Have you considered implementing a banked hours system for your core staff through the winter season?
It’s hard to live on an hourly wage during the snow season. Your pay is dependent on the weather, which is unpredictable. Moving away from a weather dependent pay scale removes the stress about money and allows you to keep your good employees.
Here's an example of how the banked hours system would work:
When do I need to hire someone to help with my books?
Who do I hire?
Do I need a book keeper, a controller, both?
You’re not alone in the questions you are asking yourself - This is one of the most common questions I get asked when we host our BOOST events. We want to ensure we are always giving you the best information, so we reached out to a friend who specializes in finance, Nathan (@southbrookconsulting), and he gave us a tonne of incredible information to share with you.
First up is hiring a bookkeeper, or as Nathan recommends calling them, an Accounting Associate. Traditionally this is someone who takes care of AR/ AP, invoicing, payroll, wsib, quickbooks, creating cheques and recording everything that comes in. Most are not accountants, will also do administration and are the 1st touch point for anything to related to finances in the company.
Cost for hiring is around $18/30 per hour or $40-45,000 as salary and is for sure necessary around $1 million in sales....
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