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Accounting software and expending tips

Discussion in 'Ask An Owner Operator' started by MsBoxT2013, Jan 10, 2019.

  1. Jan 10, 2019 #1
    MsBoxT2013

    MsBoxT2013 Bobtail Member

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    I'll be doing bookkeeping for an OO family member and am also an investor in his company. I have prior accounting experience for a manufacturing company. We are using Wave app for right now. He is leased to someone else and is running under their authority. I'm very new to trucking and really want to make sure I do the bookkeeping right. I'll be consulting with a friend who is an accountant but also wanted to get input from experts. I've tried to Google expenses for a trucking company but coming up empty.

    So far I've garnered to put the driver on a W2 vs 1099. The guy we've leased under was offering as a fuel card with a 3% fee but we already have a RTS one. Plus the driver said sometimes fuel at Pilot & Flying J is ridiculously expensive. He will be using cash and only use the fuel card for showers.

    What else do we need to consider to be straight with business taxes? We are planning on expanding office space, I am looking to see if meals can be expensed per diem. Anything else high level to consider?

    Thanks in advance!
     
    MsBoxT2013, Jan 10, 2019
    MsBoxT2013, Jan 10, 2019
    #1
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  3. Jan 10, 2019 #2
    MsBoxT2013

    MsBoxT2013 Bobtail Member

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    *Expensing office space, not expanding...
     
    MsBoxT2013, Jan 10, 2019
    MsBoxT2013, Jan 10, 2019
    #2
  4. Jan 10, 2019 #3
    AlexanderK

    AlexanderK Light Load Member

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    I would just go with QuickBooks.
     
    AlexanderK, Jan 10, 2019
    AlexanderK, Jan 10, 2019
    #3
  6. Jan 10, 2019 #5
    MsBoxT2013

    MsBoxT2013 Bobtail Member

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    Online or desktop version?
     
    MsBoxT2013, Jan 10, 2019
    MsBoxT2013, Jan 10, 2019
    #5
  8. Jan 10, 2019 #5
    SteerTire

    SteerTire Road Train Member

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    Hmmm I have a family member also that is a CPA.

    Guess who isn’t doing my accounting and taxes.
     
    SteerTire, Jan 10, 2019
    SteerTire, Jan 10, 2019
    #5
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  9. Jan 10, 2019 #6
    AlexanderK

    AlexanderK Light Load Member

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    I don’t like online version of it. This way the hold to much information about your business transactions. Moreover you are relay on internet after that. Desktop would be my choose.
     
    AlexanderK, Jan 10, 2019
    AlexanderK, Jan 10, 2019
    #6
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  10. Jan 10, 2019 #7
    Brandt

    Brandt Road Train Member

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    Look at Profit Gauges. Maybe it what your looking for. The guy that set it up for O/O he had been working on it for several years and it all about accounting for O/O. He had radio show also

    letstruck.com/accounting
     
    Brandt, Jan 10, 2019
    Brandt, Jan 10, 2019
    #7
    MsBoxT2013 Thanks this.
  11. Jan 11, 2019 #8
    Ridgeline

    Ridgeline Road Train Member

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    OK I feel for you.

    OK different industry but depreciation is the same.

    I would dump these apps and these on line things for a lot of reasons - one is you need access to a safe location to store your finances, cloud computers still gets hacked.

    OK ... here is my take - get quickbooks for desktop, go to a quick books programmer and spend the money to get it setup for a fleet with lease holders and drivers. This is the best route and it works for all of us fleet owners, we did the same thing.

    You put your drivers under a w2, they are employees, not contractors, you don't have the experience to go down the 1099 path as some of us have.

    Is this a lease holder or your driver?

    Lease holder - their problem to find where to fuel and how to buy it at.

    Your driver - make sure they get the most out of the fuel.

    As for the expense, this is something you have to get over, this is how it works and we can't do a thing about it, so to worry about pennies that can't be capture only means you have to do other things to make up for it.

    Office space outside a home is a deduction, the accountant will help you with that.

    Meals and per diem is a rats nest of a problem, leave that to your drivers because most of the time it can screw the driver.

    High level what?

    I have policies that address everything I can think of, most of them are created because I know what drivers will pull being on the road and watching. Policies are written in stone, my drivers know this and many of them were let go because of them, taking the bs out of the loop.

    If you want to manage it, great, there is a hell of a lot to learn, it isn't easy as some make it out to be.
     
    Ridgeline, Jan 11, 2019
    Ridgeline, Jan 11, 2019
    #8
    MsBoxT2013 Thanks this.
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