HSC Offices Closed for the Labor Day Holiday

Our offices are closing today at 12:00 p.m. local time through Monday, September 2rd in observance of the Labor Day Holiday. We will reopen on Tuesday, September 4th at 8:00 a.m. local time. We wish you and your families a safe holiday weekend!

Plan for Your Future with a Three-step Process

Building a successful business likely took you years of planning to build up a business worthy of pride. The next step is ensuring you have a plan in place for the future of your business and your ownership. It may seem like there are years ahead to properly plan for the future; however, this is not always true. We believe that the most effective way to position yourself for future success is to begin a three-step process that will help you answer questions about your current ownership, how you picture the rest of your life, and how your decisions can affect the people and things you care about most.

For more information on the three-step process to plan for your future, click here.

Click here to subscribe to HSC STEPS newsletter, and twice monthly you will receive in-depth articles on succession, transition and estate planning. Contact Kyle Wininger at 800.880.7800 ext. 1412 or at kwininger@hsccpa.com.

Harding Shymanski Construction Team Earns #24 National Ranking

CE Top 50 HSC Ranked 24 SocialHarding, Shymanski & Company’s Construction Team is proud to be ranked #24 in the nation in Construction Executive’s Top 50 Construction Accounting Firms. “We’re excited to be recognized among the top CPA firms in the country who serve clients in the construction industry,” said Paul Esche, CPA, CCIFP, CCA.

CE reached out to hundreds of accounting firms in the U.S. who have dedicated construction industry practices to learn more about both their practices and their clients’ biggest concerns.

“Earlier this week we hosted our annual Ohio Valley Construction Market Forums in Evansville and Louisville where we shared the results from our annual regional survey,” said Esche. “We saw similar results to those being reported on a national level.”

Overall, the 2019 Ohio Valley Construction Market Outlook Survey respondents reported a mostly positive outlook with workforce issues and increasing competition ranking high on their list of concerns. In addition, the industry faces two accounting changes that could significantly impact their financial performance metrics: revenue recognition and lease accounting.

For more information about our construction industry services, contact Paul Esche, CPA, CCIFP, CCA or Greg Elpers, CPA, CCA or Andrea Strange, CPA.

The Future of Risk: 5 Trends to Watch in 2019

2019 has proven to be an interesting year for many middle market companies from an economic and risk perspective. According to RSM’s 2019 Economic and Risk Outlook webcast, economic growth is decelerating at a projected 2.2% overall, the U.S. labor market is currently on the upswing as job creation through the year is averaging 155,000 per month, and middle market companies are reporting recruitment and the ability to retain skilled employees to be key stressors. Along with these economic challenges, companies also face risks relating to global political tensions, technology threats, and new data privacy demands.

The following are the most prominent risks that middle market companies should evaluate and address for future success:

  • Volatility and global supply chain.
  • Culture and conduct.
  • Cloud risk and compliance.
  • Technology risk transformation.
  • Rise of data privacy regulations.

For more information on how your company can prepare for these risks, click here or contactJohn Rittichier, CPA at 800.880.7800 ext. 8484 or at jrittichier@hsccpa.com.

Scott Olinger Named Chief Executive Officer

Trudy Stock and Scott Olinger of Harding Shymanski and Comany.
Harding, Shymanski and Company, P.S.C., announces a leadership transition as President & CEO Trudy Stock, CPA, CGMA (left) will transition the role of CEO to Scott Olinger, CPA, CGMA, CPIM on January 1, 2020.

Harding, Shymanski and Company, P.S.C., is pleased to announce that Scott A. Olinger, CPA, CGMA, CPIM, has been named Chief Executive Officer (CEO) & President for the firm effective January 1, 2020. The firm will continue to be headquartered in Evansville, Indiana. Olinger will take on the responsibilities of CEO from the Louisville, Kentucky, office where he will continue to serve as President for the Louisville Region. The move comes as part of a planned internal succession in which Trudy Stock, CPA, CGMA, will continue to work full time as Chairman of the Board and President for the Evansville Region.

“Scott’s commitment to innovation and growth make him a natural successor,” said Stock. “His dedication to expanding the firm’s reach into the Louisville and Southeastern Indiana region has demonstrated his commitment to our core mission which is to help our clients, our people, and our firm be more successful.”

Olinger who joined the firm in 1995, has been dedicated to the expansion of the Louisville, Kentucky, service area since 2004. “This is a time of great change for the CPA profession where I believe we will see more changes in the next five years than we have seen in the previous two decades,” said Olinger. “I am humbled and proud to follow in the footsteps of four great leaders as our firm continues to deliver exceptional service to our clients as one team, one firm.”

Indiana’s New Market-Based Sourcing Rules

Effective January 1, 2019, Indiana has adopted a market-based sourcing approach for sales other than the sale of tangible property. This significant shift from the previous cost of performance approach bears some significant tax consequences for service providers whose markets stretch across state lines. Sales of tangible personal property continue to be sourced to where the goods are physically shipped or delivered.

Sales of services are now attributable to Indiana to the extent that the benefit of the service is received in Indiana, rather than where the service was performed. For example, an Indiana-based company performing a service for a customer located in New York is no longer required to apportion the sales from that service to Indiana. The opposite holds true, however, in that a New York firm providing services to a customer in Indiana will be required to source those sales to Indiana.

This shift has the potential to provide a tax benefit to Indiana companies performing service work in other states, while also potentially drawing in revenue from out-of-state service companies. Keep in mind that these new sourcing rules may conflict with the rules in other states, so it is important to consult your tax advisor in these matters to come up with an optimal result.

For more information on how your company will be impacted by the new sourcing rules contactJohn Rittichier, CPA at 800.880.7800 ext. 8484 or at jrittichier@hsccpa.com.

How Manufacturers can Prepare for Slower Economic Growth

Starting in the first quarter of 2019, several economists began pointing to financial indicators suggesting a market slow-down or even a recession may be looming. While a slow-down or recession is not certain, identifying early indicators and preparing for the next downturn in the economy could prove key to outlasting the competition.

The following are a few things to consider in any market condition, but in particular for preparing for a recession.

  • Are inventory counts at optimal levels in regards to cost savings?
  • Have discretionary selling, general, and administrative expenses been identified?
  • Have business processes been evaluated to ensure they are designed in consideration of cost effectiveness?

For more information on how your company can adapt in slow economic conditions, click here or contact Scott Olinger, CPA, CGMA, CPIM at 800.880.7800 ext. 8466 or at solinger@hsccpa.com.