OUR SERVICES
Good controller and bookkeeping services offer advice, counsel and insight -- providing you with financial statements, budgets, forecasts and dashboards to monitor all your financial data. It’s one thing to have all the financial data you need to run your business. But the real benefit is to have someone to explain exactly what the financial statements mean, and help you to make the decisions that will steer your company toward growth.
OUR SERVICES
ACCOUNTS
RECEIVABLE
Accounts Receivable (AR) refers to the outstanding invoices a company has or the money the company is owed from its clients. The phrase refers to accounts a business has a right to receive because it has delivered a product or service. Receivables essentially represent a line of credit extended by a company and due within a relatively short time period, ranging from a few days to a year.
​
Fusion Accounting will ensure that all monthly invoicing is processed and sent to customers, by mail or email. As checks and payments are received, deposits are accurately posted to the appropriate customer.
​
Collection Services are also available. Fusion Accounting will send statements to customers with overdue balances. We will politely work with customers to achieve a consistent payment plan. Phone calls will be made to the customers with the largest open balances each month.
ACCOUNTS
PAYABLE
Accounts Payable (AP) is an accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. On many balance sheets, the accounts payable entry appears under the heading current liabilities. Another common usage of AP refers to a business department or division that is responsible for making payments owed by the company to suppliers and other creditors.
​
Fusion Accounting will enter bills according to the proper classifications as they are sent. Payment checks will then be prepared and will be ready in the QuickBooks que for printing and mailing.
BANK ACCOUNT
& CREDIT CARD
RECONCILIATION
Reconciliation is an accounting process that proves and documents that account balances are in agreement. It's a fundamental account process that ensures that the actual money spent matches the money leaving an account at the end of a fiscal period. This is especially important for businesses and individuals to inspect fraudulent activity and to prevent financial statement errors.
​
At the end of every fiscal month and quarter, it's a good idea to reconcile an account. When reconciling an account, businesses and individuals prove that every transaction sums to the correct ending account balance.
​
Fusion Accounting will reconcile and manage multiple bank accounts. Transactions will be classified into the proper accounts to ensure that your cash position is accurate. Fusion Accounting will download, classify and enter credit card transactions into QuickBooks and reconcile accounts monthly.
JOB COSTING
Job costing, generally, means a specific accounting methodology used to track the expense of creating a unique product. Due to the fact that certain projects, such as construction, require different operations, accountants use this methodology to trace the expenses of each job in order to use this information for analysis and tax needs. Job costing forms have spaces to include direct labor, direct materials, and overhead.
​
Indirect costs, like overhead, are applied as a fraction of direct costs. This is usually done in one of two ways: an association with labor hours or using activity based costing. This way, either through use of labor or certain tools, overhead will not be left out of the equation and a company can make sure to cover all essential costs using job costing.
​
Fusion Accounting can help establish job costing through QuickBooks online if you choose to track your jobs. This process involves assigning every transaction to a job, including income. This helps to track profit margins on specific jobs and financials can then be run for specific jobs as well.
​
FINANCIAL REPORING
A key prerequisite for meaningful financial statements is that they be comparable to those for other companies, especially firms within the same industry. To meet that requirement, statements are prepared in accordance with Generally Accepted Accounting Principles (or, more commonly, GAAP), which "encompasses the conventions, rules and procedures, necessary to define accepted accounting practice at a particular time."
​
Accounting is how business keeps score. Accounting data is used internally as a tool for the business to determine if internal goals and budgets are being met. External users include potential creditors and investors. Accounting data must be uniform in order for it to be useful as the basis of financial analysis of a company.
The balance sheet tells you whether the company can pay its bills on time, its financial flexibility to acquire capital and its ability to distribute cash in the form of dividends to the company's owners. In short, it is a view of the company’s financial positions as of the date it is prepared. The balance sheet shows the company's assets, liabilities and shareholders' equity.
​
The key balance sheet accounting equation is Assets = Liabilities + Owners Equity, or A=L+OE. Balance sheet data can be used to compute key indicators that reveal the company's financial structure and its ability to meet its obligations. These include working capital, current ratio, quick ratio, debt-equity ratio and debt-to-capital ratio.
​
The income statement (also known as the profit and loss statement or P&L) tells you both the earnings and profitability of a business. The P&L is always for a specific period of time, such as a month, a quarter or a year. The periodic nature of the income statement is essential as this allows users to compare results for the company over similar periods of time, and to the results of other firms for the same period. Depending on the industry, year over year comparisons that eliminate seasonal variables can be especially useful.
​
The income statement includes income from continuing operations, results from discontinued operations (if any), extraordinary items (if any), cumulative effect of a change in accounting principle (if any), net income, other comprehensive income and earnings per share information.
​
Fusion Accounting will reconcile your trial balance after each month and run reporting to include online platform revenues as well. Income statements and balance sheets will be provided to your business and your CPA/Tax Accountant by the 15th of each month for the previous month's transactions. Each month we will review these financial reports and discuss goals, trends, changes or other areas that may need some improvements. Status updates can be provided weekly to review financial performance and cash status.
PAYROLL
Payroll is the sum total of all compensation a business must pay to its employees for a set period of time or on a given date. It is usually managed by the accounting department of a business; small-business payrolls may be handled directly by the owner or an associate. Payroll can also refer to the list of employees of a business and the amount of compensation due to each of them. It is a major expense for most businesses and is almost always deductible as such. Payroll can differ from one pay period to another due to overtime, sick pay and other variables.
​
Many small- and medium-sized companies contract outside payroll services to streamline the process. Employers keep track of the number of hours each employee worked and relay this information to the payroll service. On payday, the payroll service calculates the gross amount the employee is owed based on the number of hours or weeks the employee worked during the pay period and his pay rate. The service deducts taxes and other withholding from earnings, and then provides a direct deposit to the employee's bank account or a paper check.
One major benefit of payroll services is their ability to produce a variety of reports that simplify accounting procedures and help companies ensure they are in compliance with legal and tax filing requirements. The payroll service may also maintain a record of how much vacation or personal time employees have used.
​
Each payroll period, Fusion Accounting will verify payroll data, entering hours from time card reporting and process through your vendor or through Gusto (where we can offer very competitive pricing). Payroll expenses will be entered into QuickBooks accordingly.
QUICKBOOKS ONLINE HOSTING & IMPLEMENTATION
If you are an entrepreneur, starting up a small business or expanding a current business, one of the first and most important priorities is keeping adequate records. These records are often the basis for your company’s success, allowing you to assess your profit margins and the overall efficiency and profitability of your company along with helping you to guarantee your business is complying with all Internal Revenue Service (IRS) tax rules.
​
Intuit QuickBooks Online is widely rated as one of the best overall accounting and record-keeping software programs available. This software allows you to input your data, and it automatically performs accounting tasks. The program also allows you to integrate business solutions you may currently be using, including Microsoft Excel spreadsheets. Among other things, with QuickBooks, you can keep track of daily expenses and transactions, pay bills and employees, send invoices and sync data across all financial accounts. This software can offer the most basic features or be customized with advanced functions to fit the needs of your business. It is entirely cloud-based so you have access to the software and all data from any Internet-connected device. Fusion Accounting can provide access to QuickBooks Online (cloud-based) for up to four users. Allowing you and your staff to have secure access from many devices wherever you are.
SALES TAX REPORTING
A sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer and passed on to the government. A business is liable for sales taxes in a given jurisdiction if it has a nexus there, which can be a brick-and-mortar location, an employee, an affiliate, or some other presence, depending on the laws in that jurisdiction.
​
Different jurisdictions charge different sales taxes, which often overlap, as when states, counties, and municipalities each levy their own sales taxes. Sales taxes are closely related to use taxes, which governments charge residents who have purchased items from outside their jurisdiction.
​
Whether a business owes sales taxes to a particular government depends on the way that government defines nexus. A nexus is generally defined as a physical presence, but this "presence" is not limited to having an office or a warehouse; having an employee in a state can constitute a nexus, as can having an affiliate, such as a partner website that directs traffic to your business' page in exchange for a share of profits. This scenario is an example of the tensions between e-commerce and sales taxes.
​
Fusion Accounting will prepare the revenue for your company and prepare the sales tax return based on retail sales either quarterly or annually. Fusion Accounting does support on-line sales nation-wide and understands both sales use tax.
ONLINE SALES
& RETAIL
Online stores and retail are only growing and there are many different merchant platforms out there to track and handle your income from online purchases. These platforms can be confusing trying to differentiate which are income and which are merchant processing fees.
​
Fusion Accounting will handling the reporting and ensure that the correct revenue is reported and the appropriate merchant processing fees are booked.
CPA COORDINATION
& REPORTING
Certified Public Accountants (CPAs) are required to get a bachelor's degree in business administration, finance or accounting. They are also required to complete 150 hours of education and have no less than two years of public accounting experience. CPAs must pass a certification exam, and certification requirements vary by state. Additionally, they must complete a specific number of continuing hours of education yearly.
CPAs can move into executive positions such as controllers, chief financial officers and chief executive officers. CPAs are known for their role in income tax preparation but can specialize in many other areas, such as auditing, bookkeeping, forensic accounting, managerial accounting and information technology. Financial reporting is provided to your CPA/Tax Accountant on the 15th of every month for the previous month or annually as needed. We do handle requests from your company's CPA as necessary.