Returning Value Blog

Three years after the onset of the coronavirus pandemic, the hospitality industry, like others, is still recovering. Though 2022 saw some significant growth with a public eager to travel for leisure, particularly to locations offering unique experiences, the pandemic has markedly changed business travel patterns and consumer behavior. An ongoing labor shortage and emerging competition from resort hospitality locations have further strained some hospitality markets still adapting to shifting consumer demands.

Working capital — the funds your company has tied up in accounts receivable, accounts payable, and inventory — is a critical performance metric. During times of rising inflation and interest rates, managers search for ways to free up cash and eliminate waste. However, determining the optimal amount of working capital can sometimes be challenging.

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

Many businesses and nonprofits use QuickBooks® as a cost-effective solution to manage their accounting processes. However, the software’s capabilities extend beyond organizing and streamlining your company’s accounting. QuickBooks can also help you detect fraud. Here’s an overview of the software’s fraud detection and prevention features:

Have your company’s accounting records become cluttered with duplicate items and unused accounts? When you need to revise your QuickBooks® lists — such as the chart of accounts, customers, and vendors — the software provides methods for deleting, inactivating, and merging list entries. Here’s what you can do to help spruce things up.

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).

If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why.

In a nutshell, according to the SBA, the HUBZone program fuels small business growth in historically underutilized business zones. The idea is to award at least 3% of federal contract dollars to eligible companies each year.

The Internal Revenue Service finalized regulations on February 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after January 1, 2024, to be submitted to the IRS electronically instead of on paper. 

Last year presented nonprofits with many challenges that will persist into 2023. Ongoing economic volatility, inflation-driven increases in operating costs, and intense competition for talent are among key issues that continue to threaten organizations’ operational and financial wellbeing.