Bookkeeping
Bookkeeping tips for self-employed truck drivers
If there’s one thing we know about running a trucking company, it’s that the program that works for other businesses isn’t necessarily going to work for your trucking company. It’s just not going to work the way you want it to, no matter how many times you try. At Status Transportation, we assign each owner-operator a dedicated freight coordinator to help them develop a business strategy to ensure their profitability. We strive to build profitable partnerships by delivering the highest quality services through continuous education of employees, development of systems, and best practices. We are here to give you the support and resources you need, such as a dedicated dispatcher, fuel cards, advances, etc. Status Transportation works with the most common types of equipment such as dry vans and flatbeds.
We collaborate with key players like Gusto, Stripe, Shopify, and Square—ensuring your financial records are always meticulously accurate. I am the owner and head publisher for Trucker Daily and a freight brokerage Total Connection Logistics. It is my mission with Trucker daily to equip truck drivers, with the latest in industry updates, news, and helpful tips to help further your trucking career and life. Whether you are a truck driving veteran, or beginner, you will find information on this site to save you a lot of time in your driving journey.
Meanwhile, the HVUT is an annual fee that truckers must pay if they drive a vehicle that’s at least 55,000 pounds for more than 5,000 miles on public highways. It equals $100 plus $22 for every 1,000 pounds over 55,000 pounds up to $550 and 75,000 pounds. Accounting is one of the least exciting aspects of small business ownership for many owner-operators.
Keeping up with your IFTA data is one of the most important parts of running a trucking business and one of our top trucking bookkeeping tips. At the end of each quarter, you must submit an IFTA report that lists the miles driven and the gallons purchased. These reports will determine either the amount of tax still owed or the refund you are due.
Our offboarding is pretty straightforward as we transfer account ownership to you. As a bonus, there’s no stopping you from replicating the workflows we’ve created for your in-house process – in fact, we encourage it. Accracy Accounting can truly be game-changing for those with an inconsistent income from irregular hauls. SuiteTax calculates taxes on every transaction, and provides flexible reporting. Keeping track of your finances will give you a healthy view of your company’s financial status, especially when paired with a look at your balance sheet.
- There are numerous means and benefits of engaging in bookkeeping as a trucking business owner, and we discuss all these in detail.
- This cloud-based truck management software allows you to track fuel mileage, expenses, trips, and orders.
- With office locations in Atlanta and New Orleans, we provide bookkeeping, accounting, and other services to professionals in the trucking industry throughout the Southeastern United States.
We will coordinate and collaborate with your onsite team to ensure smooth communication and workflow integration. We do not provide year-end tax filing services as we are not a CPA firm. However, if you are looking for a year-end tax accountant, we would gladly refer you to one of our partners. Having a separate bookkeeper and year-end accountant ensures additional oversight on the accuracy of your books. Your year-end tax accountant can help you review your books during tax season. Not all businesses or self-serve operations provide receipts upon you making a purchase.
Simple, straightforward pricing for everything your business needs.
Your expenses are the costs that you must pay to provide your services or run your business. For example, if a tire burst on our truck during a journey, that is an unforeseen expense. Say goodbye to mountains of receipts and tedious mileage tracking – we automate inputs directly from your linked accounts.
What Is Bookkeeping for Trucking Owner Operators
Per diems are tax deductions that cover meals at a standard amount vs having to track and deduct actual costs for meals. It’s important to claim your per diems correctly to reduce your gross income, resulting in less money owed to the IRS. To qualify for a per diem deduction, you must be away from home for the night. If you’re just starting your business, you’ll have to factor in the costs of the trucks themselves and the insurance to cover them.
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However, you can’t afford to neglect it since your responsibilities can quickly become overwhelming if you fall behind. However, you can deduct the interest portion of your truck payment plus depreciation on the cost of your truck. Keeping your fleet well-maintained is also essential, and this includes getting regular oil changes and other standard maintenance on time.
We are offering free 1 Month Basic Bookkeeping to all new customers so you can experience Accracy’s seemless and professional services. ExcelDemy is a place where you can learn Excel, and get solutions to your Excel & Excel VBA-related problems, Data Analysis with Excel, etc. We provide tips, how to guide, provide online training, and also provide Excel solutions https://adprun.net/ to your business problems. FreightWaves Ratings reference a list of approved sources for use of research to support editorial research and drafting. ATBS just recently launched the new ATBS Hub, which makes working with us even easier! With the Hub, you’ll be able to scan or import receipts, settlements, and other documents with just a few taps.
You may have more than one type of insurance, so you need to keep track of all of your payments. With Countingup, you can be notified when your invoices are going unpaid to ensure you always pay for the right insurance. When starting a business, it’s common for owners to invest some of their own funds. By keeping track of equity, you can see whether that initial investment has paid off and how much it is worth to you today.
There are plenty of truckers who put off these critical tasks until the end of the month. With TruckingOffice PRO, you can take care of most of your bookkeeping needs in the cab of your truck on your smartphone. Further, Rigbooks’ customer bookkeeping for truck drivers support is on par with that of Tailwind TMS, offering phone and email support. However, it lacks email support, and since it’s not as popular as QuickBooks Online, it might be difficult to find professional bookkeeping support if needed.
That way, you won’t have any mix-ups between personal and business expenses. The last thing you want is to end up paying a business expense out of your own pocket. 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. For as low as $19 per month, you can track business expenses, fuel mileage, trips, and orders for a single truck. It’s an affordable option for small trucking companies needing to track cost per mile and understand which of their loads are the most profitable.
She has owned Check Yourself, a bookkeeping and payroll service that specializes in small business, for over twenty years. She holds a Bachelor’s degree from UCLA and has served on the Board of the National Association of Women Business Owners. She also regularly writes about business for various consumer publications. This template is handy for Truck Drivers who are looking for an easy and effective way of managing the financials and day-to-day affairs of the client work under one dashboard. Possibly, but by the time they’ve got it figured out, it’s likely the loads they wanted were already scooped up by another trucker.
If your trucking company doesn’t require accounting features and solely focuses on trucking management, then Rigbooks is a cost-effective solution. Bookkeeping incorporates the processes involved in maintaining the financial records of a trucking business’s daily transactions using a general ledger. In conclusion, Excel proves to be a valuable asset for truck drivers when it comes to bookkeeping and financial management. Its user-friendly interface, customization options, and powerful calculation capabilities make it an ideal tool for tracking income, expenses, and mileage. With Excel, truck drivers can generate reports, analyze data, and streamline tax preparation. So, in this article, we have shown the easy steps to do bookkeeping for truck drivers in Excel.
