High Tech: Challenges, Opportunities, and Resources
Hoyman Dobson can help you with:
If you are also a Government contractor, we can help with:
- Deltek implementation
- Setting up cost accounting systems that meet the requirements of FAR Part 31.2
- Contract rate calculations
- Developing ICE models
- DCAA representation
- Audits, reviews, compilations of Government contracts
- Consultation and documentation related to FAR and DCAA regulations
- Contact: Debbie Goode, Email or call 321-426-3040.
- Also, tap into the resources of the GCAT - the Government Contracting Advisory Team
Companies in the technology sector take advantage of scientific discoveries and turn them into marketable products. Access to capital to develop a promising technology is one of the biggest challenges for many small technology companies. Bank financing is not common for smaller or start-up companies because there is little or no collateral. In addition, the risk of failure is high. As such, technology companies often raise funds through selling stock in their business. Venture capital is often necessary to buy expensive equipment and hire qualified employees.
Industry Business Challenges:
- High research & development (R&D) investment needed
- Dependence on consumer and business spending
- Dependence on highly skilled workers
- Outdated products
- Restrictions on technology sales for government developed products
- High resolution sensing and satellite communications will benefit from additional government spending on defense. The industry is expected to increase spending for communication capabilities.
- Domestic security needs. Federal, state, and local governments and private industry face increased demands for better security. The largest participants in this market include major military contractors, big electronic makers, and private security companies. Small companies are also vying for a piece of the market.
- Nanotechnology. Research is producing ultra-small devices and materials that may transform electronics, materials, medicine, and other fields.
- Advances in medicine. New areas of development are the study of cell proteins and the use of interference RNA to block the effect of defective genes.
- Technology transfer from government. The National Technology Transfer Center promotes the transfer of certain technology to the private sector. That technology was originally developed by the government for military purposes and now federal labs are looking for ways to commercialize their research.
How can Hoyman Dobson help your high-tech company?
- Research and development (R&D) tax credit studies – properly documenting these costs while conducting the R&D will maximize your credit.
- Audits and reviews, which will increase the credibility of your financial statements. More credibility will help with raising venture capital funding and getting bank loans.
- Business valuations. If you plan to sell the company or issue stock options or shares to employees hire a firm with vast knowledge in the high tech industry to conduct a valuation first. We can help!
- Tax planning and consulting – high tech companies can take advantage of many tax deductions
- Cost segregation studies. Buildings can be depreciated over 39 ½ years. However, with our help, your company can take advantage of the IRS code section that allows much quicker depreciation. A much quicker depreciation will result in tax savings.
- Other services: see the upper box in the upper left corner of the page.