Key Performance Indicators for Businesses
Mike Farrell talks about Key Performance Indicators and why they are so important to businesses. He includes some useful tips on things to consider as you create your own KPIs.
Tracking the Cost of Workplace Injuries
In this video, John Cameron discusses how organizations can calculate the cost of workplace injuries, so they can better understand the hidden costs as well as the more obvious costs. For more information: https://ssiconsulting.ca/services/occupational-health-and-safety/ John’s Bio: https://ssiconsulting.ca/our-team/john-cameron/ Please post comments and questions below in the Comment section. If you would like to have a conversation…
How Can You Reduce WCB Costs?
Manager and supervisor discussing workplace safety.
Is it a Current Expense or Capital Expense?
An expense is deemed a capital expense and not a current expense if the tangible item is for long term use. For example, equipment or office furniture you purchase would be considered a capital purchase (asset) because your business will use the desk or computer for many years. If your business purchased a computer for…
The Importance of Vendor Reconciliations
Reconciliation is a practice that should be completed on a regular schedule to ensure that business records are kept up to date and as accurate as possible. Although this sounds like a very common sense approach, it is not always that common. For example, if your vendor sends a monthly statement (as most do), you…
The Art of Collecting Money in Business
Accounts receivable is your cash in someone else’s pocket and inventory is cash on a shelf. Cash collected is preferable to any interest bearing bank loan. The only sane method of consistently collecting money is to have someone consistently take on the “role of collector” and rigorously work the files. The benefit of aggressive collecting…
Tips for Year End
There are some things you can do throughout the year to be better prepared for your accountant when the time comes to prepare your year end file. This can save that long list of items to deal with at what always seems to be the worst time. Here is a good place to start. Create…
Bookkeeping Tips for the Budding Entrepreneur
Waiting until the last minute (tax time) to get your bookkeeping in order is not in your best interest. I know the task can seem a little daunting and is very easily placed at the bottom of the ever growing priority list but you have options that can be implemented immediately with very little effort.…