To learn more about Fiscal performance inc.,please download our brochure.
Banks… accounting firms… schools… restaurants… construction…manufacturing… and the arts… From big to small and from fledgling to fearsomely large, Tracy Khamis has so much experience that soon, you’ll wonder how you ever got along without her.
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.
Bookkeeping
The foundation of your business administration
Many business owners and/or managers struggle to keep the books in order and up-to-date. All too often, they haven’t the time, staff or wherewithal to do this vital but onerous task. Often, their time is better spent doing the very things that make them money and leaving things like the bookkeeping to others. It all comes down to time management and choices.
At Fiscal Performance Inc. we provide full bookkeeping services to allow you to stay focused on your business, bring in new work or drive sales and grow your company.
Bookkeeping
The foundation of your business administration
Many business owners and/or managers struggle to keep the books in order and up-to-date. All too often, they haven’t the time, staff or wherewithal to do this vital but onerous task. Often, their time is better spent doing the very things that make them money and leaving things like the bookkeeping to others. It all comes down to time management and choices.
At Fiscal Performance Inc. we provide full bookkeeping services to allow you to stay focused on your business, bring in new work or drive sales and grow your company.
Below are some of the major components of full cycle bookkeeping for most businesses that we can take care of:
Accounts Receivable – The money coming in for the goods or services already provided. Careful management ensures that there is operating money for all facets of the business.
Accounts Payable – The money to be paid by the business for goods or services purchased in order to make the business function and operate. Timely payment equates to happy and loyal suppliers.
Invoicing – The necessary process of billing customers for goods or services delivered. This creates the paper trail to track and pursue payments by customers in a timely fashion.
Banking – A necessary function for all businesses, the banking needs to be executed and tracked accurately to ensure that all money is accounted for and to flag potential issues related to the money or lack thereof.
Government Remittances – Taxes come in many forms and need to be remitted or paid to various levels and departments of government in an accurate and timely fashion. Penalties and interest can result from late payment or non-compliance.
Payroll – The processing of money owing to staff. This can be processed and paid electronically and includes the management and remittance of Source Deductions (or withholding taxes), records of employment, WSIB, EHT, T4s, T5s, T5018s, T4 Summaries, and T4As.
Training
Doing it right
The problem with an unlicensed industry like bookkeeping is that anyone with a computer, calculator and desk can call themselves a bookkeeper. The result is often books that are improperly done and won’t stand up to scrutiny by owners, accountants, investors or Canada Revenue Agency. You may be doing your own, or attempting to, and not necessarily living up to your own expectations.
The trick is to get it right and this involves high quality training. The team at Fiscal Performance Inc. can do just that. This can involve customized training packages that deal with your reality and go beyond the generic accounting courses offered by the private and community colleges. We realize that you may already have the mechanism in place but that it is not the finely tuned machine that you need.
The real world is full of surprises and that’s where we can make a difference. With experience garnered from taking care of the books for all kinds of businesses over many years, our staff can show you or your staff how to do it right and avoid the pitfalls that can undermine your business. Call us to find out how.
Check out our partial listing of training modules that we can provide to fine tune the financial side of your business:
AccountsReceivable – Managing this important function including invoicing, tracking and collections is vital to the health of any business. We can show you how to take care of the timely flow of money into the business for products or services rendered.
Accounts Payable – Running a business can constitute a balancing act between procuring needed products and services and paying for them to optimize cash flow while keeping suppliers satisfied and your accounts in good standing. Let us show you how.
Invoicing – The creation of a proper invoice can be a science unto itself. It starts by having a thorough understanding of the product or service offerings of the business. This then translates into a comprehensive, accurate and timely invoice. This is where our experience can help your cause.
Banking – The management of the banking function can be quite complex depending on the needs and setup of the business. We will teach you to accurately manage the banking function from the processing of deposits and payments to the reconciliation of the statements.
Financial Reporting – Various interests including management, accountants, owners, banks, investors and government have a need for information provided by the financial reports. We can show you how to generate the different reports and verify their accuracy.
Reconciling – It’s not enough to post the information into the accounting program for a business. The numbers need to be timely and accurate. In showing you how to reconcile the various accounts, we can show you how to verify the integrity of the relevant accounts.
Payroll – This can be one of the most difficult and daunting tasks undertaken for any business. It must be done right and in a most timely fashion. Staff depends on it and governments have little tolerance for errors and omissions. Let us coach you into being a payroll specialist.
Government Remittances – As an important component of the payroll process, we will show you how to properly deal with the following remittance functions: Source Deductions, records of employment, WSIB, HST, EHT, T4s, T5s, T5018s, T4 Summaries, and T4As.
Financial Analysis
Informed Insights
Performing a monthly financial analysis is crucial for maintaining a healthy business. Here’s a breakdown of what you can include in your analysis.
By regularly conducting these analyses, you’ll have a comprehensive understanding of your financial performance and be better equipped to make informed decisions to drive your business forward.
To learn more about Fiscal Performance,please download our brochure
Financial Analysis
Informed Insights
Performing a monthly financial analysis is crucial for maintaining a healthy business. Here’s a breakdown of what you can include in your analysis.
By regularly conducting these analyses, you’ll have a comprehensive understanding of your financial performance and be better equipped to make informed decisions to drive your business forward.
To learn more about Fiscal Performance,please download our brochure
Revenue Analysis:
Compare your actual revenue with your projected revenue (budget).
Analyze the reasons behind any variances. Did you exceed expectations or fall short? Identify contributing factors such as increased sales volume, pricing changes, or market trends.
Expense Analysis:
Break down your expenses into categories such as cost of goods sold, operating expenses, and overheads.
Compare actual expenses to budgeted amounts. Identify areas where you overspent or underspent.
Evaluate the necessity of each expense. Are there opportunities to reduce costs without sacrificing quality?
Margin Analysis:
Calculate your gross margin (revenue minus cost of goods sold) and net margin (revenue minus all expenses).
Compare your margins to industry benchmarks or previous months’ performance.
Assess whether your margins are in line with your expectations and sustainable for long-term growth.
Cash Flow Analysis:
Review your cash flow statement to understand how cash is flowing in and out of your business.
Identify any cash flow issues, such as late payments from customers or high expenses.
Ensure you have enough cash on hand to cover upcoming expenses and investments.
Margin Analysis:
Calculate your gross margin (revenue minus cost of goods sold) and net margin (revenue minus all expenses).
Compare your margins to industry benchmarks or previous months’ performance.
Assess whether your margins are in line with your expectations and sustainable for long-term growth.
Cash Flow Analysis:
Review your cash flow statement to understand how cash is flowing in and out of your business.
Identify any cash flow issues, such as late payments from customers or high expenses.
Ensure you have enough cash on hand to cover upcoming expenses and investments.
Budget Comparisons:
Compare actual financial results to your budgeted figures for the month.
Analyze any significant differences and adjust your future budgets accordingly.
Look for patterns or trends that may help refine your budgeting process.
Bank Reporting:
Prepare reports for your bank or lenders to demonstrate your financial health.
Include key financial ratios, such as debt-to-equity ratio and current ratio, to show your ability to meet financial obligations.
Highlight any significant developments or changes that may impact your banking relationships.
Profitability Analysis:
Analyze the profitability of different products, services, or segments of your business.
Identify your most profitable offerings and focus on maximizing their sales.
Consider discontinuing or reevaluating less profitable offerings to improve overall profitability.
Trend Analysis:
Look for trends in your financial data over time.
Identify areas of improvement or concern based on the direction of these trends.
Use historical data to make informed decisions about the future direction of your business.
Profitability Analysis:
Analyze the profitability of different products, services, or segments of your business.
Identify your most profitable offerings and focus on maximizing their sales.
Consider discontinuing or reevaluating less profitable offerings to improve overall profitability.
Trend Analysis:
Look for trends in your financial data over time.
Identify areas of improvement or concern based on the direction of these trends.
Use historical data to make informed decisions about the future direction of your business.
We are Certified QuickBooks ProAdvisors
We are bookkeepers who specialize in QuickBooks and we’re proud to be an Elite Partner in the QuickBooks ProAdvisor Program.
QuickBooks Online is cloud accounting software that keeps your books at your fingertips anytime, anywhere—all you need is an internet connection.1 Get even more freedom with the QuickBooks mobile app, where all your info is synced in real-time.2
Whether you are currently using another platform or new to accounting/bookkeeping software, we can assist you in transition to QuickBooks Online.
Take advantage of our expertise and simplify how you track your business finances, so you can focus on the bigger picture. From money in, to money out, to managing your team, get a clear view of your business in one easy-to-use solution: QuickBooks Online.
Reach out to us and get started now!
1. Anywhere Access: QuickBooks Online requires a computer with a supported Internet browser (see System Requirements for a list of supported browsers) and an Internet connection (a high-speed connection is recommended).
2. QuickBooks Online Mobile: QuickBooks Online mobile app works with iPhone, iPad, and Android phones and tablets. Devices sold separately; data plan required. Not all features are available on the mobile apps and mobile browser. QuickBooks Online mobile access is included with your QuickBooks Online
We are Certified QuickBooks ProAdvisors
We are bookkeepers who specialize in QuickBooks and we’re proud to be an Elite Partner in the QuickBooks ProAdvisor Program.
QuickBooks Online is cloud accounting software that keeps your books at your fingertips anytime, anywhere—all you need is an internet connection.1 Get even more freedom with the QuickBooks mobile app, where all your info is synced in real-time.2
Whether you are currently using another platform or new to accounting/bookkeeping software, we can assist you in transition to QuickBooks Online.
Take advantage of our expertise and simplify how you track your business finances, so you can focus on the bigger picture. From money in, to money out, to managing your team, get a clear view of your business in one easy-to-use solution: QuickBooks Online.
Reach out to us and get started now!
1. Anywhere Access: QuickBooks Online requires a computer with a supported Internet browser (see System Requirements for a list of supported browsers) and an Internet connection (a high-speed connection is recommended).
2. QuickBooks Online Mobile: QuickBooks Online mobile app works with iPhone, iPad, and Android phones and tablets. Devices sold separately; data plan required. Not all features are available on the mobile apps and mobile browser. QuickBooks Online mobile access is included with your QuickBooks Online
Sophia
Document Management
Sophia, our dedicated Admin & Bookkeeping Assistant, has been a valuable asset to our team since 2023. With a Master of Finance & Sales, she also brings a strong foundation in accounting principles to her role. Prior to joining us, Sophia gained valuable experience as an Admin Assistant and Sales Coordinator in private sector banks. This background has equipped her with excellent soft skills, enabling her to communicate effectively and build swift relationships with clients. Specializing in serving Canadian clients, Sophia is also proficient in accounting software QuickBooks Online. Her ability to efficiently process files and manage paperwork ensures that our clients’ tasks are completed promptly and accurately. Sophia’s strong work ethic and attention to detail make her a reliable and valuable member of our team.
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.
Daniel
Reviewer
Meet Daniel, 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) Daniel remains steadfast in catering to the needs of clients. Over the course of this distinguished career, Daniel has cultivated invaluable proficiency with an array of esteemed accounting software. Renowned for unwavering punctuality, Daniel 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.
