Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900

Returning Value Blog

Why It's Important to Get Your Company's Financials Done on Time

Posted by Melissa Motley, CPA on Mar 06, 2024

Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your financial statements are late.

Full Story

Posted in Accounting & Outsourcing

Solid Financial Reporting Can Help Attract Debt and Equity Financing

Posted by Melissa Motley, CPA on Feb 08, 2024

Financial reporting plays a key role when a business needs funds for continued operations and strategic investment opportunities. Lenders and investors will generally want to review your company’s financial statements before they give it money. Timely, reliable reports can increase the odds that a bank will approve your company’s loan application and equity investors will provide capital.

Full Story

Posted in Accounting & Outsourcing

Tips for QuickBooks Users: 5 Mistakes to Avoid During Bank Reconciliation

Posted by Chris Earnest on Jan 04, 2024

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. The primary purpose of a bank reconciliation is to confirm that the transactions recorded in your bank statement match those shown in your accounting records.

Full Story

Posted in Accounting & Outsourcing

Using QuickBooks to Prepare 2024 Budgets and Forecasts

Posted by Chris Earnest on Nov 28, 2023

As year-end nears, many businesses and nonprofits are planning for 2024. QuickBooks® provides budget and forecast features to help management make financial predictions, as well as assess “what if” scenarios to help make more informed business decisions. Here’s how you can use these tools for your year-end financial planning.

Full Story

Posted in Accounting & Outsourcing

Tips for a Faster Month-End Close

Posted by Chris Earnest on Oct 23, 2023

Does your company struggle to close its books at the end of each month? The month-end close requires accounting personnel to round up data from across the organization. This process can strain internal resources, potentially leading to delayed financial reporting, errors, and even fraud. Here are some simple ways to streamline your company’s monthly closing process.

Full Story

Posted in Accounting & Outsourcing

Shareholder Advances: Debt or Equity?

Posted by Jessica L. Pagan, CPA on Oct 17, 2023

Shareholder advances: Debt or equity?

From time to time, owners of closely held businesses might need to advance their companies' money to bridge a temporary downturn or provide funds for an expansion or another major purchase. How should those advances be classified under U.S. Generally Accepted Accounting Principles (GAAP)? Depending on the facts and circumstances of the transaction, an advance may be reported as debt or additional paid-in capital.

Full Story

Posted in Accounting & Outsourcing

Navigating the Percentage-Of-Completion Method

Posted by Jessica L. Pagan, CPA on Sep 12, 2023

Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires the use of the “percentage-of-completion” method. Here’s an overview of when it’s required and how it works.

Full Story

Posted in Accounting & Outsourcing

5 Steps to Track Vehicle Mileage in QuickBooks

Posted by Chris Earnest on Aug 16, 2023

Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can be administratively burdensome. Fortunately, QuickBooks® offers functionality that can make the process easier and more accurate.

Full Story

Posted in Accounting & Outsourcing

Have Employees Who Receive Tips? Here Are the Tax Implications

Posted by Murry Guy, CPA on Feb 07, 2023

Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels, and salons.

Full Story

Posted in Accounting & Outsourcing

Form W-2 and 1099-NEC Are Due to Be Filed Soon

Posted by Murry Guy, CPA on Jan 24, 2023

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms:

Full Story

Posted in Accounting & Outsourcing

Recent Posts

Returning_Value