OUR SERVICES
It’s more than just a number crunching game
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.
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:
Accounts Receivable – 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.
Revenue Analysis:
Expense Analysis:
Budget Comparisons:
Bank Reporting:
