Futures Accounting

[jonbig04 10]

Hope this isn't in the wrong section. I'm looking for suggestions on who to use for accounting. Ideally someone who could also advise me on the business of trading/money management in general.

 

Thanks.

[brownsfan019 17]

JB - 2 places to look:

 

1) Online - a few 'specialize' in traders

2) Local - try to find someone that has done this before

#2 will be harder to find, but if you like being able to go visit the person, could be worthwhile to look. If face-to-face is irrelevant, then I would interview some of the online specialized guys and see what you think. I'd be curious to hear your thoughts.

[DugDug 10]

Hi jon,

it depends on what you are really looking for.

If its a simple accounting for futures trading as a business then any accountant should be able to help you. They should not need much more than a broker account for the start of the year, and the end of the year. If you want to reconcile and actually double check the broker accounts then excel is good enough.

(even if you get into more complicated accounts with varying currency accounts)

 

Ifs it more about managing money for other people, then this is a bit more involved. regarding audits, proper accounts etc; dependant on your location.

 

Given nunya is an interesting place according to goolge, you might have trouble getting anyone to help you :haha:

 

(my view on accountants and lawyers is that you still need to do the work and know which questions to ask them, as otherwise they seem loathe to actually give advice)

[brownsfan019 17]

DD brings up a good point - in the end, the one person that will work hardest for you and your money is you. So while it's nice to have a professional do the taxes and review them, you should have a pretty good idea what they are doing and how.

[Dinerotrader 10]

Hope this isn't in the wrong section. I'm looking for suggestions on who to use for accounting. Ideally someone who could also advise me on the business of trading/money management in general.

 

Thanks.

 

I am a CPA but unfortunately I do not do taxes at all anymore and I have never done small bus. accounting, only large corporate stuff. IMO you need to focus on getting someone who will help you avoid or manage the largest risks you face as a trader (related to the risk of losing money and time) , ie. law suits and tax audits.

 

Having someone as part of your business team that can confidently and knowledgably help you through the most difficult times is worth a lot. I would focus on those credentials when you start interviewing and looking for someone.

 

This is part of my overall philosophy though. For example, I don't get the cheapest car insurance so that I have the lowest monthly premium possible. I use USAA even though they aren't the cheapest because they are most often the highest rated in satisfacton for handling claims and my own experiences with them have been great. I don't want to pay an insurance company a low premium only to end up screwed when an accident happens because they treat me unfairly when I need my car replaced or medical bills paid.

 

My

 

DD brings up a good point.

 

NOTE: Brownsfan, are you saying we should nickname DugDug "double D's".

[DugDug 10]

I am working on getting set of my own with the lack of exercise, food and age kicking in!

[jonbig04 10]

Thanks for the advice guys. I'll start looking around.