When you start your own trucking business, surround yourself with experts in the field who will support and guide you throughout the process. That’s another reason paying for tax services is essential for the transportation business. You don’t want to leave money on the table or risk triggering an audit. Even some CPAs are unaware of the specifics of the industry, where unique rules and changing regulations can cause you to misreport your tax-deductible expenses.
Outsourced accounting lets you select only the specialized accounting services you need, keeping your costs down. In broad terms, bookkeeping involves maintaining financial records of your trucking business’s day-to-day transactions in a general ledger. It’s a routine, administrative process that requires relatively little critical thinking. As truckers, we’re looking for something that’s affordable and practical in terms of our accounting services and tax preparation services. Those were the factors that were missing in our previous accounting relationship. We weren’t getting the guidance and recommendations we needed and the ability to translate that into the services that we needed, particular to our situation.
How to simplify your recordkeeping
It helps accurate financial records, track expenses, monitor cash flow, and identify areas to improve profitability. You might not know when you’ll need to locate important financial documents. These documents are also essential for creating profit and loss statements for your trucking company.
- For this reason, a notebook or specialized app is another way to stay on top of accounting as a trucker.
- In today’s digital world, you do not have to keep a physical copy of every receipt that you accrue.
- Our tools & expertise efficiently monitor every expense, to find ways to reduce tax liabilities and maximize profits.
- We weren’t getting the guidance and recommendations we needed and the ability to translate that into the services that we needed, particular to our situation.
- Your commercial vehicle is already legally required to have an ELD installed, and if it’s already synced to your TMS, make sure everything is in tip-top shape to avoid lost data.
Additional layers of complication are introduced by freight bills, lumper fees, and toll taxes. Additionally, thorough record-keeping is required for regulatory compliance in relation to permits, licenses, and transportation taxes. The next thing you should look for in a bookkeeping service is a secure online portal where you can view your digitized documents and review your profit and loss (P&L) statements at any time.
That’s why it’s imperative that you keep a record of your expenses for years to come. There are definitely worse things than sorting through your personal and business transactions because they’re on the same account. However, there’s nothing more time-consuming than having to perform unnecessary work simply because you are overlooking a critical process. Bookkeeping is one of the oldest processes of social society with almost every recorded form of human civilization having some type of number-based records. Bookkeeping is essentially the act of recording financial transactions in an organized manner. Yes, trucking bookkeeping can be incredibly affordable, especially when you consider the potential tax deductions you could find.
ATBS just recently launched the new ATBS Mobile App, which makes working with us even easier! With this app, you’ll be able to scan or import receipts, settlements, and other documents with just a few taps. Schedule a consultation with a member of the Trucker CFO Team and ask us any questions you want.We’re here to help to you with the business of trucking. On-call experts to help answer any strategic questions or one-time issues about your business. This makes it easier to keep track of things when it’s time to total everything up. Purchase an expanding file folder, a stapler, and a desktop calculator with register tape from an office supply store.
Benefits of Outsourcing Accounting & Bookkeeping for Trucking Companies
He has been an auditor of international companies and a tax strategist for real estate investors. He now writes articles on personal and corporate finance, accounting and tax matters, and entrepreneurship. For example, most small business owners can https://www.bookstime.com/ only take 50% of meal expenses, but truckers are allowed to take 80% of either their actual costs or per diem allowances. For example, transportation management software, also known simply as trucking software, is a must-have for owner-operators.
In the trucking and transport industry, the day- to- day management of logistics, operations, and customer relations can be overwhelming. Within this hustle, the intricate task of bookkeeping can often take a back seat. Lastly, you want to look for a bookkeeper that will also calculate your tax estimates. As an owner-operator, you have to pay quarterly tax estimates based on your profit. If your bookkeeper also calculates your tax estimates, they are able to use your P&L statements throughout the year to let you accurately know how much your estimated tax payments should be.
How We Simplify Accounting and Bookkeeping for Your Trucking Business
The IFTA is a way to redistribute the fuel taxes truck drivers pay in the lower 48 states and the 10 Canadian provinces. It ensures your funds go to the areas where you used your fuel instead of the ones where you purchased it. As a result, many truck drivers handle a significant portion of their bookkeeping without much assistance.
- Remember, it can be surprisingly hard to catch up on trucking records once you’ve fallen behind.
- There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.
- This includes employers, corporations, partnerships, and other business entities.
- Moreover, using a dedicated card can provide valuable insights into spending patterns, helping in budgetary control.
- A bookkeeper that includes this service will analyze and categorize your revenue and expenses rather than just blindly inputting the data.
- A BOC stands for “blanket of coverage.” A BOC-3 form gives your trucking company a legal presence in any state where you operate.
- As a truck driver, you may have a hard time keeping good records while on the road.
The right system ensures timely, accurate payouts, boosts employee satisfaction, and streamlines administrative tasks, ensuring smooth financial operations. We’ll direct you on the path trucking bookkeeping services to financial success with your trucking business. One of the most common mistakes small business owners make is putting their accounting responsibilities on the backburner for too long.
It can track and categorize your expenses automatically, though you may need to keep some supplemental records. Looking for a bookkeeper that does tax reconciliation will also be beneficial for your trucking business. A bookkeeper that includes this service will analyze and categorize your revenue and expenses rather than just blindly inputting the data. Trucking bookkeeping is easier if you use consistent accounting systems and practices. Most trucking businesses use either a cash-based or accrual-based accounting method.
When outsourcing, it’s important to choose a reputable provider with experience working with trucking companies. Do you need help managing your trucking company’s revenue, cash flow, financial reports, and regulatory compliance? Our expert bookkeeping and trucking company accounting services helps single trucking owners and fleet operators streamline your financial operations for streamlined business growth. Trucking accounting services manage finances efficiently, make informed business decisions, and comply with tax regulations.
Bookkeeping Services for Trucking Companies
You must be strategic about which tools you invest in to avoid wasting resources, but it’s worth utilizing in many areas. Because the IRS sees semi-trucks as qualified nonpersonal use vehicles, you must deduct your actual auto costs instead of using the standard mileage method. Keep records of each purchase’s amount, date, location, and business purpose.