The Waiting Game

In this blog I’m going to discuss a major challenge for many businesses – the whole issue of receivables and payables.  Many businesses operate on a pay-as-you-play basis where they are paid immediately for products and services that they supply.  Most retail outlets fall into this category.  For them, billing and carrying receivables from their customers is not an issue.  Not every business is that lucky.

Similarly, some businesses have a continually healthy cash flow and can pay their bills pretty much as soon as they come in the door.  The rest have to be more careful and strategic about it.  For those who have immediate or long term cash flow issues, you might want to refer to my blog from last month to check if there is anything in there that can help you.

For many businesses, the process starts with supplying the product and/or service.  Then an invoice is created – effectively setting up the receivable.  The invoice is sent to the customer and now the waiting game begins.  Managing receivables and ensuring the inflow of money on a continual and timely basis can be very frustrating for many business owners and managers.  It’s not always the delay on the part of the customer as they may have their own cash flow issues and are also doing their very best.

Regardless, the business needs the money to pay for product, etc. and to pay staff and any government taxes owing.  The painful part can be the wait, or even worse, having to aggressively go after customers for money owed.  Not too many people enjoy doing this particular task.

There are usually payment terms in place but there are also customers that regard these terms as guidelines only – or ignore them altogether.  At worst, their cash flow issues are forcing them to decide who gets paid and in what order.  The challenge is to make sure you keep your position on that priority list.  For what it’s worth, when they ignore you, it may mean not being allowed to do business with you in the future or facing prepayment or COD requirements.  Small consolation as you wait for your money.  Hopefully these customers are very, very few and far between.

Aging your receivables is definitely worth your while.  Statistically, the older the receivable, the greater the chance of a full default by the customer.   Putting extra pressure on these delinquent accounts just may save the day.  If that fails, you are forced to bad debt the invoice so that you can at least claw back the taxes you have no doubt already paid.  Regardless, your customer has just received free product or service.  You can send the invoice to collections or take the customer to small claims court but this too is difficult, potentially costly even if only with regards to your time, and often unsuccessful.  What has to be weighed here is the value of what you are going after.

Let’s move over to the flip side – your payables.  Keeping in mind what has already been discussed, now you are the one needing to pay your bills.  Aging payables is a normal part of business in a lot of cases and if managed properly can help your own cash flow.  Many suppliers are happy to extend payment terms in order to get your business.  Often, you need only ask.

When managing your payables, it’s certainly important to track each bill as it comes in and set up a system to pay it on time.  This can be as simple as an accordion file separated by day where you pick each day’s due bills and cut the cheques or send the e-transfers.  Others set aside a specific time each week or some other time frame and pay all the bills due at that time.  Regardless, having a system in place should ensure that nothing falls between the cracks.  The penalty could be losing a valued or necessary supplier or facing your own prepayment or COD demands from them.

Here at Fiscal Performance we stand ready to assist our clients with their invoicing, receiving of money into the books, and bill payment challenges.  An important part of this is the generation of reports that will help to track the aging of receivables and payables.  I’m always available to discuss how we can be of service in this regard.  You know the drill – just 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.

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