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.

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. 

What is a Fractional CFO?

When you run a small business or startup, you most likely don't need a full time CFO, nor can you afford one, however, you probably want someone responsible for supporting the financial branch of your company to help with planning and decision making. 

A Fractional CFO provides founders and business owners an affordable and flexible option with a part-time CFO. 

Our Fractional CFO 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 Fractional CFO, guiding you through your growth journey, while identifying hurdles and opportunities along the way.

Clarke & Khan’s Fractional CFO services include, but not limited to:

       ●  Budget / Forecast creation and variance analysis

       ●  Cash flow management

       ●  Reporting structure and KPI definition

       ●  Strategic decision making

       ●  Assessment and mitigation of financial risks

       ●  Investment and ROI analysis

       ●  Fundraising support

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.