Bonuses vs. Profit Sharing

Your staff are your most valuable asset in a veterinary practice and those who do a great job should be rewarded accordingly. In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions discusses the two types of incentive systems you can have in place in your practice to promote and reward good production and how you can use these to encourage consistently improved performance from all of your staff.
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[@eddie-sf7hn]

How good is this guy?

[@caseybockus1235]

Good afternoon, I really enjoyed this clip. But you do you give a crisp $100 bill to an employee then take the tax off of it to become $75? Is there a way around this, or are you taxing them on their next pay cheque

[@VeterinarySolutions]

Ah yes! One needs to be 100% legal here. There are two legal ways around this: 1. Go to the bank and personally take out $100 bills of your after-tax money. This is where YOU will pay the taxes, usually at higher rate that will make the IRS / CRA happy, and you "gift" the clean crisp $100 bill to the staff or... 2. You give them the $100 bill as a bonus and take the taxes off their next pay check. Hope this helps! Dr. Joel Parker

[@chris49509]

You don’t read comments

[@VeterinarySolutions]

Why do you say that?