Fast Away The Old Year Passes

I know what you’re thinking… why are we starting a blog in July with a title that is more consistent with the festivities at the end of December?  Well… when we talk about year ends for a corporation, they can occur at the end of any month during the year.  That said, the corporation gets to choose its year end once and then it stays put year after year.  This is known as the fiscal year.  Individuals like you and I, proprietorships and partnerships always observe the calendar year end as our fiscal year end.  Such is life.  So why am I even bringing this up?

Year ends, when it comes to the financial side of a business, represent a time of year when all the numbers need to be tidied up, consolidated, agreed to by management, and presented to the accountant for tax filing with Revenue Canada.  Once filed, “Notices of Assessment” are issued by Revenue Canada and any outstanding corporate or personal taxes are paid – preferably on time.

The statements issued by the bookkeepers and verified by the accountants become important benchmarks as to the financial viability of the business.  Comparisons to previous years are useful in gauging the ongoing success of the business and whether or not financial and other goals are being met.  All of this information is of interest to owners, managers, directors, shareholders, banks & lending agencies, potential partners or investors and, of course, Revenue Canada.  By the way, statements can be generated at any time during the fiscal year including monthly, quarterly, etc.  It all hinges on the books being up to date.

For the bookkeepers or bookkeeping services like us here at Fiscal Performance, it means additional work to do all of the amalgamating, tidying, consolidating and the generation of the relevant reports.  Typically the end result in terms of reports includes the Profit & Loss statement for all businesses and the Balance Sheet for corporations.  Additional reports including comparison reports are also a part of this.

As part of the year end process, bookkeepers need to ensure that any and all accruals are accurate to the moment of year end and reversed the following day if and when appropriate.  Accruals are the fancy way of saying that all funds are in their appropriate accounts at a particular point in time to reflect the true financial position of the business.  As an example, prepaid insurance is only earned in increments by the insuring company as the policy year passes.  If the policy year crosses over the fiscal year, not all of the prepaid premium can be expensed and must stay on the company’s books as an asset on the Balance Sheet.  If all of this is too confusing, I’d be happy to meet with you to clarify and discuss how we take care of it for you.

Anyway, that’s my take on New Year in July.  Year ends are important in many ways and not just for businesses.  We celebrate birthdays on our own personal year end.  In the overall scheme of things, year ends represent milestones.  May all of yours be joyous and worth of celebration.  Oh… and… Happy New Year!

To new beginnings,

Tracy

Vaidehi

Bookkeeper

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.

Tinna

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.

Duane

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.

Olu

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!

Sam

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.

Alex

Reviewer

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.

Eric

Bookkeeper

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

Bookkeeper

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.

David

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.

Chris

Reviewer

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]