Taxi Driver Online

Hello Guys/Gals

Need some advice. We have just start up or own taxi company, I'm coming from a driver background. So the whole process of owner is new to me. A few small business have approached us and want to move their account from current taxi private hire firms to us, to support what we are doing.

The only is issue is, I have no idea on how, what to go about setting up company accounts where those business are invoiced monthly or weekly and terms, basically have no clue. (clueless).

Would appreciate any advice from current taxi owners of those who have knowledge of setting up business taxi accounts. Also, being that we are being approached, but what about when we want to go an approached other business in the future, what do we need to do.

Thanks in advance for any advice.
Wayne

Get an Accountant asap

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Don't dream it ~ Be it.

What has an accountant got to do with it. Setting up account work, does that really need to be done through an accountant. Where you transport a business passenger for them.

Firstly. If you don't have an Accountant involved from the beginning, your business is not likely to last long.

Secondly. Accountants have access to a considerable Knowledge-base which may include a Tried & Tested Taxi Management Setup that would suit your needs.

Thirdly. If you adopt a suitable method of Record Keeping your first set of Accounts, for the Tax-man, won't bankrupt you.

Fourthly. Setting up is likely to cost you nothing. Most Accountants do this for Free. Well, not really free, but you won't get charged immediately.

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Don't dream it ~ Be it.

wee eddie, thanks for the reply, but i am not talking about a business account. Sorry didn't explain myself properly. You see, jobs can be done as cash jobs and you have jobs that is set up as account work, where you provide transportation for a company and you invoice them end of the month or week and they have like 7 days to make payment to your taxi firm.

Hope this is clearer.

I was absolutely clear as to what you are trying to do.

The correct software will keep an eye on these details, highlighting Companies that are late Payers and how long they are in abeyance, also keeping a Log of the Business Journeys that you are doing.

Beware, putting these through a Central Record keeping System may render you liable for VAT.

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Don't dream it ~ Be it.

I'd be curious as to why they are approaching you if they already have a supplier. If their current supplier is letting them down all the time or is considerably more expensive then yourselves then that may explain it, but, if they haven't paid their current supplier that would also explain it.

Most of the companies around here have monthly accounts with a 10% admin charge on top of the fare. Also you may wish to apply a set monthly limit until you are happy that the customer will pay you on time and that your cashflow isn't going to suffer whilst you're awaiting payment. Having an account with a customer that promises hundreds of pounds of work each month isn't worth jot if you don't get paid and unless you can afford to credit check these people you're going out on a limb.

Do you have a Business Link or similar in your area? If you do go and see them they will help you. It may also be an advantage for you to attend a small booking keeping course so you know what you are doing in the future. There are lots things out there to help up and coming businesses you just need to look for them and take advantage of what's on offer.

Good luck

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!

thanks for your advice toot