The Paper Mountain

This time around I’d like to tackle a topic that is somewhat near and dear to my heart… or at least the heart of my business.  It has to do with the whole topic of paper in business.  Some of this overlaps into our personal world as well.

When I talk about paper, I’m referring to documents generated in the course of business.  In our world we deal mainly with the paperwork that supports the bookkeeping and accounting functions.  It can also mean other documents like legal paperwork, contracts, drawings and the like.  I’ll concentrate on financial documentation and how it impacts on the accounting.

We like to think that we are making strides towards a paperless society but this is not necessarily the case.  At least not yet.  That said, we have come a long way towards a more digital world but we still have a ways to go.  A lot of banking and the exchange of money can be done online and we have the choice of whether to print out paper records of the transactions.  Invoices and other documentation can be sent online as well, usually in PDF format.  Whether it is printed or handled digitally at the other end is up to the recipient.  Storage of information and documentation in the cloud is a topic all unto itself.

All this said, when it comes to the financial end of businesses, much is still done and supported by actual paper documentation.  This is important when it comes to the books.  Revenue Canada still requires proof of business activity, especially when it comes to the recording of revenues and expenses – and the tax implications involved.  Companies that have undergone audits with Revenue Canada have had expenses rolled back because of lack of proof, paper or digital, as well as eligibility.  This often leads to penalties and interest over and above any monies owing.

It gets better.  Think about it.  If the Earnings Statement is off, then the HST may be off.  If this impacts a closed fiscal year, then the corporate or owner taxes may be off.  Expenses without proper documentation may be disallowed and rolled into shareholder loan accounts.  Now it becomes personal.  More chance for additional audits at the business and personal level – and the potential for extra penalties and interest.

It all comes back to accurate bookkeeping often supported by the paperwork.  Auditors are keen to see this kind of proof.  As bookkeepers, we need to see it as well in order to be able to record it accurately.  We still haven’t perfected that clairvoyance thing yet.  Statements do not always suffice.  Auditors are often looking for original documentation.  Better to be safe than sorry.  The moral of this story: paperwork still counts.

Most of you know that financial paperwork for a business must be stored and accessible for 7 years.  Take this to heart.  After that it is safe to dispose of this paper and keep the mountain under control.  Is it possible and allowable to scan and store the paperwork in digital format?  Yes it is.  The caveat from Revenue Canada is that it must be in a format that is readily retrievable for the 7 years I mentioned.  With the speed at which hardware develops, keep this in mind.  Try finding a floppy disk reader in this day and age.

We’re always ready to discuss the paper challenges with our clients and how we can make life easier for all of us.  You need only connect.

Best regards,




Meet Vaidehi, a dedicated and professional Bookkeeper since 2021, who proudly supports and assists her clients. Her efficiency and expertise shines through her seamless handling of her clients’ financial records including Accounts Receivable, Accounts Payable, Bank Reconciliation and client communication. Trust Vaidehi to provide the support and solutions you need. During her personal time, Vaidehi enjoys dancing, cooking and tending to her garden.


Bookkeeping Manager

Introducing Tinna, our resourceful and dynamic Bookkeeping Manager with over 12 years of hands-on experience. An expert in all aspects of accounting and finance operations, she handles preparation and maintenance of statutory accounting books, reconciling revenue and expenditure accounts, overseeing the preparation of monthly, quarterly, bi-annual and year-end financial statements, implementing stellar accounting systems and controls, budgeting and financial projections. Tinna’s solid background in managing both financial and non-financial assets, investigating and auditing accounts, makes her an asset to the Fiscal Performance team.


Executive Director

A true believer in the power of streamlined workflows and strategic financial planning, Duane is not just about balancing the books; he is also about balancing success with sustainability, innovation with tradition, and growth with groundedness. Bringing together a blend of expertise, experience, and enthusiasm, he is focused on improving systems to continue on providing a high level of customer service to all of Fiscal’s partners, customers and vendors. He invites you to join the Fiscal Performance network and learn how to solve your accounting and bookkeeping challenges today.


Client Service Manager

If you’re seeking a bookkeeper with a passion for precision, a friendly demeanor, and a love for the beautiful game of soccer, then look no further than Olusegun. With over 10 years of experience with auditing and financial analysis, Olusegun brings a unique blend of expertise and enthusiasm to the table. Known for his approachable demeanor and willingness to go the extra mile, he’s not just your typical accountant – he’s a trusted ally in your company’s full cycle financial management. So, if you’re in need of a bookkeeper (with auditing know-how) who gets the job done, valuing integrity and reliability as part of every job, Olusegun is your go-to guy!


Task Manager & Quality Control

Sam is a seasoned Bookkeeping Manager with over 14 years of experience. Proficient in book cleaning, reviews, HST report preparation, and finalizing accounts using QuickBooks, he holds a Bachelor’s degree in Law, and Master’s degree in Commerce. Sam is known for his dedication to meeting deadlines, his collaborative work ethic, and equal prioritization of family and work. A nature and pet lover, he finds solace in music.



Meet Alex, a highly esteemed member of our team, whose accounting expertise spans back to 2015. Holding a semi-qualified Chartered Accountant designation and a post-graduate in Accounting (achieved in 2018) Alex remains steadfast in catering to the needs of clients. Over the course of this distinguished career, Alex has cultivated invaluable proficiency with an array of esteemed accounting software. Renowned for unwavering punctuality, Alex consistently maintains a proactive approach, ensuring meticulous oversight of all deliverables.



Meet Eric, a distinguished professional with a Master of Commerce and a semi-qualified Chartered Accountant. He boasts three years of specialized experience in Canadian and US accounting, using software such as QuickBooks Online, QuickBooks Desktop, and Dext. Eric’s proficiency shines through his seamless handling of onboarding, migration, clean-up, and catch-up projects. Renowned for his tech-savvy approach, Eric leverages his expertise in advanced Excel macro building to empower clients — enhancing their productivity and efficiency. Trust Eric to deliver unparalleled financial solutions tailored to your specific needs, ensuring excellence every step of the way.



Jess is a dedicated Bookkeeper, with a Bachelor of Accounting, who is proud to assist her clients with bookkeeping support, since 2020. Jess is well-versed in a suite of software programs with a focus on QuickBooks Online. Her expertise extends beyond conventional bookkeeping, encompassing Accounts Receivable, Accounts Payable Management, Payroll processing, and adeptly managing the books as per client specifications and needs. She stands out for her swift file processing capabilities and streamlined financial processes at Fiscal Performance.


Task Manager

Meet David, Fiscal Performance’s Task Manager. A distinguished accounting & finance professional since 2014, David is adept in leadership roles. Known for his advanced skills in process implementation and continuous improvement, David works to ensure optimal outcomes for clients. With extensive experience spanning global markets including Canada, USA, UK, and Australia, he specializes in providing comprehensive CFO & bookkeeping services. Proficiency in a variety of accounting software enables him to tailor solutions to meet his clients’ needs effectively. David is detailed oriented and his ability to deal with conflicting priorities in high-pressure situations makes him an VIP at Fiscal Performance.



Introducing Chris, a Reviewer at Fiscal Performance and a seasoned professional in the accounting & finance industry. He boasts a career, starting in 2017, that includes executive roles to team leader positions. A post graduate in accounting, he is proficient in software such as QuickBooks Online and QuickBooks Desktop. Chris has honed his skills over the years, optimizing his bookkeeping processes by prioritizing accuracy and efficiency. Known for his dedication and meticulous approach, Chris consistently seeks out innovative solutions to streamline operations and deliver top-tier results. His commitment to excellence and his proactive attitude makes him an invaluable asset at Fiscal Performance.

Tracy Khamis

CPB, DFA – Bookkeeping Services Specialist™

Managing Director

Always wanting to learn and gain knowledge, Tracy has worked for multiple companies from various industries. Having the opportunity to work in varied industries from small companies to large organizations such as banks, accounting firms, schools, restaurants, construction, manufacturing and the arts has been extremely exciting. Each industry has different rules that apply, along with different government requirements. This experience has provided Tracy with extensive growth and understanding of bookkeeping, multiple software platforms, and in-depth financial report preparation. To know Tracy is to appreciate what she can do to put your books in order and keep them in a timely, relevant and professional manner.

Office: 1-905-662-9437
Mobile: 1-905-818-5328
Email: [email protected]