Returning Value Blog

When buying new accounting software or upgrading your existing solution, it’s critical to evaluate your options carefully. The right platform can streamline operations and improve financial reporting accuracy. However, the wrong one can result in reporting delays, compliance risks, security breaches, and strategic missteps. Here are some common pitfalls to avoid.

When your business is growing, billing can easily fade into the background. After all, once invoices go out and payments come in, it may seem like everything’s running smoothly. But small inefficiencies and overlooked errors can quietly chip away at cash flow.

If you have employees who travel for business, you know how frustrating it can be to manage reimbursements and the accompanying receipts for meals, hotels, and incidentals. To make this process easier, consider using the “high-low” per diem method. Instead of tracking every receipt, your business can reimburse employees using daily rates that are predetermined by the IRS based on whether the destination is a high-cost or low-cost location. This saves time and reduces paperwork while still ensuring compliance. In Notice 2025-54, the IRS announced the high-low per diem rates that became effective October 1, 2025, and apply through September 30, 2026.

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Here are some answers to questions you may have.

For many businesses, accounts receivable (AR) is one of the largest assets on the balance sheet. It represents the cash you’ve earned but haven’t yet collected. Efficient AR management is critical for maintaining healthy cash flow, reducing bad debt, and fueling growth. But a key question often goes unasked: How do your company’s receivables compare to others in your industry? This is where benchmarking comes in.

The One Big Beautiful Bill Act (OBBBA) contains a major overhaul of an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation.

Alabama's Back-to-School Sales Tax Holiday Weekend: July 18–20, 2025

The State of Alabama will participate in its 20th annual Back-to-School Sales Tax Holiday Weekend, beginning Friday, July 18, 2025, at 12:01 a.m. and ending at midnight on Sunday, July 20, 2025. During this three-day event, shoppers can purchase a variety of school-related items free of the state’s 4% sales tax.

In accrual-basis accounting, timing is everything. One core principle of U.S. Generally Accepted Accounting Principles (GAAP) is the matching concept, which requires organizations to recognize expenses in the same period as the revenue they help generate. Prepaid expenses — payments made for goods or services before they’re used — must be handled carefully to conform to this principle. Here’s an overview of the accounting rules for reporting prepaid items and guidance to help you manage them effectively.

If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions, and errors in taxpayers’ records, as illustrated by one recent U.S. Tax Court case. (T.C. Memo. 2024-82)

The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs).Employees will be able to save a modest amount more in their HSAs next year.