Truckers spend more than 300 days each year on the road.
That doesn’t leave a lot of time to spend on managing your finances.
For those in the trucking industry, having an accountant on your team is crucial to the success of your business.
But how do you choose the right accountant? Keep reading to learn more about how to choose the right trucking accountant for your business.
What to Look For in the Right Trucking Accountant
There are a number of ways to find information about trucking accountants in Canada. Some of these options are asking colleagues, asking friends or family, performing internet searches, and asking other professionals.
Once you have a list of potential candidates, you can narrow your list down by knowing what to look for in the best trucking accountant. The following are some of the qualities to look for.
The best accountant for your trucking business will have the proper education and credentials.
They should also be ethical. Strong ethics are important when dealing with financial records and governmental entities. Staying compliant with your taxes and always being honest will keep you out of hot water.
Bookkeepers vs Accountants
You should look for an accountant rather than just a bookkeeper.
Bookkeepers are responsible for record-keeping and can perform some functions of an accountant like creating simple financial reports. Accountants have more responsibility and help you with your business financials on a larger scale.
They can help you with business planning and prepare your tax returns. Accountants are also able to deal with tax authorities if any tax-related issues come up.
An accountant can perform bookkeeping services but they are much more qualified to review your business financials overall, look at the big picture, and offer guidance on the financial state of your company.
It’s essential that you choose an account that has proven experience in the trucking industry. Trucking taxes can be complex and you don’t want just any accountant handling your taxes. An accountant with years of experience working with companies in the trucking industry is important because only they will know how to get you the best deal when it comes to tax time.
There’s no substitute for experience when it comes to identifying deductions and saving you money on your taxes. An accountant who is experienced with your type of business will also know how taxes and finances work for your business structure.
Truckers who are self-employed face unique challenges when it comes to managing their finances. Life on the road and staying organized with administrative business operations don’t always go hand in hand. A good trucking accountant can help you with your books, accounting, GST, and even your personal taxes.
There are many deductions you can take and expenses you can write off that only an experienced trucking accountant will be able to identify. As a trucker, the last you want to worry about when you hit the open road is your taxes. You can feel confident that your business finances are being taken care of when you choose an experienced accountant.
Security of information is more important than ever in this digital age.
Your accountant has access to sensitive information about your business. It’s important to ask them what measures they are taking to safeguard and protect your confidential information.
While no industry is immune to cybersecurity threats, a good accountant will be proactive and transparent about how they plan to keep your information secure.
When it comes to finding the right accountants for truckers, you need to look for candidates who are available to you all year round. Some trucking accountants that can help you with your taxes might not have the capacity to provide service all year round.
Accountants for gas companies and accountants for oil companies as well as trucking accounts should be providing service throughout the calendar year.
This is essential to getting the most out of your business finances and your taxes. You never know when you might receive inquiries from the Canada Revenue Agency (CRA) or when you might be audited.
Your accountant should be active and available at all times and able to answer your questions.
Commitment to Learning
The best trucking accountant will go above and beyond. They will stay up to date on the latest tax developments and industry changes that might affect your business.
They will also implement the latest and greatest technology that can help you with your business finances. Be sure to ask potential accountants what they do to stay on top of their game as accountants for truckers.
What Questions to Ask
Knowing what questions to ask is as important as knowing what qualities to look for.
Once you’ve narrowed your list to a few potential accountants, you should contact them and ask for a consultation. This “interview” is an important time to get to know your options and get answers to your questions.
You should prepare for this conversation ahead of time by making a list of questions. Some questions that might be on your list include:
- What is your experience with trucking taxes?
- How long have you been an accountant?
- Do you have a proven track record of success?
- Do you have any testimonials from former and current clients?
- Who will be handling my taxes specifically?
- What are your fees?
- Do you provide a good value for what you charge?
- How can I contact you?
- Do you provide prompt and attentive customer service?
- Are You Looking for a Trucking Accountant?
Finding a trucking accountant that truly cares about your business isn’t easy. We here at Richardson Miller LLP are experienced accountants in the trucking niche.
We have a proven track record of success and are qualified and motivated to provide you with the best financial advice and tax strategies for your business.
Click here to contact us today and learn more about how we can help your business grow.
Angela Richardson is a Chartered Professional Accountant (CPA, CGA) with more than 17 years experience working in public practice with small to medium sized businesses. While financial statements and tax returns are part of the occupation, consulting and assisting clients to achieve their entrepreneurial dreams is her true passion.