A job schedule—also known as work-in-progress or WIP schedule—is a subsidiary ledger that tracks actual costs and billings per project. Ideally, your job schedule should be updated and reconciled with the general ledger at least once a month. But in the fast-paced contracting world, it can be tempting to fall behind on these tasks. Unfortunately, […]
7 Ways to Avoid Worker Classification Mistakes
By Jason J. Loven, CPA, CCIFP® While distinctly different definitions exist for “employee” and “independent contractor,” the line between the two is often blurred. This often happens as part of an organization’s efforts to minimize obligations related to payroll taxes, workers compensation, and benefits. Not surprisingly, this rarely goes over well with the Internal Revenue […]
5 Steps to Creating a Killer Business Budget
By Jason Loven, CPA Managing cash flow can be one of the toughest aspects of owning a small business. Having a business budget can help—not because it’s about cutting spending, but because it gives you a way to track revenue and expenditures. Even if your finances are in good order, a budget can help you […]
Could You Benefit From a W-2 Checkup?
By Jason J. Loven, CPA, CCIFP® With tax season behind us, it’s safe to say our minds are on summery pleasures like vacations, Twins games, and lakes. But now is also a good time to think back to your 2016 tax return: Were you surprised at the size of your refund, or by how much […]
5 Critical Questions To Ask Before Selling Your Business
By Jason J. Loven, CPA, CCIFP® If you’re planning to hand over the reins to your business, there’s a lot to think about. And it can be hard to know where to start. A good first step is to visualize how you would like it all to happen. Then, ask yourself the following five questions […]