With the New Year upon us, we are often busy setting resolutions to adopt healthier eating and exercise habits, to get more sleep, and to find ways to have less stress in our lives. But if you are a business owner, what are your resolutions to improve financial health of your company? Whether 2018 was stellar or a struggle, why not take this opportunity to improve the financial health and success of your business in the New Year? Consider adopting
Your financial statements look great – they show that you are making a healthy profit. But, you’re scratching your head, wondering why you are struggling to pay the bills. Cash flow is a critical element that every company needs to operate. When cash flow is tight, it can impact your ability to pay your employees and bills, meet your obligations, purchase inventory, and invest further in your company. It may be possible that your cash flow is tied up on
The short answer – YES! While it may be painful for some, reconciling your bank account each month is an absolute must for every business. These may seem like a tedious task that we’d be more than happy to put off to another time, reconciling your business bank account each month gives you not only a powerful tool to run your business, it also helps you catch problems and keep you from bouncing a check. What is a bank reconciliation?
Employer Health Tax – Overview Effective January 1, 2019, the Employer Health Tax (EHT) became effective. Under the EHT, employers will pay a tax on their total payroll, subject to meeting certain thresholds. On January 1, 2018, the B.C. government reduced the Medical Service Plan (MSP) premiums that individuals were required to pay in by 50%, with the intent of fully eliminating MSP by January 1, 2020. As a result, the EHT was implemented to offset this loss in premiums.