Services
- Bookkeeping 4 Truckers
- Financial Statements
- Payroll Services
- Notary Public
- Tax Preparation 4 Truckers
- How Do I Obtain My Operating Authority
- Agreements & Permits
- Fuel & Mileage Reporting
Bookkeeping 4 Truckers
As a small business owner you have more important things to do than keep your own books. We take care of your books for you, so you can get back to the job or running your business and generating profits!
Each month or quarter we will do the following things for you. Simply click on the subject matter below to get more information.
We will go a step further and go on-line and print out your weekly pay settlement statements for you, giving you more time to keep on driving!
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax preparation, or any of our other services.
All of our bookkeeping services can be handled in person, by mail, or by email.
In order to establish your accounting file, we will need the following information:
- Your name, address, and phone number.
- All of your business receipts, excluding meals (covered by a maximum Per Diem allowed).
- Settlement sheets from your company.
- Number of days you travel on the road.
Once we have received this information, we will prepare operating reports (P & L statement and balance sheet). These reports will help you determine how your business is operating by allowing you to see your numbers at a glance. As a result you can manage your company more efficiently.
Books a mess – No problem!
If you have not kept up with your bookkeeping, don’t worry. We can help you. We eliminate those year-end headaches of wading through stacks of receipts and bank statements by:
- Tracking your expenses
- Recording your income
- Providing you with monthly operating reports.
You should make sure to keep good records. You can keep your records in a journal, a computer, or on a scratch pad, but if you are called in for an audit you will need to show “proof” in the form of receipts and/or written records.
As an owner-operator or independent contractor you should be keeping all receipts no matter how small. Receipts are your proof showing the items and the subject of the expense.
Your log books are also important records to keep. Your log book establishes how many days you were on the road during the year and is considered proof of your actual days driving away from your home base.
Without supporting documents you may not be able to take many of the deductions you might otherwise be entitled to take.
Our bookkeeping service includes digital storage of all your original receipts. At no extra cost to you!!! If a receipt is misplaced we will be glad to print you a copy.
Our fee for this service is only $90 a month (based on one truck and one driver). Contact us for fleet pricing.
We are always available to spend time with you so you can fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
If you would like to receive a Free Consultation on our Small Business Accounting Service, please contact us.
Financial Statements
Financial statements are an important tool for management decision making in your trucking business. We will work with you to develop and finalize accurate and timely financial statements.
Bank Reconciliation
Reconciling your business checking account each month allows us to keep your business bank account, accounting, and taxes up-to-date.
Income Statement
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to…
- Track revenues and expenses so that you can determine the operating performance of your business.
- Determine what areas of your business are over-budget or under-budget.
- Identify specific items that are causing unexpected expenditures.
- Determine your income tax liability.
Balance Sheet
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time.
A balance sheet helps you…
- Quickly get a handle on the financial strength and capabilities of your business.
- Determine if your business is in a position to expand.
- Determine if your business can easily handle the normal financial ebbs and flows of revenue and expenses?
- Determine if you need to take immediate steps to bolster cash reserves?
Balance sheets, along with income statements, are the most basic element in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
Payroll Services
Constantly changing federal and state laws and tax regulations make payroll management an ongoing challenge for business owners. We can proactively alert you to material changes that will affect your business and your employees while also keeping payroll running smoothly no matter how large your business or employee population become.
Notary Public
A notary public can help you to handle various business matters, including witnessing and authenticating document execution and signatures. We offer Notary Public services and are available when you need us.
Tax Preparation 4 Truckers
Keystone Management Services (KMS) specializes in complete income tax preparation for owner-operators, independent contractors, company truck drives and anyone who is affiliated with the trucking industry. Because our specialty is trucking, KMS is ready to take care of your questions and tax needs while you keep driving!
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there is no substitute for the assistance of an experienced tax professional.
We want to be your tax preparer year after year and have a good relationship with you. Our preparers will work with you through email, phone calls, and web chat to make sure your return is correct and we have found all deductions available to you. We can help you prepare this year’s return and also find money saving strategies for next year’s.
Here is what you get…
- Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
- Your tax return can be filed electronically so you will get a refund back faster.
- We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet on commonly allowed deductions for truckers to limit the following year’s tax liability.
Books a mess – No problem!
If you have not kept up with your bookkeeping, don’t worry. We can help you. We will prepare your bookkeeping for the year; prepare a full Schedule C, as well as your personal income tax return. Then we will help you set up an easy system that allows you to keep your books up-to-date for next year.
Behind on filing your prior year’s income tax returns? We can help!