11 Bookkeeping Tips for Truckers: The Basics

While they’re theoretically distinct, the line between them is somewhat blurred. If you’re considering expanding your trucking company or adding new services, accurate financial projections are essential. Remote Books Online can create detailed financial forecasts to help you assess the feasibility of your growth plans.

The Ultimate Guide to Truckers Bookkeeping for Your Trucking Company

Remember, it can be surprisingly hard to catch up on trucking records once you’ve fallen behind. It becomes even worse if you also neglect to separate your business and personal transactions. Fuel cards can automatically track, organize, and display the information you need to fill out your IFTA expense reports. If you’re also using truck management software, you can usually link the two and automate your IFTA responsibilities completely. Yes, trucking bookkeeping can be incredibly affordable, especially when you consider the potential tax deductions you could find. Our detailed expense analysis can identify areas where you can cut costs and improve your cash flow.

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Trusted by over 20,000 owner-operators, ATBS has been helping truck drivers manage their books and file taxes since 1998. The company’s founders began their careers in the family trucking business, eventually converting all 350 drivers of their team to owner-operators. Today, they are the largest tax and accounting firm for owner-operators, offering a variety of service packages to simplify the truckers bookkeeping business side of driving. Cash flow can be a challenge in the trucking industry, where clients often take their time to pay invoices. Trucking companies that need to track income and expenses and manage trucking operations in one platform should use trucking accounting software. As an owner-operator, effective bookkeeping is essential to maintain the profitability of your trucking business.

• Now that you know what you need to do, it’s time to start implementing good habits and putting your truck driver accounting processes to the test.
• Credit cards with fuel rewards are ideal, given the amount truckers spend on gas.
• Timely invoicing also helps with maintaining accurate financial records and regulatory compliance.
• Our services include Cash Receipts, Cash Disbursements, Accounts Receivable, Accounts Payable, Sales Tax Reports, Payroll including Quarterly Reports & W-2’s.
• It’s more affordable than the combined cost of QuickBooks and RLS, but it’s more expensive than Rigbooks and Zoho Books.

Trades and Home Services

• It can also enhance the professional image of your business because it shows customers and vendors that you have a separate financial identity and you’re managing your business responsibly.
• Bookkeeping and tax services specially designed for trucking companies also make it easy to access and complete all required tax forms for your business.
• Issue invoices, generate expense reports, collaborate with drivers and get reports on your financials whether you’re in the office or working remotely.
• Other QuickBooks trucking integrations require complicated setups and third-party connectors.
• To qualify for a per diem deduction, you must be away from home for the night.
• These reports can help you identify areas where costs can be cut, or revenue can be increased.

For instance, trucking companies have the flexibility to post related bills together with the invoice or post the expenses and bills separately. This allows you to customize your billing workflows based on your specific requirements. You should start bookkeeping with the first money transaction in your company.

• For instance, trucking companies have the flexibility to post related bills together with the invoice or post the expenses and bills separately.
• Executing proper transportation accounting procedures requires as much training and expertise as the transporting itself.
• What’s more, we didn’t find any integrations that could solve this weakness, unlike QuickBooks which integrates with trucking software like RLS.
• If you want something easier to use, then our top recommendation is Rigbooks.

Save your records.

Know that all of your transactions check out with new business accounting features. Don’t miss a single expense by adding one of 70 popular apps that integrate with FreshBooks. Add payroll expenses thanks to Gusto, accept online payments with Stripe and PayPal and track mileage with Everlance. Discover how easy it is to do your bookkeeping with software that’s designed for the trucking industry, not accountants.

Open a Checking Account for Your Business

The IFTA office in your home state will allocate your payments to the proper jurisdictions and determine whether you owe more or deserve a refund. Truckers must choose between the two fundamental methods of accounting, the cash and accrual bases. They impact your tax return significantly, so consider consulting an accountant before choosing one.

Streamlining processes to send invoices sooner can help improve your cash flow position. With an S-corp, you’ll have to run payroll to pay yourself just as you pay any employee. However, any income remaining after payroll and expenses can be withdrawn with no payroll tax. Trucking management software (TMS) can help you keep track of everything easily.

Fortunately, it doesn’t have to take up too much time or energy if you plan ahead. For example, transportation management software, also known simply as trucking software, https://www.bookstime.com/ is a must-have for owner-operators. It serves as a digital hub and tax center from which you can manage all of your paperwork and filing responsibilities.