Services
Our Services
Bookkeeping
We use QuickBooks Online, a cloud accounting software, for the recording of your financial transactions and management of source documentation. We use QuickBooks Online, a cloud accounting software, for the recording of your financial transactions and management of source documentation.
Accounting
Your financial statements and other business reports are available for your review 24/7 on QuickBooks. We generate the financial statements, analyze the numbers and communicate the “story” behind them, to ensure that you understand the performance and financial health of your business.
Tax Compliance
Who doesn’t love tax? We ensure your tax return is correct and file it to the CRA for you, while also performing the calculations and remittance for payroll, withholding tax, and sales tax. Our consultative approach ensures that you are paying the government on time, correctly, and minimizing the taxes paid, thus saving you money and avoiding penalties.
Management Consulting
What are your goals and business objectives? What worries are keeping you up at night? What are some struggles or pain points you're experiencing? We work with small businesses and startups to find your answers to these questions, and then build a plan with you to ensure your success, to lead a
profitable and sustainable company.
Bookkeeping
What is bookkeeping?
Bookkeeping is the recording of daily financial transactions, and is part of the process of accounting in business. Transactions include all purchases, sales, receipts, and payments by a company. A bookkeeper then takes these transactions and organizes them by the company's accounts, known as the general ledger.
A bookkeeper can also:
● send customer invoices and pay vendor/supplier invoices
● conduct bank reconciliations
● process payroll
● prepare the books for the accountant
● store and provide source documentation for audits
With these financial transactions now recorded, financial statements can be produced for owners and management so that they can understand the performance and health of the company
At Clarke & Khan, we use QuickBooks online, a cloud accounting software, to manage the bookkeeping needs of our clients.
Why is bookkeeping important?
Proper bookkeeping is one of the most important ingredients to running a successful business, and companies who don't will face problems.
Without bookkeeping, owners and managers would have no visibility nor understanding regarding the performance or financial health of their business; in this case, how could they make good and informed decisions? They would be operating blind, and the business would fail. This is why one of the top priorities that a young company should have is start a proper bookkeeping process right away.
Bookkeeping is also important from a tax perspective. The accuracy of your financial statements is crucial because this is the information that is used to generate a tax return to the CRA. Any errors could result in penalties, and potential legal ramifications.
Who can do bookkeeping?
If you are a startup or small business owner and you don’t have a bookkeeper, you may try doing it yourself at first. However, you will soon find out that it’s more complicated and takes a longer amount of time than you originally anticipated. Also, you may be worried about penalties or legal ramifications from the CRA regarding an incorrect tax return you’ve submitted.
So, if you don’t have the time, knowledge, and/or want to avoid the stress, you can partner with a respected firm like Clarke and Khan who has qualified and experienced individuals with accounting credentials who can perform your bookkeeping.
This way, you have full insight and visibility into your business, can make informed decisions, and ensure that the CRA doesn’t come after you.
Accounting
What is accounting?
While bookkeeping is a transactional and administrative role that manages the daily tasks of recording financial transactions, accounting is more subjective, providing owners and managers with financial insights into the health and performance of the business.
An accountant can review the records done by the bookkeeper, ensuring the accuracy of the classification and treatment of the transaction. An accountant can also perform adjusting entries, review and analyze financial statements, and advise business owners during decision making.
Why is accounting important?
Simply put, if your small business was a human body, accounting would be the backbone. Without a strong accounting process, your company would fall apart. This is why any young businesses owner’s top priority should be to find an accountant right away.
Accounting is vital to running a profitable and sustainable business, as it helps with planning and tracking against a budget, preparing for tax returns, and keeping records organized, while also providing owners and managers with valuable insights that enable them to make better business decisions. Accounting is the tool that allows us to learn more about the company's performance, financial health, strengths and weaknesses. A good accountant can also ensure that you’re paying the right amount of tax, saving you money and headaches from the CRA.
Who can be my accountants?
Focus on what you do best, which is running your business and servicing your customers. If you don’t have the time, knowledge, and/or want to avoid the stress, you can partner with a respected firm like Clarke and Khan who has qualified and experienced individuals with accounting credentials to be your accountants.
Your financial statements and other business reports are available for your review 24/7 on QuickBooks. We teach you how to read financial statements, analyze the numbers and communicate the “story” behind them, and ensure that you understand the financial health of your business.
This way, you have full insight and visibility into your business, can make informed decisions, and leverage us to identify opportunities and hurdles down the road through regular communication.
Tax Compliance
Death, Taxes, and the Leafs losing in the first round of the playoffs
Some things in life are unavoidable, and one of those is paying the government what they are due.
If you have a small business or startup, one of the most stressful times of year if you don’t have a bookkeeper or accountant can be tax season, when you have to submit your tax return to the CRA so that they can verify you’ve paid your fair share.
Furthermore, as your team grows, life gets more complicated with deductions such as employment insurance, pensions, and income tax. It is very important to get these calculations right because it not only affects your business, but the employees who work for you as well.
Although you are an expert on your small business and how to service your clients, you may not be an expert on tax. This means you could over-pay or under-pay the CRA, neither of which is good, as they will both end up costing you.
What can Clarke & Khan do for me?
We ensure your tax return is correct and file it to the CRA for you, while also performing the calculations and remittance for payroll, withholding tax, and sales tax.
Our expert approach ensures that you are paying the government on time, correctly, and minimizing the taxes paid, thus saving you money and stress.
Management Consulting
What is management consulting?
Management consulting is the practice of helping businesses to improve their performance. Companies hire management consultants to get external advice, help solve problems, and make them more efficient.
A management consultant can provide recommendations on how to drive more sales, how to save on tax, how to identify and retain top talent, and make internal processes more effective between cross-functional teams.
Our management consulting services
At a large organization, there is a C-suite of executives and each one is responsible for one branch of the company, i.e., sales, marketing, IT and HR. As a small business owner, you are doing all these, plus the day-to-day operations of running the place and servicing your customers. Clarke & Khan acts as your consultative C-suite, guiding you through your growth journey, while identifying hurdles and opportunities along the way.
Clarke & Khan’s management consulting services focuses on these main pillars of your small business:
● Strategic Finance
● Tax Compliance
● Sales
● Marketing
● Operations & Process
● Human Resources
● Information Technology
● Software Evaluation & Design
How we can help your small business or startup depends on what your goals and current struggles are, as well as which stage you are at in your growth journey.
Our first few meetings together will be interviews so that we could better understand what your world looks like today, and what your aspirations are for tomorrow. We then build a road map together which includes a project plan and recommendations on what needs to be done, by who, and by when.
Let’s Have A Chat
It would be great to speak with you to get a better understanding of your business and see how we can help.
Contact us
Mailing Address
Clarke & Khan Consulting Inc.
83 Janefield Avenue, Unit #8,
Guelph ON
N1G 2L4
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Clarke & Khan Consulting Inc.