Just like people, businesses need yearly checkups. Follow these seven suggestions and take some time this December to do a year-end business health check!
Business owners and managers spend most of their time monitoring operations and dealing with everyday problems. But just as an annual checkup from your doctor helps monitor and manage your personal health, an annual checkup can do the same for your business.
Here are seven checkup tasks that you should make time to do every year. These are important for your long-term business health and personal success:
Review your business insurance coverage. Don’t just automatically write a check to renew your insurance policies when they come due. Instead, you should sit down with your insurance agent every year. Review your business operations, focusing on any changes. Discuss types of risk that could arise. And ask about new developments in business insurance.
Look at your business tax strategy. Consider adjusting taxable earnings for the year, perhaps by accelerating expenses or delaying income at year-end. If you’re a cash-basis taxpayer, you could boost 2017 deductions by declaring and paying bonuses in December rather than in early January. Also, you may be able to defer invoices or make early purchases to reduce your 2017 tax bill.
Survey your customers. An annual customer satisfaction survey is a great way to assess performance, get insight on potential new products or services and to let your customers know how much you value their business.
Determine your marketing effectiveness. Are your current methods and channels working well, or are you simply doing what you’ve always done?
Update succession planning for your business. Review your succession planning annually. You should have a specific plan for each key manager position, including yourself. Be prepared for a short-term absence or a permanent vacancy. Your plan may include promoting from within or recruiting externally.
Review your business banking relationships. Every year you should go over your cash balances and banking relationships with your controller, CFO or accountant. Then meet with your banker. Ask about new products or services that could help your company. Address any service concerns or problems you might have had. And look for ways to boost interest earned and improve cash flow.
Update your personal estate planning (if needed). If you’re a business owner, your company is likely to be a significant part of your estate. Your company, your personal circumstances and the tax laws are continually changing. You should take time each year to make sure your plans are current.
If you are serious about improving your business, consider a yearly assessment of your operation. Contact our office today to learn more about how you can put your business in the best tax position possible for 2018.
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Hawkinson Muchnick & Associates adds a new location in north-central Georgia, opening an additional office in Paulding County.
January 2017 – Douglasville – Hawkinson Muchnick & Associates is proud to announce the opening of a new office in Hiram, Georgia. Officially opening its doors in early January, the Hiram office brings high quality tax, accounting and business advisory services to businesses and individuals in an expanded area, adding convenience for clients in Paulding County and the region and allowing the firm to serve an expanding client base.
Paul Hawkinson describes the need for expansion saying, “HMA has been experiencing rapid growth for several years now. It made sense to add an additional location to better serve the clients who rely on us.”
His partner, Dan Muchnick, agrees. “Our clients are geographically diverse,” he reports. “As business owners ourselves, we know how important it is to be able to meet with the professionals you depend on at a location that’s convenient so you don’t spend too much time travelling. Having an office in Hiram lets us make it easier and faster for them to get the services and advice they need close to home.”
As longtime residents of the area, both Muchnick and Hawkinson are deeply involved in the business communities of both Douglas and Paulding counties as well as the broader region. Their intimate understanding of the economic conditions that drive business, job growth and government allows them to bring critical insight to business owners and individuals throughout this portion of the state.
“Paulding County has seen so much growth in recent years,” says Hawkinson. “It’s important for business leaders and others with an economic involvement in the region to work with professionals who really understand the changing conditions and dynamic environment there. We are able to bring that kind of insight to decision makers and investors, so they can reach their goals more efficiently.”
Paul A. Hawkinson, CPA, and Dan Muchnick, CPA, CFP Merge Practices
Paul A. Hawkinson, CPA, and Dan Muchnick, CPA, CFP — two of West Georgia’s most trusted financial professionals — announced they have merged their practices to form Hawkinson, Muchnick & Associates, PC. The merger will combine two industry leaders with over 50 years of combined experience and over 35 years of serving Douglas County. Kathy Barnes, CPA who has served numerous clients with Muchnick over the years will be part of a full-time staff of professionals ready to meet the needs of business and individual clients of all sizes.
The combined company will eventually be headquartered at 4935 Stewart Mill Road in Douglasville.
“We have long had great respect for each other’s dedication to clients and community, and we’re excited to now come together as one firm, combining our talented professionals and our distinct and complementary skill sets,” said Hawkinson, who has owned Paul A. Hawkinson, CPA, PC since 2005 and previously worked with such prestigious firms as KPMG.
“The merger will benefit current and future clients because we will share our resources, talent and best practices. This expands our ability to handle projects large or small” added Muchnick, who was previously with Cherry, Bekaert & Holland, L.L.P, and Price Waterhouse & Co.
Both Muchnick’s and Hawkinson’s staff will remain with the new firm, ensuring clients a completely transparent transition and familiar faces. Hawkinson and Muchnick, along with their strong staff of professionals, have enjoyed robust individual practices, industry leadership, and focus on personalized service and commitment to giving back in our local community. They are ideal complements to one-another.
If you or a colleague has been looking for certified public accountants who provide a strong set of accounting solutions and big-firm experience with small-town personalization, Hawkinson, Muchnick & Associates, PC deserves a close look.
About Paul A. Hawkinson Paul graduated from Georgia State University with a BBA and an MBA in Accounting and identified his love of numbers while still in high school when he began working in the accounting profession with the Kroger Company in Douglasville, GA. Paul started his professional career with KPMG in Atlanta and worked for other notable firms such as Miller, Ray, Healey and Houser in Buckhead and Moore & Cubbedge, LLP in Marietta before setting out to build his own practice in 2005.
Paul has extensive experience in all areas of accounting, planning and taxation, but particularly enjoys working with individuals and those small and medium-sized businesses that are looking for a more personal touch. His past experiences have proven to be important to clients of all sizes in the metro area and are a good match for both current and future clients of Hawkinson Muchnick & Associates.
Paul lives in Douglasville with his wife, Gina and their three sons. He attends church at Douglasville First United Methodist and serves on the boards of the Douglas County Chamber, Harvester Christian Academy, WellStar Douglas Regional Board, and the Douglas County Rotary Club.
—————————————————– About Daniel W. Muchnick Dan graduated from Indiana University with a BS in Accounting and accepted an offer in Atlanta from Price Waterhouse. After working a few years with another Atlanta firm, he started his own firm with a partner in Douglasville in 1981. After running his own firm for 14 years, he merged with Pyke & Pierce and then merged again with the regional firm of Cherry, Bekaert & Holland in 2000.
His experience with CB&H, a premiere tax, audit and consulting firm included business consulting with individuals and closely held, owner managed business’ as well as extensive experience with estate and retirement planning. Dan’s ability to serve such planning clients is enhanced by his training and certification as a Certified Financial Planner.
This wide experience means a wealth of knowledge is available to small businesses and larger businesses alike, including those in industry-specific areas like the medical and legal field, where he has served numerous clients.
Dan lives in Douglasville with his wife, Juli and has three grown sons. He has been actively involved in the local community as a member of the Kiwanis Club and the Douglas County Chamber, where he has served as president and chairman of the board. He is a member of the Douglasville First Baptist Church and currently serves as Chairman of the Deacons.
