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: 

• For the winter season, you’ve decided to guarantee your staff a minimum of 35 hours per week. 
• If the employee works 30 hours in a week, they will get paid for 35. The extra 5 hours (that they've been paid for but didn't work) is banked. 
• If in the next week they work 45 hours, they will get paid for 40 hours, because the 5 banked hours will be deducted from their paycheque. 
• If in the following week, they work 45 hours, they will get paid for 45 hours because there are no banked hours. 
• They will always get paid for a minimum of 35...

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....