Suggested record keeping for Commercial Pilot

[AggieMike88]

The other thread discussing the new AC on pilot compensation created this question...

What sort of records should I maintain (and how long) when I execute CPL privileges?

My thoughts is that it doesn't need to be too complex, but have the details of date, client, aircraft, billable time, expenses (including details)....

And likely keep it in a Excel spreadsheet.

 

[Doc Holliday]

I never did any of that. I kept a logbook.

 

[Juliet Hotel]

Flight records go in a logbook (if you care about logging flight time). Financial records go in spreadsheet or financial software. Why complicate it further?

 

[midwestpa24]

My thoughts is that it doesn't need to be too complex, but have the details of date, client, aircraft, billable time, expenses (including details)....

Way overthinking it. Log your flight time as normal. Document income vs expenses for the tax man. Done. I'd guess as a new low-time CP, you probably won't have much of either.

 

[midlifeflyer]

The other thread discussing the new AC on pilot compensation created this question...

What sort of records should I maintain (and how long) when I execute CPL privileges?

My thoughts is that it doesn't need to be too complex, but have the details of date, client, aircraft, billable time, expenses (including details)....

And likely keep it in a Excel spreadsheet.

I think that's fine. Obviously, your logbook is for logging FAA flight time and you need to maintain financial records for the tax man. Most folks in business for themselves also want to keep records of who the clients were, how much they paid, whether they paid on time, whether there were any problems, and whether they should be on the holiday greeting mailing list. There are multiple ways of doing that, the sophistication of which depends mostly on what you need. You can go with a simple spreadsheet, but if you need more there are plenty of cost-efficient databases out there simple enough for anyone who is working on a time+expense business to keep those kinds of records and generate invoices.

Length of time to keep financial records for the taxman is based on the IRS requirements. For the others, it is mostly up to you.

 

[SToL]

The other thread discussing the new AC on pilot compensation created this question...

What sort of records should I maintain (and how long) when I execute CPL privileges?

My thoughts is that it doesn't need to be too complex, but have the details of date, client, aircraft, billable time, expenses (including details)....

And likely keep it in a Excel spreadsheet.

Logbook. Why make it more complicated than it needs to be?

 

[denverpilot]

Logbook for FAA, client name and hourly rate for the billing software.

Might even keep in mind that many commercial clients don’t want your records too detailed.

“Flew boss and mistress to Bahamas”...

Not exactly what they want subpoenaed in the divorce.

 

[James331]

The other thread discussing the new AC on pilot compensation created this question...

What sort of records should I maintain (and how long) when I execute CPL privileges?

My thoughts is that it doesn't need to be too complex, but have the details of date, client, aircraft, billable time, expenses (including details)....

And likely keep it in a Excel spreadsheet.

It’s like a video camera, can help you, but can also hurt you if hacked/ordered turned over in court etc.