5 Steps To Accounting for Truckers

Check out these five nationwide trucking bookkeeping services to get started today. With a secure online portal, you don’t have to go into an office or call your bookkeeper to access your information. This is especially convenient for truck drivers who are on the road and aren’t always able to go in and talk to their local accountant.

Bookkeeping for Truck Drivers: 6 Smart Tips

• Much more involved than a cash-based model, you might need to hire a CPA to sort through the ins and outs of accounting due to accruals being recorded at specific intervals.
• You can also use trucking bookkeeping services for following up on account receivables to avoid chasing down clients for late payments.
• Compare features, pricing, and expert reviews for your business software needs – all in one place.
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• In the United States, LLCs combine elements of other entity types, but LLCs drastically reduce personal liability.

With TruckingOffice PRO, you can take care of most of your bookkeeping needs in the cab of your truck on bookkeeping your smartphone. Keeping proof of what you have spent is paramount to tracking your expenses. Even if your books are perfect, there’s always the chance of being audited. Accounting for truckers is one of the most important factors to consider when scaling a business.

Never Lose Receipts

Not all businesses or self-serve operations provide receipts upon you making a purchase. For this reason, a notebook or specialized app is another way to stay on top of accounting as a trucker. Building credit for your business is important, but it is equally as important to make sure that your liquid cash flow is available when you need it. There are a host of credit cards designed for businesses with perks that will help you save money. Discover how easy it is to do your bookkeeping with software that’s designed for the trucking industry, not accountants.

Step 1: Open a Separate Business Account

It’s essential to keep track of purchases throughout the year in preparation for tax season. Trucking bookkeeping services that allow you to scan receipts make it even easier to track your business expenses. Having accurate records is also essential in the case of IRS audits. The first thing you should look for is a bookkeeping service that will scan and archive all of your business receipts and important files.

You can use this accounting information to gauge your company’s performance and make decisions about your budget, workflow, investments, and potential growth. It may be tedious to record all of your transactions, but come tax season, you’ll thank yourself! By keeping track of every penny you spend and earn, you may be able to find new deductibles and save your business even more money. If the average owner-operator is spending 30% of their revenue on fuel, and you only show 10% of revenue spent on fuel, your bookkeeper should be able to alert you to the discrepancy. From there they can figure out if you have not sent all fuel expense documentation that needs to be submitted, or if you simply spent less on fuel.

• FreightWaves Ratings reference a list of approved sources for use of research to support editorial research and drafting.
• That’s why it may be best to look into using a bookkeeping service for your business that works specifically with owner-operator truck drivers.
• This helps you improve your trucking company’s cash flow so that you will always be able to pay your drivers and other employees on time.
• You also miss out on valuable information on your business’ spending.

Save Your Records

• Input a monthly entry for each category and enter your settlement data using the records you’ve kept in your physical file folder and digital folder.
• The company’s founders began their careers in the family trucking business, eventually converting all 350 drivers of their team to owner-operators.
• Trucking companies need to be very vigilant when it comes to correct record keeping.
• Even if your books are perfect, there’s always the chance of being audited.
• Here are five steps that must be adhered to in order for the accounting processes of your trucking company to run smoothly.
• Organizing by month is a great place to start if you are unsure how to organize your folders.

Generally, records are recorded daily to ensure that the books are up to date. So, it’s best to stay on top of bookkeeping from the very beginning. Bookkeepers help trucking companies keep track of financial statements and give them a better idea of how their businesses Accounting for Churches are performing. FlatWorld can help your trucking company achieve seamless back-end operations, specializing in accounting services for trucking and logistics clients. With around-the-clock service, they’re available to help meet your bookkeeping needs as they arise. Their services are also scalable due to their partnerships with leading Fortune 1000 companies.

• Nobody enjoys using complex software or doing mind-numbing repetitive data entry.
• Keeping accurate books may not be the most exciting aspect of managing your trucking business, but it’s essential to maintaining its success.
• By keeping track of every penny you spend and earn, you may be able to find new deductibles and save your business even more money.
• If you have performed all of these tasks thoroughly and successfully, your books should automatically be audit-proof.
• Or finding a softtware package that can do most of those tasks for you quickly and easily.
• That’s why we’ve put together a few truckers’ bookkeeping tips to simplify your bookkeeping process.

Bookkeeping and accounting make many small business owners cringe in distaste. The Giersch Group offers a 100% virtual bookkeeping service nationwide for truck drivers and independent trucking companies. They are a certified QuickBooks ProAdvisor able to train your staff on the software and integrate cloud-based bookkeeping with their consulting services. Based in Milwaukee and Madison, Giersch also offers in-person consultations for Wisconsin-based trucking companies. Although many of these tasks can be performed manually, you can save yourself a lot of time and avoid stress by using trucking management software to help with your bookkeeping needs. Also, having a bookkeeper who prepares taxes makes it truckers bookkeeping easier to file your tax return.