be used at any stage of the customer journey
It is increasingly important as the cookie-less future gets closer and closer
Monthly Social Media News Update May 2024Andy Lambert
TL;DR. These are the three themes that stood out to us over the course of last month.
1️⃣ Social media is becoming increasingly significant for brand discovery. Marketers are now understanding the impact of social and budgets are shifting accordingly.
2️⃣ Instagram’s new algorithm and latest guidance will help us maintain organic growth. Instagram continues to evolve, but Reels remains the most crucial tool for growth.
3️⃣ Collaboration will help us unlock growth. Who we work with will define how fast we grow. Meta continues to evolve their Creator Marketplace and now TikTok are beginning to push ‘collabs’ more too.
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In this session, Demandbase’s Stephanie Quinn, Sr. Director of Integrated and Digital Marketing, Devin Rosenberg, Director of Sales, and Kevin Rooney, Senior Director of Sales Development will share how sales and marketing shapes their day-to-day and what key areas are needed for true alignment.
2. 1-800-ASK-CBIZ • CBIZ Manufacturing & Distribution National Practice @CBZ
CBIZ BizTipsVideos PAGE 2
(Continued from page 1)
What is ASC 842?
The FASB introduced ASC Topic 842, Leases, to
increase transparency into the lease accounting
for public and private organizations. The new lease
guidance went into effect in late 2018 for public
companies and, after several extensions, finally went
into effect for most private companies for fiscal years
beginning after Dec. 15, 2021.
The new ASC 842 lease accounting standard requires
organizations to record all leases on their balance
sheets except for those meeting the short-term lease
criteria. The goal of the change is to provide a more
accurate picture of an organization’s financial health
and offer a better understanding of its financial
commitments.
The changes affect everything from financial statements
to the lease cataloging process.
How will ASC 842 Affect Manufacturing?
ASC 842 contains guidance for companies that manage
leases (lessors) and companies that lease assets
(lessees). Manufacturers are most likely to find that the
lessee accounting guidance is the most applicable to
the leases that they use in operations.
The lessee accounting guidance classifies a lease
as either a finance lease or operating lease. Finance
leases and operating leases have slightly different
financial reporting requirements for both income
statements and balance sheets. Changes brought about
by the new standard may mean that manufacturers
with operating leases are having to record lease assets
and liabilities for the first time on their balance sheets,
which could affect lending arrangements and other
scenarios that rely on balance sheets as inputs.
Cataloging all of the leases that your organization has
and their corresponding lease type will be an essential
part of your ASC 842 adoption efforts. Each lease may
have both lease and nonlease components that will
have to be separated for financial reporting purposes.
To record the lease assets and liabilities on your
balance sheet, you will need to record the present
value of future lease payments, which may be easier
said than done. The accounting guidance requires
that lessees use the rate implicit in the lease, if readily
available, to determine the present value. It is expected
that the implicit rate will not be known by many lessees;
however, scenarios exist where the rate is known by
the organization making its use a requirement. The
alternative is to determine the appropriate incremental
borrowing rate — the rate the lessee would pay to borrow
on a collateralized basis of a similar term in a similar
economic environment — adjusted for the length of the
lease and the country or region of operation. Private
lessees can also elect a risk-free discount rate accounting
alternative for all or a select class of underlying assets.
Lease modifications and renewals will also be important
to monitor with the new standard.
Leasing ‘Oddities’ in the Manufacturing Sector
Certain types of leases may be harder to transition to ASC
842. One “oddity” that affects the manufacturing sector
are build-to-spec or build-to-suit arrangements.
In a typical build-to-spec or build-to-suit arrangement, a
real property developer builds out real property according
to a tenant’s specifications. Manufacturers may find they
have build-to-spec or build-to-suit arrangements with
their manufacturing plants or even, potentially, with their
specialized equipment resulting in the manufacturer
being, for accounting purposes, the owner of the asset
during the construction period.
ASC Topic 842 makes significant changes to the build-
to-suit rules. A lessee will now recognize the entire
project on its balance sheet during the construction of
the equipment or plant only if the lessee “controls” the
asset during construction. After the equipment or plant
has been completed, the arrangement is evaluated
under the sale and leaseback guidance. If the lessee
manufacturer does not “control” the space or asset
during its construction, any amounts paid by the lessee
manufacturer during construction will be treated as
prepaid lease payments.
Another leasing “oddity” affecting manufacturers are
embedded leases. Manufacturers should pay attention
to their transportation and logistics arrangements
including freight management services, and warehouse
space, as these are often ripe for embedded leases.
Your organization’s information technology may also
have embedded leases related to its servers, data center
spaces, modems, routers, and network equipment.
For More Information
The new lease accounting standard brought about
significant changes for private companies and the
manufacturing industry. Adoption challenges can be
overcome with careful planning and execution, but it will
be necessary for manufacturers to learn all they can
about ASC 842 and how it will affect their business to
make the necessary changes.
For assistance with the lease accounting adoption, please
contact a member of our complex accounting team.
3. PAGE 3
1-800-ASK-CBIZ • CBIZ Manufacturing & Distribution National Practice @CBZ
CBIZ BizTipsVideos
DISCLAIMER: This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional
advice. This information is general in nature and may be affected by changes in law or in the interpretation of such laws. The reader
is advised to contact a professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in
connection with the use of this information and assumes no obligation to inform the reader of any changes in laws or other factors that
could affect the information contained herein.
T
he CBIZ Main Street Indices reported
industry concerns throughout another
difficult year – staffing shortages, supply
chain issues, loss of revenue, growing cyber
risk and the potential impact of changes in
tax policies to name a few. In this follow-
up publication, we provide a few planning
considerations and several resources to
help manage ongoing business challenges.
Discussion, case studies and resources
address the invisible business tax (over-
reporting = overpaying), supercharged ERTC
(don’t assume you can’t apply), managing
soaring insurance costs (always a large annual
expense), plus R&D tax credits, cyber risk, cash
flow, and managing key staff shortages. Access
this packed publication here.
Managing
Ongoing
Challenges
in2022
4. PAGE 4
1-800-ASK-CBIZ • CBIZ Manufacturing & Distribution National Practice @CBZ
CBIZ BizTipsVideos
(Continued on page 5)
3WaysManufacturingCompaniesare
RestructuringBenefitstoIncreaseRetention
T
he Great Resignation has led to a labor shortage
for companies across the country. As of June
2021, more than 3 million employees had quit
their jobs, and that number has continued to rise. In the
manufacturing industry in particular, the stats are even
more concerning.
According to the Association for Manufacturing Excellence,
the average manufacturing company has an approximate
absenteeism and turnover rate of 37%. Employers in this
industry are making changes to combat this issue, and
one area they’re focusing on is employee benefits.
Here are three ways manufacturing companies are
restructuring benefits to increase employee retention:
1. Taking On Increased Costs
Health care costs continue to rise. Historically, either
these price increases would ultimately trickle down to
employees, leading to higher deductibles and out-of-
pocket costs, or employers would reduce benefits to
avoid increased costs.
Manufacturing companies are changing this narrative,
instead choosing to shoulder increased costs themselves
without reducing benefits. In fact, many employers are
starting to cover dental and vision coverage, a benefit
that was previously employee-paid.
Not only are companies currently focused on helping
their employees avoid cost increases, but they are also
actively looking for ways to offer lower deductibles and
out-of-pocket costs, even to their own financial detriment.
2. Offering Additional Optional Benefits
Employers recognize that in today’s fiercely competitive job
market, they must go above and beyond in their benefits
offerings to hold on to top employees. Because of this,
many companies have decided to offer additional optional
benefits, like pet insurance and identity theft coverage.
These unique offerings are intended to increase retention
of current employees, but also entice prospective
5. 1-800-ASK-CBIZ • CBIZ Manufacturing & Distribution National Practice @CBZ
CBIZ BizTipsVideos PAGE 5
(Continued from page 4)
employees. Organizations that choose to differentiate
their benefits plans are likely to have an edge over those
that stick with the status quo.
3. Improving Employee Assistance Programs
The pandemic has had a serious impact on employee
mental health and wellbeing. Manufacturing workers
tend to face long hours with little flexibility, making them
more susceptible to burnout and mental fatigue.
What makes matters even more complex is the stigma
that surrounds mental health in the manufacturing
industry. Many of these employees don’t feel comfortable
openly discussing mental health, much less asking for
help should they need it.
Employers are trying to solve this problem by greatly
enhancing their Employee Assistance Programs
(EAPs). Through this program, employees can access
confidential assessments, free counseling, and
follow-up services. Organizations that take the time to
improve their EAP and truly ensure that its offerings are
meeting their workers’ needs are likely to see increased
retention in the coming year.
Bottom Line
Overall, there has been an industry-wide shift in how
employers approach their benefits offerings amid
the Great Resignation. Manufacturing organizations
are focused on making it easy and cost-effective for
employees to get the services and coverage they need
without regard to increased company expenses.
Organizations that choose to embrace this change are
likely to see a significant return on their investment in the
form of increased retention of their most valuable asset
— their people.
Additional Resources
■ Mental Health Scorecard
■ 6 Strategies to Combat the Great Resignation
■ Designing a Successful Total Rewards Program
■ Employee Mental Health & Wellbeing: Strategies
to Create a Thriving Workforce
■ Maximizing Productivity & Engagement by
Improving Your Employees’ Health & Wealth
Your Team
Your team at CBIZ Employee Benefits is proud to offer
personal service paired with national resources. Connect
with our benefits experts today to discuss how your
organization can leverage your benefits offerings to
increase employee retention.
Additional Content & Resources
6 Strategies to Combat the Great Resignation.
Strategies aimed at limiting turnover and retaining
your greatest asset — your people! Download your
free copy here.
Tax Planning Guide, including 2021 and 2022 tax
charts, opportunities to adjust prior tax returns,
second look at CARES Act tax change and time
sensitive opportunities. Available here.
Is your company prepared for – Emergency
Evacuation? Check your plan against this guidance.
Unexpected Business Disruptions? Download your
guide here.
Featured Webinar
It’s Time for a Culture Shift – Leveraging Data
to Assess & Enhance Your Workplace Wellbeing
Program, February 22, 1 pm CST
Now more than ever, organizations must look
beyond traditional benefits to determine what
elements of a workplace culture matter most to
employees. Register online.
News from the NAM
Multigenerational Teams in Manufacturing, report
of research by AARP and the Manufacturing Institute
on industry trends and best practices for leveraging
age diversity.
NAM’s 2021 4th Quarter Manufacturers’ Outlook
Survey – download here.
6. 1-800-ASK-CBIZ • CBIZ Manufacturing & Distribution National Practice @CBZ
CBIZ BizTipsVideos PAGE 6
KeyPersonInsurance:WhatIsIt
andHowDoesItWork?
A
key person insurance plan covers the life of an
employee who is deemed as a valuable asset to
the company. It is a simple, efficient way to provide
your business with the liquidity needed to handle the loss
of a key employee and recruit and train a replacement.
The plan may also help to replace lost profits as a result
of the loss.
How to Determine Who Is a Key Person
A key person is a critical component of the success and
profitability of your business. Key employees can be
business owners, successful sales reps, or individuals
whose daily contributions are vital to the success of the
business.
How Does It Work?
The business buys a life insurance policy on the life of
the key employee. The business is the owner and the
beneficiary, and pays the premium insuring the key
employee. Upon the death of the key employee, the
business will receive the entire death benefit. The key
employee does not have any interest in the policy, nor
does his family receive any benefit from it when the
premature death occurs.
Advantages of Key Person Insurance
■ Provides cost-efficient liquidity immediately upon
the death of a key person.
■ Provides cost-efficient liquidity to help the
business function after losing a key employee.
■ Keeps the business running smoothly.
■ Provides the company with a valuable asset on
the company’s balance sheet.
How to Determine the Right Amount of Insurance
Coverage
A typical rule of thumb for deciding the amount of life
insurance coverage is five to ten times the annual
compensation. In addition, you should take into account
how much it will cost to replace the key person, how
much the person is worth to the bottom line, and how
much of the company’s loss you are willing to ensure.
We’re Here to Help
Key person life insurance is an important way for
a business to protect itself against the loss of key
employees, partners, or owners. Key person life insurance
is simple to set up and easy to implement, and should be
considered by a business whose day-to-day and long-term
performance may be in jeopardy if something happens to
one of its vital employees.
CBIZ Life Insurance Solutions understands that protecting
your employees and your business is critical. Connect
with a member of our team to learn more about our key
person insurance.
7. 1-800-ASK-CBIZ • CBIZ Manufacturing & Distribution National Practice @CBZ
CBIZ BizTipsVideos PAGE 7
(Continued on page 8)
Retirement Plan Fees and Expenses–
What a Fiduciary Needs to Know
BY JEFF BARNES AND ED HINDERS,
CBIZ RETIREMENT PLAN SERVICES
R
ecently, I was talking to a CFO of a manufacturing
company about their 401(k) plan. As we were
talking, she turned to me and said, “You know, I
simply don’t know what I’m supposed to know. I hear
about lawsuits that involve people like me in regard to
costs, but I have no idea what people like you should be
charging me and my employees.”
I was not surprised. There’s a lot to keep up with if your
company sponsors a retirement plan, especially if you are a
fiduciary to the plan. As a fiduciary, it is not only a practical
matter regarding selection and monitoring of service
providers who are often paid out of the plan’s assets but
also a requirement under the law for you to do so.
Fiduciary Responsibility Requires Plan Oversight
The CFO was right to be concerned. She is a fiduciary
and, due to recent market highs, her plan has grown a
great deal in assets while her workforce has stayed about
the same. This means the average account balance per
participant has increased. Since the cost to service a
participant is relatively stable and most service providers
(e.g., recordkeepers/custodians, administrators, advisors)
charge for services based on a percentage of assets, the
cost to participants has increased, usually meaning it’s
time to review the pricing of the plan.
In recent years, the Department of Labor (DOL) has
issued a number of regulations to help improve
transparency and assist both plan sponsors and
participants in understanding the fees and expenses of
their retirement plans. Now, the employees who pay these
fees have data to compare costs and better understand
their plan’s fees.
ERISA Litigation Challenges Fees and Funds Selection
Since 2006, legal firms have initiated multiple waves of
ERISA litigation challenging the fees and the selection
and retention of mutual funds and other investments
offered in these plans (“fee and investment litigation”).
8. (Continued from page 7)
1-800-ASK-CBIZ • CBIZ Manufacturing & Distribution National Practice @CBZ
CBIZ BizTipsVideos PAGE 8
The pace of new complaints has surged to historic levels
with nearly 100 new cases filed in 2020, accounting for
the largest one-year increase in history. During the past
five years, plaintiffs have secured nearly a billion dollars
in settlements that included $330 million for attorneys’
fees. Much of the litigation has centered on the following,
with mixed results on legal outcomes:
■ A plan sponsor’s continuing duty to periodically
monitor funds selected as investment
alternatives
■ The prudence of participants’ investment options
that are managed directly or indirectly by the
plan’s service providers
■ Excessive fees and underperformance for Target
Date Funds
■ The use of retail-class mutual funds as plan
investments when materially identical lower
priced institutional-class mutual funds were
available
■ A plan sponsor’s duty to monitor and conduct a
“regular review” of its investments, implying the
duty to monitor is a “continuing” one
■ Excessive recordkeeping fees
■ The importance of well-documented meeting
minutes and materials
■ Claims challenging the use of plan participant
data and questioning if a fiduciary has a duty to
protect and regulate the use of this information
by plan service providers
Plan Service Providers
When you sponsor a plan, you engage a variety of service
providers. These service providers are required to provide
you, and ultimately your participants, with information on
the extent of the costs for services provided, including:
■ Recordkeeping
■ Administration
■ Compliance
■ Non-fiduciary broker and/or fiduciary investment
advisor services
■ Investment management fees and the impact of
differing share classes
■ Employee and participant education
All of the fees and expenses for these services fall into
broad categories of direct or indirect compensation.
As a plan sponsor you need to determine exactly how you
are paying your service providers. These fees can be paid
in a variety of ways:
■ Directly by the plan sponsor to the service
providers
■ From participant account balances through
either a fixed-dollar “per head” charge or by a flat
percentage of their account balance
■ Through revenue sharing. When applicable,
revenue sharing is an investment expense above
and beyond the investment manager’s fee, which
is included in the investment’s gross expense
ratio. This fee is collected by the investment
provider and passed back to the service provider
to cover expenses.
How to Determine “Reasonableness”
Retirement plan fiduciaries are tasked with determining
if fees and expenses are “reasonable.” Reasonableness
does not necessarily mean you have the lowest fees
possible; they just need to be “reasonable” as they
compare to other retirement plans of the same size. As
with any other purchase, a fiduciary should compare the
costs incurred to the service and benefits provided. A
qualified resource, such as your broker or an advisor, can
assist you with benchmarking the fees within your plan. It
is also important to make sure that fees are transparent
and effectively communicated to participants. The bottom
line is, if you have not studied the fees and expenses of
your 401(k) plan, you should.
Your Team
For additional guidance on retirement plan fees and
expenses, contact Ed Hinders (314.692.5822) or Jeff
Barnes (901.969.1303), or visit www.cbiz.com/retirement.
Investment advisory services provided through CBIZ
Investment Advisory Services, LLC, a registered investment
adviser and a wholly owned subsidiary of CBIZ, Inc.