How it runs for limo, taxi and rideshare fleets
A second accountant reviews the package under Two-Tier Review, and you receive results by vehicle and channel with a note on what moved.
What is month-end close outsourcing?
Month-end close outsourcing means an external accounting team performs the steps that turn a month of transactions into finished financial statements: reconciling every account, posting accruals, prepaids and depreciation, checking cut-off, reviewing and locking the period. You keep your software and your accountant. The provider runs the checklist on an agreed calendar and hands you reviewed statements.
What we handle for limo, taxi and rideshare fleets
- Completed-but-uninvoiced trips accrued and charter deposits reviewed for cut-off
- Partial-week app payouts and card settlements accrued to the trip month
- Driver settlements, service charges and gratuity liabilities posted for the period
- Vehicle depreciation, loan interest, prepaid insurance and permits booked monthly
- CloseTrack sign-off log showing each step, the preparer and the reviewer
The KPI that matters here
Close completed and reviewed within five business days of month-end with every account reconciled and signed off.
Limo & taxi compliance notes
Local licensing and permits
Taxi and for-hire licensing is local: medallions or permits from a city taxi commission, state public utility or transportation authority permits for limousines, airport pickup permits and, for vehicles carrying nine or more passengers across state lines, federal USDOT registration. We track each fee and renewal date, code it by vehicle and keep certificates on file. Applications and renewals are submitted by you or your permit service.
Driver classification: 1099 or employee
Whether a driver is an employee or an independent contractor depends on federal and state tests that differ, and app drivers in California fall under Proposition 22. We post pay exactly as your arrangement and your counsel define it, keep contractor and employee costs in separate accounts, and prepare the 1099 and W-2 figures at year end. We do not decide classification.
App payouts and platform reporting
Uber, Lyft and similar platforms deposit net payouts weekly and issue year-end tax forms based on gross fares, which will not match the deposits. We keep gross fares, platform fees, tolls and incentives in separate accounts so the ledger can be reconciled to the platform's annual statement and to the bank without adjustment.
Surcharges, sales tax and gratuities
Congestion surcharges, airport fees, ground-transportation taxes and, in some states, sales tax on limousine services are collected from passengers and remitted on their own schedules. Mandatory service charges are wages, not tips, under IRS rules. We track each collected amount as a liability and post gratuities under the rule your CPA confirms; you or your preparer files the returns.
Limo & taxi software we work in
- QuickBooks Online
- Xero
- Square
- Stripe
- Gusto
- Limo Anywhere
- Moovs
- iCabbi and Autocab dispatch
- Uber and Lyft fleet portals
- All 50 platforms
More for limo, taxi and rideshare fleets
Other services for limo & taxi
Frequently asked questions
What is different about a fleet month-end close?
Cut-off across channels. Trips run on the last days of the month may be invoiced, paid out by the platform or settled with the driver in the next month, so each needs an accrual rule. Deposits for future charters are liabilities, not revenue. Service charges owed to drivers are liabilities until paid. A close that posts what hit the bank gets all of these wrong.
How do you treat gratuities and service charges at close?
Voluntary tips collected on cards are recorded as a liability to drivers until paid through payroll or settlement. Mandatory service charges are recorded as revenue when invoiced and as driver wages when paid, under the rule your CPA confirms. Both are reconciled at close so the liability equals what is still owed, and year-end reporting matches.
Can you close faster than five business days?
Often, once the first few closes clear the backlog and the dispatch, platform and processor reports are pulled on a fixed day. The main constraint is usually the timing of the last app payout and driver settlements. The month-end close service page describes the CloseTrack calendar and how it is adjusted for a fleet's systems.
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