Billing direct / account receivables

Good to know what you're using. You seem a clerical master with all the positive connotation of the word. I still remember your spiral thick audit book. LOL. I am trying to use Excel for everything, finding myself tweaking it all the time, actually enjoying doing it, but it is time consuming and seems like a waste of time sometimes. I see that many people here use Quickbooks , so it can be geared towards an owner op then.
Maybe I should give a try myself, not to reinvent the wheel any more. Let me ask you, are filing your business taxes by yourself too, or do you have a tax preparer?

 

Okay, you're not an owner operator. That's what I figured. Just how many receivables to anticipate that it would require you to hire an employee to collect them?

Here's how it goes for me:
1. Negotiate the rate.
2. Run the load as agreed.
3. Upon completion and receipt of signed BOL, scan it along with my invoice and send it (via email) to the shipper/broker.
4. Receive payment via ACH or paper check within 20 to 45 days.
5. Reconcile the receivable in my checking account.

If someone is dragging their feet, I just pick up the phone and call them. Not that hard.

To me, there is NO pro consideration when it comes to factoring, none. Quickpay through the broker at 1.5% I can see.

Once again though, this is just my lowly, humble opinion based on my personal experience.

 

The last time I checked my name's on the title to my paid off truck, IFTA, plates, NTL, fuel, maintenance, repairs etc etc are all also paid by me so just because I don't have my own numbers yet doesn't mean I'm not an O/O. Although, you're entitled to think whatever you want.

As to the Accounts Receivable issue, I see keeping track of a bunch of loads I pulled 30 days ago to be a hassle. You may see it as no big deal but keeping track of who owes me after numerous loads will not be an enjoyable experience. So I'm left with QP, factoring or hiring someone. QP is a tell, an employees is beyond what I'd be willing to spend so factoring may be MY best option.

 

I do all of it myself. It's really not that difficult.

When I first set up my LLC I then submitted an application with the IRS to file as an S-Corp. I had a local CPA set up payroll in my Quickbooks software program for me.

I set up an online tax filing & payment account with the State and an EFTPS account with the IRS.

Here's how this functions for me:

1. Pay myself once a month via Quickbooks payroll.
2. Quickbooks creates a report of related payroll taxes, etc.
3. I click on the report for tax liability for the State and hit pay. It reconciles the amount automatically in my account with a specific breakdown of each associated liability.
4. I log onto my State tax account, enter the amounts in their system and hit pay. It automatically deducts the amount due from my checking account.
5. Repeat the same process for the IRS.
6 At the end of each each quarter I go back to Quickbooks payroll and create the quarterly filing statement for both the State & Fed. Quickbooks already has all the data needed in it. I print out a copy of each and send them in to the State & Fed.

As far as my own personal & business tax returns, I do those myself as well. I've been using TurboTax for years. It's a cinch.

See how easy all this is?

 

I actually tried that a while back but found it to be extremely laggy and slow. I promptly cancelled it. Did you have the same issue?

 

Peace, man. If that's how you want to do it, go for it. Like I said, it's your mula, not mine

All I was trying to do is offer my opinion based on my own personal experience of doing it. Take it or leave it. Someone else reading here might be able to glean something.

 

I pay $100 every quarter to do my payroll as S-Corp...and then 350 to do annual business filing. But the worst part is that I have to reserve time to go to the accounting office and sit there on a business day, when I'd rather do something else or be somewhere else. This is definitely something I need to look into ASAP. Looks to me that especially the S-Corp quarter payroll filling is super easy, and repetitive - $100 for me and 10 minutes for them... Easy peasy!

 

I do both,I qp the good brokers and send in the rest to my factoring company
I tried going without a factoring company once and those invoices was 50-80 days and I was needing money bad so I quit that

like Tall Joe said,I am a S corp also,my accountant charges me 75 a qtr,and I email everything in and they email me everything back.Once a year i go in and get end of year taxes done for around 500 for corp and personal returns.