--- title: Machen McChesney Blog | Accounting & Outsourcing (2) description: Accounting & Outsourcing | (2) --- [Family of Services](http://machenmcchesney.com/about-us/family-of-companies/)  |  [CPA & Business Advisory](http://machenmcchesney.com)  |  [Payroll, HR & Benefits](http://focuspaysolutions.com/)  |  [Wealth Management](http://machenmcchesney.com/services/financial-planning-and-wealth-mangement-services/) Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900 [![mm-re-cobrand-fd-blues](https://info.machen.cpa/hs-fs/hubfs/mm-re-cobrand-fd-blues.png?width=279&height=100&name=mm-re-cobrand-fd-blues.png)](http://machenmcchesney.com) Search this site on Google Search Google Search this site on Google Search Google - [Client Portal](https://machenmcchesney.sharefile.com/Authentication/Login) - [1040 Electronic Organizer](https://www.my1040data.com/account/login/HT7902990) - [LinkedIn](https://www.linkedin.com/company/675439?trk=tyah&trkInfo=idx%3A1-1-1%2CtarId%3A1424436970395%2Ctas%3Amachen+mcchesney) - 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[Benefits](http://machenmcchesney.com/careers/benefits/) - [Our Stories](http://machenmcchesney.com/careers/our-stories/) - [Current Openings](http://machenmcchesney.com/careers/current-openings-send-resume/) - [Accounting Internship Opportunities](http://machenmcchesney.com/careers/students/) - Contact Us - [Auburn-Opelika Office](http://machenmcchesney.com/contact-us/contact-us-auburn-office/) - [Montgomery Office](http://machenmcchesney.com/contact-us/contact-us-montgomery-office/) # Returning Value Blog ## [Business Owners: You Don't Need a Crystal Ball to See the Future, Just Your CPA](https://info.machen.cpa/blog/business-owners-you-dont-need-a-crystal-ball-to-see-the-future-just-your-cpa) ![](https://info.machen.cpa/hubfs/Melissa%20Motley%202025%20update%20.jpg) Posted by [Melissa Motley, CPA](https://info.machen.cpa/blog/author/melissa-motley-cpa) on Nov 17, 2025 [![](https://info.machen.cpa/hubfs/Crystal%20ball%20502644724-2.jpg)](https://info.machen.cpa/blog/business-owners-you-dont-need-a-crystal-ball-to-see-the-future-just-your-cpa) Financial statements report *historical* financial performance. But sometimes management or external stakeholders want to evaluate how a business will perform in the *future*. Forward-looking estimates are critical when evaluating strategic decisions, such as debt and equity financing, capital improvement projects, shareholder buyouts, mergers, and reorganization plans. While company insiders may see the business through rose-colored glasses, external accountants can prepare prospective financial reports that are grounded in realistic, market-based assumptions. [Full Story](https://info.machen.cpa/blog/business-owners-you-dont-need-a-crystal-ball-to-see-the-future-just-your-cpa) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [What's the Right Inventory Accounting Method for Your Business?](https://info.machen.cpa/blog/whats-the-right-inventory-accounting-method-for-your-business) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Nov 07, 2025 [![](https://info.machen.cpa/hubfs/Inventory%20-657492328-2.jpg)](https://info.machen.cpa/blog/whats-the-right-inventory-accounting-method-for-your-business) Inventory is one of the most significant assets on a balance sheet for many businesses. If your business owns inventory, you have some flexibility in how it’s tracked and expensed under U.S. Generally Accepted Accounting Principles (GAAP). The method you use to report inventory can have a dramatic impact on your bottom line, tax obligations, and financial ratios. Let’s review the rules and explore your options. [Full Story](https://info.machen.cpa/blog/whats-the-right-inventory-accounting-method-for-your-business) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [The 2025 - 2026 "High-Low" Per Diem Business Travel Rates Are Here](https://info.machen.cpa/blog/the-2025-2026-high-low-per-diem-business-travel-rates-are-here) ![](https://info.machen.cpa/hubfs/Murry%20Guy%202025%20Updat.jpg) Posted by [Murry Guy, CPA](https://info.machen.cpa/blog/author/murry-guy-cpa) on Oct 08, 2025 [![](https://info.machen.cpa/hubfs/Plane%2c%20%20suite%20case%201319308041-Social.jpg)](https://info.machen.cpa/blog/the-2025-2026-high-low-per-diem-business-travel-rates-are-here) 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. [Full Story](https://info.machen.cpa/blog/the-2025-2026-high-low-per-diem-business-travel-rates-are-here) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [FAQs About Creating and Optimizing Customer Profiles in QuickBooks](https://info.machen.cpa/blog/faqs-about-creating-and-optimizing-customer-profiles-in-quickbooks) ![](https://info.machen.cpa/hubfs/Chris%20Earnest%202025%20udpate%20.jpg) Posted by [Chris Earnest](https://info.machen.cpa/blog/author/chris-earnest) on Oct 06, 2025 [![](https://info.machen.cpa/hubfs/Customer%20Profile%20QuickBooks-2210255305-social.jpg)](https://info.machen.cpa/blog/faqs-about-creating-and-optimizing-customer-profiles-in-quickbooks) Small business owners might be tempted to rush through setting up customer profiles in QuickBooks® just to get invoices out quickly. But the extra data fields aren’t just busy work. Complete, accurate customer records help you generate more insightful reports, communicate with customers more effectively, and save time on bookkeeping tasks later. Here are answers to some common questions to help ensure your files are set up properly in your accounting software. [Full Story](https://info.machen.cpa/blog/faqs-about-creating-and-optimizing-customer-profiles-in-quickbooks) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [Tax Court Case Provides Lessons on Best Recordkeeping Practices for Businesses](https://info.machen.cpa/blog/tax-court-case-provides-lessons-on-best-recordkeeping-practices-for-businesses) ![](https://info.machen.cpa/hubfs/Chris%20Earnest%202025%20udpate%20.jpg) Posted by [Chris Earnest](https://info.machen.cpa/blog/author/chris-earnest) on Sep 24, 2025 [![](https://info.machen.cpa/hubfs/Record%20keeping%20-2202021636-Social.jpg)](https://info.machen.cpa/blog/tax-court-case-provides-lessons-on-best-recordkeeping-practices-for-businesses) Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance, and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this is. [Full Story](https://info.machen.cpa/blog/tax-court-case-provides-lessons-on-best-recordkeeping-practices-for-businesses) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [How to Prepay Expenses Strategically and Report Them Accurately](https://info.machen.cpa/blog/how-to-prepay-expenses-strategically-and-report-them-accurately) ![](https://info.machen.cpa/hubfs/Murry%20Guy%202025%20Updat.jpg) Posted by [Murry Guy, CPA](https://info.machen.cpa/blog/author/murry-guy-cpa) on Jul 14, 2025 [![](https://info.machen.cpa/hubfs/Prepaid%20-2166964649-1.jpeg)](https://info.machen.cpa/blog/how-to-prepay-expenses-strategically-and-report-them-accurately) 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. [Full Story](https://info.machen.cpa/blog/how-to-prepay-expenses-strategically-and-report-them-accurately) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [QuickBooks Users: It's Time for a Mid-Year Review](https://info.machen.cpa/blog/quickbooks-users-its-time-for-a-mid-year-review) ![](https://info.machen.cpa/hubfs/Chris%20Earnest%202025%20udpate%20.jpg) Posted by [Chris Earnest](https://info.machen.cpa/blog/author/chris-earnest) on Jun 23, 2025 [![](https://info.machen.cpa/hubfs/bookkeeping%20-660409386-1.jpeg)](https://info.machen.cpa/blog/quickbooks-users-its-time-for-a-mid-year-review) Performing a mid-year QuickBooks® cleanup is a smart habit that small business owners and bookkeepers can adopt to stay ahead of their financial responsibilities. Waiting until year end to review your accounting records can lead to unnecessary stress, missed deductions and preventable errors. [Full Story](https://info.machen.cpa/blog/quickbooks-users-its-time-for-a-mid-year-review) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [Confirm This: Why Your Auditors Contact Third Parties](https://info.machen.cpa/blog/confirm-this-why-your-auditors-contact-third-parties) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Jun 20, 2025 [![](https://info.machen.cpa/hubfs/audit%20-2192449227-1.jpeg)](https://info.machen.cpa/blog/confirm-this-why-your-auditors-contact-third-parties) If your company’s financial statements are audited, chances are your auditor will send out external confirmations.These information requests may be sent directly to your customers, vendors, banks, attorneys, and benefit plan administrators. [Full Story](https://info.machen.cpa/blog/confirm-this-why-your-auditors-contact-third-parties) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [Closing Time: Mastering Your Monthly Close with QuickBooks](https://info.machen.cpa/blog/closing-time-mastering-your-monthly-close-with-quickbooks) ![](https://info.machen.cpa/hubfs/Chris%20Earnest%202025%20udpate%20.jpg) Posted by [Chris Earnest](https://info.machen.cpa/blog/author/chris-earnest) on May 21, 2025 [![](https://info.machen.cpa/hubfs/month%20end%20close.jpeg)](https://info.machen.cpa/blog/closing-time-mastering-your-monthly-close-with-quickbooks) The month-end close is a pain point for many small to midsize businesses. While internal accounting teams often aim to wrap up the close within three days, a recent survey found that half the respondents actually take six days or longer to close the books. What can your organization do to help streamline this process? Leveraging cloud-based technology tools like QuickBooks® can be a game changer. [Full Story](https://info.machen.cpa/blog/closing-time-mastering-your-monthly-close-with-quickbooks) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [Hiring Independent Contractors? Make Sure You're Doing it Right](https://info.machen.cpa/blog/hiring-independent-contractors-make-sure-youre-doing-it-right) ![](https://info.machen.cpa/hubfs/Murry%20Guy%202025%20Updat.jpg) Posted by [Murry Guy, CPA](https://info.machen.cpa/blog/author/murry-guy-cpa) on May 20, 2025 [![](https://info.machen.cpa/hubfs/Independent%20contractor-1439286151-1.jpeg)](https://info.machen.cpa/blog/hiring-independent-contractors-make-sure-youre-doing-it-right) Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead to audits, back taxes, penalties, and even lawsuits. [Full Story](https://info.machen.cpa/blog/hiring-independent-contractors-make-sure-youre-doing-it-right) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) [Previous](https://info.machen.cpa/blog/topic/accounting-outsourcing/page/1) [Next](https://info.machen.cpa/blog/topic/accounting-outsourcing/page/3) Search this site on Google Search Google ### Recent Posts ### Subscribe to Blog ### Posts by Category - [Business Tax (356)](https://info.machen.cpa/blog/topic/business-tax) - [Business Advisory (239)](https://info.machen.cpa/blog/topic/business-advisory) - [Payroll, HR & Benefits (124)](https://info.machen.cpa/blog/topic/payroll-hr-benefits) - [Audit & Assurance (113)](https://info.machen.cpa/blog/topic/audit-assurance) - [Accounting & Outsourcing (81)](https://info.machen.cpa/blog/topic/accounting-outsourcing) - [Individual Tax (75)](https://info.machen.cpa/blog/topic/individual-tax) - [Tax Planning (33)](https://info.machen.cpa/blog/topic/tax-planning) - [Tax Updates (25)](https://info.machen.cpa/blog/topic/tax-updates) - [Retirement & Wealth Management Planning (18)](https://info.machen.cpa/blog/topic/retirement-wealth-management-planning) - [Taxation (15)](https://info.machen.cpa/blog/topic/taxation) - [Alerts (13)](https://info.machen.cpa/blog/topic/alerts) - [Business Valuation (11)](https://info.machen.cpa/blog/topic/business-valuation) - [News & Events (11)](https://info.machen.cpa/blog/topic/news-events) - [Tax News (11)](https://info.machen.cpa/blog/topic/tax-news) - [Individual Tax Planning (10)](https://info.machen.cpa/blog/topic/individual-tax-planning) - [Not For Profit (10)](https://info.machen.cpa/blog/topic/not-for-profit) - [Retirement Planning (9)](https://info.machen.cpa/blog/topic/retirement-planning) - [Estate Planning (8)](https://info.machen.cpa/blog/topic/estate-planning) - [Manufacturing Industry Insights (7)](https://info.machen.cpa/blog/topic/manufacturing-industry-insights) - [Individuals (1)](https://info.machen.cpa/blog/topic/individuals) - [Insider (1)](https://info.machen.cpa/blog/topic/insider) - [Professional Standard News (1)](https://info.machen.cpa/blog/topic/professional-standard-news) see all [![Returning\_Value](https://info.machen.cpa/hs-fs/file-2504250850-jpg/Machen-Blog-Image/Returning_Value.jpg)](http://machenmcchesney.com/about-us/mission-and-values/) - [![AICPA](https://machenmcchesney.com/img/logos/aicpa.jpg)](https://www.aicpa-cima.com/) - [![NACVA](https://machenmcchesney.com/img/logos/nacva.jpg)](http://www.nacva.com/) - ![2026 INSIDE Public Accounting Top 400](https://machenmcchesney.com/img/2026-ipa-top-400.jpg) - ![2026 Best of Auburn-Opelika](https://machenmcchesney.com/img/2026-best-of-auburn-opelika.jpg) - [![2025 Best of OA](https://machenmcchesney.com/img/2025-best-of-oa.jpg)](https://oanow.com/exclusive/readerschoice/ballot-2025/) - ![2026 Best of OA Winner](https://machenmcchesney.com/img/2026-best-of-oa-winner.jpg) - [![2025 Accounting Today Regional Leaders](https://machenmcchesney.com/img/2025-accounting-today-regional-leaders.jpg)](https://www.accountingtoday.com/) - [![ClearlyRated Best of Accounting](https://machenmcchesney.com/img/2024-best-of-accounting.jpg)](https://www.clearlyrated.com/accounting) - [![ClearlyRated Best of Accounting Employee](https://machenmcchesney.com/img/2024-best-of-accounting-employee.jpg)](https://www.clearlyrated.com/accounting) 1820 East University Drive, Auburn, AL 36830 | Tel: (334) 887-7022 | Fax: (334) 887-7221 1761 Taliaferro Trail, Montgomery, AL 36117 | Tel: (334) 244-8900 | Fax: (334) 364-0927 † This is not a CPA firm. \* Assurance, attest, and audit services provided by Frazier & Deeter, LLC. “Frazier & Deeter” is the brand name under which Frazier & Deeter, LLC\* and Frazier & Deeter Advisory, LLC† and its subsidiary entities provide professional services. 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