By Jason Loven, CPA, CCIFP® Managing cash flow is never a piece of cake. Now, in the midst of a global pandemic, it’s become even more challenging for businesses within nearly every industry. For many contractors and construction-related businesses, the cash-flow conundrum is two-fold: As projects stall and staffing rosters fluctuate, keeping track of cash […]
Why Maintaining Your Job Schedule Is Good Business
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 […]