Avoid missed payments and stay on top of the money going out of your bank account by switching to electronic billing. That way, all of your bills can be accessed through any computer or mobile device, no matter where you are in the world. For any bills that don’t have an option to go digital, you can use Shoeboxed to scan your paper copies and save them to the cloud.
- In this section, we will briefly discuss the quick and simple steps to do bookkeeping for truck drivers in Excel.
- To learn more about bookkeeping services for truck drivers, please contact us today.
- However, we want to see some improvement in terms of accounting features.
It allows you to keep your financial statements organized and gives you an idea of how your business is performing. As a truck driver, you may have a hard time keeping good records while on the road. That’s why it may be best https://adprun.net/ to look into using a bookkeeping service for your business that works specifically with owner-operator truck drivers. If you find it difficult to find time to update your books daily, at least aim to update them weekly.
Using a business credit card can help simplify your bookkeeping, and most accounting systems sync with your bank and credit card accounts. Because the data will be entered automatically whenever a payment is made, it’ll help save time and eliminate potential errors. Having a business credit card will also streamline your bookkeeping because you can often separate expenses into categories, such as gas, food, and maintenance.
Having all of your costs in one place with Countingup means that taxes become less time-consuming for you. Get your bookkeeping, income tax prep, and filing done by experts—backed by one powerful platform. For owner-operators, bookkeeping is an essential aspect of running a trucking business. It fosters the organization and analysis of all financial statements to give you a clue about the business performance.
Decimal Solves Trucker Financial Operations
Trucking companies have certain bookkeeping requirements that make them different from other businesses. See our top-recommended fuel cards and find the one best suited for your trucking business. Otherwise, check our guide to the best business credit cards for small businesses to find additional options. You can email us or you can upload your business receipts to a secure portal. We’ll enter them into your specific account so you see the current financial status of your business in real time.
Bench Accounting can truly be game-changing for those with an inconsistent income from irregular hauls. We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents. Experience the benefits of seasoned financial leadership without the full-time commitment. Our fractional controllership services bring in experts to guide your financial strategies. Beyond mere oversight, our professionals actively contribute to optimizing your business performance. Benefit from strategic insights, financial planning, and a level of guidance that propels your business towards sustainable success.
While they’re theoretically distinct, the line between them is somewhat blurred. It is important to price your services right so that you can cover these expenses and make a profit. You can also start with a small fleet and add to it as your company grows. This will free up your cash flow and let you scale as your business attracts new customers. When you set up your owner-operator or carrier business, you have several options for structuring the business that will impact bookkeeping and tax filing. The above process needs to be followed for entering transactions related to income or expenses or assets or liabilities as a Truck Driver using the template.
Learn about tax deductibles
Creating a specialized account for business transactions also makes bookkeeping easier in running a trucking business. These accounts come with credit cards that interface directly with the bank and function best for business-related transactions. Also, having a bookkeeper who prepares taxes makes it easier to file your tax return. If your bookkeeper and tax preparer work together, they can find all the legal deductions you are entitled to, so you don’t pay more in taxes than you have to. This option is a lot more efficient and more accurate than giving your documents to a tax preparer who doesn’t know your business.
Using bookkeeping software for trucking companies vs. hiring a bookkeeper
Another thing you should look for when deciding on a trucker’s bookkeeping service is a company that has industry-specific benchmarking. Ideally, you’ll want to look for a company that works with other truck drivers so you can compare your numbers to similar sized businesses in the trucking industry. Trucking companies that need to track income and expenses and manage trucking operations in one platform should use trucking accounting software. The best trucking accounting software can be a standalone trucking-specific program or a versatile accounting solution that seamlessly integrates with specialized trucking tools. Trucking bookkeeping is crucial for managing cash flow, calculating profits, and fulfilling tax obligations.
Evidently, owner-operators need to understand bookkeeping for their businesses. However, for most people, it remains a complicated endeavor, and in such a scenario, there are other options business owners can take to ensure they do not make mistakes. Accracy can support a wide range of companies, from small businesses and startups to large public corporations.
Technology has grown rapidly and drastically impacted different aspects of society by streamlining various complex processes. Regarding the trucking industry, numerous software currently exists to help truck drivers and owner-operators in different administrative functions, including bookkeeping. And while this holds to some extent, bookkeeping becomes easier when financial records are updated consistently. Therefore, owner-operators should look to maintain their books as frequently as possible and no fewer than once a week. Whether handling payables or receivables, we streamline your financial transactions to optimize cash flow.
You’ll also likely need a general business license, sales tax license, and possibly a license to conduct business across state lines. The first step is to research options and find one with a low interest rate that doesn’t have an annual fee. Credit cards with fuel rewards are ideal, given the amount truckers spend on gas. Ensure that you pay your balance in full every month to avoid high interest charges. Logbooks are your best proof of entitlement to per diem expenses, which are primarily comprised of meal costs. Have them keep notes of what specific payments are for, especially if they aren’t recording them immediately as this will help you deduct as many legitimate costs as possible.
If you only need tax support, we’re happy to help get everything planned and prepared so that filing taxes is hassle-free. For a self-employed truck driver, you’ll need to record your financial transactions for bookkeeping. If you keep a record, you can track your activities’ assets, liabilities, revenue, and expenses.
Customers can log in to view their account information, shipments, and invoices, whereas carriers can access available loads, shipments you have dispatched with them, and amounts you owe them. Although there are other QuickBooks trucking integrations available, RLS stands out due to its direct integration with QuickBooks. This means the platform bookkeeping for truck drivers can be purchased directly from the QuickBooks App Store, and you can launch it from your QuickBooks account. Other QuickBooks trucking integrations require complicated setups and third-party connectors. If you owed taxes in the previous year but not the current one, you must file Form 2290 to report the change and suspend your responsibilities.
Comparing your data to other owner-operators allows you to see the areas where your business is performing better than your peers, as well as the areas where you can improve. A good bookkeeper will be able to use this information to help you figure out where to make adjustments in your business to both earn and keep more money. With a secure portal, you can log in to your personal account at any time and know that your information is safely password-protected. When you log in to the portal to review your data, you should also look for a bookkeeper that will allow you to call and ask questions without charging extra fees.
