Author: admin-hsc

It is no surprise to anyone the healthcare industry is having issues finding qualified employees. However, it is not just difficult to find qualified medical staff, it is also difficult to find qualified financial and accounting staff. Healthcare providers have outsourced functions such as payroll, billing, and IT services for years but now more attention is on outsourcing the accounting and finance functions as well.

Often the physicians or nurses are doing the accounting in their “spare time” when their time would be better spent seeing patients or doing other activities that directly benefit the practice. This “spare time” mentality leads to a lack of timely financial data which prohibits leaders from making good decisions for business growth or tax purposes. Outsourcing the accounting and financial functions can provide timely financial information, allowing for better tax planning for the practice, adding additional levels of segregation of duties reducing the risk of fraud or waste, and giving leaders additional time to focus on what is best for the practice.

Outsourced accounting and financial functions are especially important as a business starts to grow; giving scalability and allowing you to fill either part-time or full-time needs. Outsourcing is typically more effective compared to hiring, training, and maintaining an internal department. It can lower your total costs by eliminating expenses related to employee benefits, training, and technology/software costs while redirecting valuable time back to growing your business.

The outsourcing trend will continue to be a best practice solution for many considering the lack of a talented workforce.

If you have questions on how outsourcing may work for you, please contact Lisa Frank, CPA, Outsourcing Vice President and Department Leader at lfrank@hsccpa.com.

Financial Literacy is all about understanding financial tools and building a healthy relationship with money. In this series, Senior Executive Consultant John Key reviews relevant topics to help you make your money work for you.

What is the difference between saving and investing? What do I need to do now to make sure I can meet my goals in the future? In today’s video, John Key walks through these questions and other things you need to know about saving and investing your money.

John Key joined Harding, Shymanski & Company in 2023 as the Senior Executive Consultant in our Advisory Services Department after retiring from his position as Director of Strategic Initiatives at Stock Yards Bank & Trust Company. Before joining Stock Yards through a merger with Commonwealth Bank & Trust, John was President & CEO. He spent 40 years in the banking industry.

John received his Bachelor of Science degree from the University of Southern Indiana. He is a graduate of the School of Banking, University of Wisconsin, ABA Commercial Lending School; and the IBA Commercial Lending School and holds many other professional certifications. In addition to being involved with the “March for Babies”, John has been associated with the Boy Scouts of America, the American Heart Association, the United Way, the Memorial Cancer Center, and many other philanthropic organizations throughout his career. John is also a past Board member of the Indiana and Kentucky Bankers Associations.

Financial Literacy is all about understanding financial tools and building a healthy relationship with money. In this series, Senior Executive Consultant John Key reviews relevant topics to help you make your money work for you.

Today, we answer some top questions about using credit and borrowing money.

Financial Literacy is all about understanding financial tools and building a healthy relationship with money. In this series, Senior Executive Consultant John Key reviews relevant topics to help you make your money work for you.

Where should you start? Let’s talk about earnings, spending, and creating a budget.

John Key joined Harding, Shymanski & Company in 2023 as the Senior Executive Consultant in our Advisory Services Department after retiring from his position as Director of Strategic Initiatives at Stock Yards Bank & Trust Company. Before joining Stock Yards through a merger with Commonwealth Bank & Trust, John was President & CEO. He spent 40 years in the banking industry.

John received his Bachelor of Science degree from the University of Southern Indiana. He is a graduate of the School of Banking, University of Wisconsin, ABA Commercial Lending School; and the IBA Commercial Lending School and holds many other professional certifications. In addition to being involved with the “March for Babies”, John has been associated with the Boy Scouts of America, the American Heart Association, the United Way, the Memorial Cancer Center, and many other philanthropic organizations throughout his career. John is also a past Board member of the Indiana and Kentucky Bankers Associations.

The SECURE 2.0 Act was signed into law at the end of 2022. It delivers dozens of new retirement-related provisions. These changes build on the SECURE Act of 2019, which altered the rules of how you can save and withdraw money from your retirement accounts. Learn more about these changes through the following resources.

Do you have questions? We’re here to help! Call to speak to an expert, at 1-800-880-7800.

SECURE 2.0: Considerations to achieve your workforce and business goals

SECURE 2.0’s new tool for helping employees with student loans

What does SECURE 2.0 Mean for Small Employers?

Key Takeaways for Employers under the SECURE 2.0 Act of 2022

Required Minimum Distributions after SECURE 2.0

Retirement Plan Changes for Long-Term, Part-time Employees

Key Provisions of the SECURE 2.0 Act for Individuals

We are proud to have been chosen as a member of RSM US Alliance. RSM US Alliance provides member firms access to the resources, tools and expertise of RSM US LLP, the leading U.S. provider of audit, tax and consulting services focused on the middle market, with more than 9,000 professionals in 86 offices nationwide. In addition, RSM US Alliance members have access to resources through RSM International, the sixth largest worldwide network of independent audit, tax and consulting firms, with more than 38,000 professionals in over 120 countries.

The Kentucky personal income tax reductions are a continuation of a two-to-three-year trend across the country. Since 2020, about two dozen states have reduced personal and/or corporate income tax rates as well as providing reductions or relief from many other state taxes. Such reductions obviously affect in-state residents but can also have a significant impact on out-of-state residents and businesses. 

Not all the proposals to reduce income taxes currently considered in the legislatures will be enacted, but many states are projected to continue healthy fiscal conditions into FY24. It is anticipated tax cut activity will continue, albeit on a smaller scale. The outcomes may affect business location decisions, pass-through entity liabilities, remote work considerations and general state tax planning.

Read the full article and view other tax cut proposals here.

Avoid making these 10 common mistakes when filing your taxes to save you time, money, and stress.

About the expert:

Sally Campbell is a Vice President currently serving both in the Tax Department and as Senior Operations Manager. She joined the firm in 1997 and has 20 years of experience in public accounting. Sally has expertise in tax, specifically for individuals, estates, and trusts.

Sally earned her Bachelor of Science degree in accounting from the University of Louisville, graduating cum laude. She is a member of the American Institute of Certified Public Accountants and the Kentucky Society of Certified Public Accountants. In 2022, she was named one of Louisville Business First’s 20 People to Know in Accounting. Sally taught Accounting for 7 years in the Northern Kentucky/Cincinnati area, at Thomas More College and at the College of Mt. St. Joseph. She started her career with the Internal Revenue Service, as a college intern and then as a Revenue Agent.