Which accounting company do you use?

[tumbleweeds]

Which book keeping/accounting company does anyone recommend? I talked to Ronnie and Brenda (straight truck with Landstar) and they really liked the company that does their taxes and quartley book keeping, but I can't remember who they said it was. (one of the parts of getting old that sucks)
Anyone have a company that they have great experiences with. I have a few questions before we set up our accounts and LLC.

Thanks,

The business of expediting is not as easy as it would seem, to this grasshopper.

 

[aristotle]

I advise getting a good, solid CPA in your local community. Any competent accountant should easily handle an LLC involved in trucking. First-time entrepreneurs are often bewildered by business and tax regulations. No need to worry with a CPA guiding you through the process. First consultations are often free. Write down a list of questions and don't be afraid to repeat any question until you are satisfied you understand the answer.

 

[LDB]

I'm going to respectfully disagree and say find someone who specializes is accounting for trucking. There's an awful lot to be aware of and while a good CPA would do a good job for you a specialist would potentially do better. I use John Turner at truckcpa.com and heard on satellite radio.

 

[greg334]

Leo,
I keep hearing this and for the past 6 years, I have used two who never been near a truck and have had great results with them.

The willingness to learn seems to be key, to understand how tolls work or how FSC works isn't.

Or am I wrong?

 

[chefdennis]

A SOLID CPA on your local level that is AGGRESSIVE in their approach to taking it to the letter of the regulations and getting you the best result...you are not required to pay anymore then you can legally keep from the IRS...

 

[zero3nine]

I just do my own taxes.... Its not really all that complicated IMHO.

Declare income, deduct expenses... don't lie... no audits yet.

fired at you from my Droideka

 

[LDB]

Knowing anything about trucks is unimportant. What's important is knowing about the subtleties of truck accounting. Any accountant could potentially study and become proficient in trucking accounting.

 

[chefdennis]

Audits are nothing to fear at all...in being in business for myself for over 20 yrs I feel if i am not audited from time to time, I and my accountant are not being aggressive enough...i have been audited more times then I have not in those 20 yrs. I have been fine in some and been hit in some...but i am still ahead of the IRS and will do all i can to keep as much of my earned money then I give to the gov....

 

[greg334]

Knowing anything about trucks is unimportant. What's important is knowing about the subtleties of truck accounting. Any accountant could potentially study and become proficient in trucking accounting.

Well Leo, like I said I keep seeing this pop up and really think it is a selling spin more than anything else but don't see specifically what they need to know.

There are few IRS regulations that apply to trucking but there are a number of things that are used in other industries that apply, so knowing how to apply the regs is, how to research seems to be far more important than say knowing how to figure out FSC.

As mentioned before, a good accountant doesn't have to be in the "industry" but has to be able to handled both you as a client and represent you with the IRS if there are issues. Many won't be able to represent you but rather you need to have an EA handle the situation which I only know one EA that knows anything about trucking.

 

[golfournut]

I have used Bookkeeping for Truckers out of Georgia for the last 3 years. Deborah knows the trucking business. They also do permits and stuff like that. Easy to talk with, usually always answers the phone or a call back in minutes.

Your best bet, hire a vet! Please.

 

[LDB]

Knowing anything about trucks is unimportant. What's important is knowing about the subtleties of truck accounting. Any accountant could potentially study and become proficient in trucking accounting.

Well Leo, like I said I keep seeing this pop up and really think it is a selling spin more than anything else but don't see specifically what they need to know.

There are few IRS regulations that apply to trucking but there are a number of things that are used in other industries that apply, so knowing how to apply the regs is, how to research seems to be far more important than say knowing how to figure out FSC.

As mentioned before, a good accountant doesn't have to be in the "industry" but has to be able to handled both you as a client and represent you with the IRS if there are issues. Many won't be able to represent you but rather you need to have an EA handle the situation which I only know one EA that knows anything about trucking.

Seems you are making my argument, just using more words to do it.

 

[greg334]

My point is you don't need a specilized accountant, but one who is willing to listen to you and your needs.

AND I'm asking what is so special about this type of work that requires someone to know this industry?

 

[scottm4211]

My point is you don't need a specilized accountant, but one who is willing to listen to you and your needs.

AND I'm asking what is so special about this type of work that requires someone to know this industry?

I agree. Any CPA worth his salt is going to take it upon himself to get every thing they can for you.

 

[LDB]

I've done all I can do. Call John Turner and ask him why knowledge of trucking is important. Do the same for a CPA handling medical practices or oil and gas or any other field. An accountant needs to know enough to take all the deductions and to do things in the way that maximizes the client's benefit. I'm not an accountant and I don't play one on TV but in our business that means knowing what to do on 3 years instead of 5 or 7 and if I understood the real accountant correctly there are such things that an oil and gas or other accountant might not know and might do incorrectly.

I am not saying only a trucking accountant can do the job and only a trucking accountant should be trusted. I am continually saying an accountant has to know enough about our business to do a good job and do it right. I am saying there is a possibility one will get better results with someone like John Turner than just any general accountant.

If acknowledging there's some uniqueness to trucking compared to other businesses and that an accountant who specializes in the industry might study more and learn more and therefore do a better job than a general accountant is more than you can stand so be it. I am saying it's a possibility and standing by it.

 

[tumbleweeds]

Thanks to all for the info. I have been audited before and it is not that big a deal. On the other hand, we are conservitive and take all of the legal deductions and don't work in the gray areas very much. Most likely we will do the LLC our selves. That part is easy and can be done for a lot less than a CPA is going to charge. I am not sure if it would be better to form the LLC in Texas or Nevada. Both have tax advantages and are friendly to business.

Everyone has done a good job of providing info.

Thanks again for the help.

Curt

 

[TheRebel]

Speaking about your concern, I'm wondering if there is any software for accounting in this kind of business, including payrolls and all that?

 

[golfournut]

Speaking about your concern, I'm wondering if there is any software for accounting in this kind of business, including payrolls and all that?

I have been looking at Hammerlane.
Not finished on the research though.


Your best bet, hire a vet! Please.

 

[TheRebel]

I have been looking at Hammerlane.
Not finished on the research though.

Thanks! Been looking at Prophesy, but as you said, I'm still researching...

 

[str8trk]

Most likely we will do the LLC our selves. That part is easy and can be done for a lot less than a CPA is going to charge. I am not sure if it would be better to form the LLC in Texas or Nevada. Both have tax advantages and are friendly to business.


I would strongly suggest that you consult with a lawyer before setting up a business entity. Not sure what your operating model will look like, however, from the standpoint of protecting your personal assets LLC's are fairly weak in the context of interstate commerce (especially if you are driving)

 

[greg334]

Corporations and LLCs do not protect people's personal assets from law suits in this business. One of the biggest scams out there is selling the idea that you personally can not be sued if something happens.