Who We Are - Southern Alberta Accountants for Truckers and Transporters in Canada

So… what do you do for a living?  

We are a team of two accountants who are proudly servicing clients in the transportation industry. We both have 10+ years’ experience working for independent owner operator trucker clients in the business. Our work is telemediated, meaning we are mobile and have no physical office. This allows us much more flexibility with our clients and cuts down on overhead costs, which saves our clients money.

 

Ok, can you tell me what services you provide exactly? I mean, accounting is kind of a broad term. 

We tackle all areas of accounting and can offer you an all-inclusive accounting package. In the accounting business, this is called full cycle accounting. So typically, we will set our clients up on a monthly or quarterly basis, depending on how often GST remittances need to be filed. Once bank, credit card, driver’s statements and any other pertinent information is available for that month or quarter, we arrange for our clients to send us the financial information and enter the data into our bookkeeping software. Once the data entry is posted, we clarify suspense items, and we make any adjusting journal entries necessary. Once all the data is finalized, we file the GST (General Sales Tax) return and provide the client with financial statements. 

 At the year-end, we go through a process called “closing the books”, which includes filing T5’s for dividend income (if you are running your business through a corporation) and T4’s for payroll payments, preparing and filing the T2 (the Canadian corporate tax return), and providing the annual financial reports. 

OK, sounds basic. I mean, this is what any accountant would do. What makes you different? 

You’re right, most accountants would provide these exact same services. What makes us different is this; we focus on serving clients from a specific industry rather than clients from all walks of life from our local community. Most accountants will service their area, which works under the traditional model where everyone meets up with their accountant every quarter and drops off a shoebox full of receipts. That may have worked in the past, but the reality is that most people don’t use cash, they have all their business transactions on their bank and credit card statements, and all these documents can be emailed instead of having to drive through traffic to drop them off at a traditional accounting office. On top of that, traditional accountants’ clientele can run the gamut.. one client may be a baker, one may own a clothing store, another may make money online, one may work construction, and the list goes on. The accounting guidelines can be completely different for each of these industries. So you see, there’s just too much to juggle around for traditional accountants.

 

 So by specializing in the Freight industry, you can save your clients money? How so?

By focusing on the single industry of freight and hauling, we have the advantage of knowing what the typical business transactions are, how the industry works, how payment works, who are the players in the trucking industry, and so forth. This allows us to concentrate our focus on the accounting practices of one industry and streamlines our work so that our clients get a better value.

 

Let's say I do my own accounting or I already have an accountant. Why should I switch to you?

It's commendable of you to do your own bookkeeping and taxes, and maybe that's fine for you. Let's say you continue doing the accounting yourself. What happens when your trucking business grows and you don't have the time to do it anymore? If you're out on the open road 8 days a week, and you're like most truckers, I can tell you that the accounting is going to take a back seat for a while and then the CRA is going to send you some friendly reminders to file your GST, the Worker's Compensation Board is going to want to see your trial balance which you won't have, and you'll probably procrastinate past the tax filing deadline. These are common problems we see when owner operator truck drivers get so busy.That's your cue to set up a meeting with us!

If you already have an accountant. you may want to stick with them since you've already built a relationship with that accountant. We see this a lot and that is fine. If you feel it's time to look for someone else, consider the reasons stated previously, which are we can offer specialized accounting services at a better rate than our competitors because of the way we've structured our business. If you're not sure, get in touch with us. Who knows, it may be just what you are looking for. 

 

 If I like what hear, and we move forward, am I stuck in a contract with you?

In an accounting business, clients come and go all the time. Most of our clients have stuck with us for 10+ years, and many businessmen will confirm that when you find a good accountant, stick with them. Of course, there is no obligation to continue and we do not operate on a time-based contract. Meaning, you are not "stuck" with us, and if you happen to find a better fit for you, we can provide you with the financial statements and documentation necessary to switch to another accountant at anytime.

 

So, tell me about your work experience in Accounting.

We are a team of two accountants, Tyler and Bob. Bob has been doing this for over 20 years and Tyler has over 12 years under his belt. That’s 32+ years combined experience, which alone is of great value! Tyler has a degree with a major in accounting, and is an enrolled agent (designation under the IRS for U.S. taxes) and has owned and operated a tax preparation business in the Coachella Valley, California for 8 years, and later in Southern Alberta, Canada for 4 years.

Bob has a great deal of experience in tax preparation and bookkeeping and has had his own accounting practice for over 20 years (Dymas Services Ltd.).

 

This all sounds great. Walk me through the process I need to take if I want to hire you.

First of all, we need to have a discussion with our client and find out where they are at. Are they just starting their trucking business or have they been at it for a while? Are they already incorporated? Do they have a business bank account and/or business credit cards? Are the trucks and trailers in their name personally or financed and registered under a business name? Typically anyone who’s been in business for more than a year or two will incorporate their hauling company for the tax savings. On the other hand, it can be hard to find financing for trucks and trailers when for someone that has only been in business for a couple of months or a couple of years. These clients may want to consider driving as a subcontractor while they establish some credit.  

Once we have determined where they are at, we can discuss where they’d like to be and how we can help them reach their goals. We can fill out paperwork to incorporate and file for a GST number with the CRA. Many owner operators in the trucking industry do not need to collect GST, and they can deduct GST. This means they likely get a GST refund at the end of each remittance. As a client, you would need to send us documentation for income and expenses. This typically includes your driver’s statements, bank account statements, and credit card statements for the accounting period. From there, we categorize all business transactions and calculate GST on sales, ITCs (Input Tax Credits), file your GST remittances, and provide you with financial reporting for that accounting period. At the fiscal year end, we prepare and e-file your corporate and personal tax returns.

 

 Ok, How do I start?

You can start as soon as you want. Just contact us through email or phone to get started today. We look forward to working with you!