Spreadsheets are convenient, but they still take quite a bit of time to build and maintain. They also don’t come with any of the fancy bells and whistles that bookkeeping apps and software do. Many bookkeeping apps and software will generate reports and draw valuable insights based on your data. Well-organized financial records can also provide a great deal of information about your business.
Bookkeeping for Truckers: 6 Tips to Help Keep Your Finances in Order
The bookkeeping for truck drivers truth is trucking businesses like yours need to track things differently… the success of your business is centered around your costs per mile. In addition, ignoring your accounting for more than a couple of months means you’ll likely miss one or more tax due dates. If you fail to make estimated tax payments, submit your IFTA reports, or file Form 2290 on time, you’ll face penalties and interest. 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.
Frequently Asked Questions about Bookkeeping and Accounting for Truck Drivers
- All business owners must make quarterly estimated tax payments to cover their income and self-employment taxes, and truck drivers are no exception.
- Operating a small fleet can save considerably more on software, though some plans offer discounts for enterprise-level trucking operations.
- You’ll always up to date so you know what a load costs you today – not last year and not three months ago.
- In conclusion, the mastery of bookkeeping is not just a regulatory obligation but a strategic move toward a resilient and prosperous trucking business.
- The Giersch Group offers a 100% virtual bookkeeping service nationwide for truck drivers and independent trucking companies.
Some of the links that appear on the website are from software companies from which CRM.org receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). More advanced trucking tools are not available with FreshBooks, like trucking routing features, dispatch tools and freight calculators. Simplified order management module for your customers to use, as well as an optimal trucking rate calculator for offering the most competitive prices. TruckBytes is a free tool for mainly managing your truckloads, deliveries, distance tracking and more. Store digital copies of your bills and receipts to ensure they are easily accessible and prevent any loss of important records.
“INSTANT 2290’s customer service personnel—and the recorded messages—are the very best!!”
Funding amounts and number of total loans funded include loans funded under the Paycheck Protection Program. Executing proper transportation accounting procedures requires as much training and expertise as the transporting itself. While there’s Cash Flow Management for Small Businesses no substitute for experience, here are some common pitfalls you should know to avoid. To comply with IFTA, you must report your trips and fuel purchases quarterly. 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. Another decision every small business owner has to make is what type of legal entity they want to use.
Truck drivers must record their transactions, listing them as credits and debits. Double-entry bookkeeping aims to maintain balanced books and accurately record all debits and credits to avoid unexpected problems. Unlike other outsourced accounting solutions, once we understand the current state, we identify areas to improve the total process rather than continuing the status quo. Track everything and always have the documentation to support a compliant approach.
- However, those in the trucking industry, specifically the truckers themselves, can use Quickbooks’s accounting tools for the business needs of trucking management.
- After all, with expenses at every road turn and complex routes, keeping track can be overwhelming.
- In the lower far right corner, you’ll find the “Reporting Period” section.
- Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
With our support, you can rest easy knowing your bookkeeping is in professional hands. We handle the details so you can concentrate on contra asset account your driving and enjoy life on the road. At Keeper, we’re on a mission to help people overcome the complexity of taxes. We’ve provided this information for educational purposes, and it does not constitute tax, legal, or accounting advice.
Throughout the entire process, you need to track receipts, manage mileage logs, and match fuel to taxes in each state or province. Streamline your IFTA reporting by using software to automate the process each fiscal quarter so that you can focus on other elements of fleet management. Generally speaking, bookkeeping for trucking companies involves maintaining the general ledger with day-to-day transactions within the business. The process is routine and administrative, which does not require critical thinking.
Missing or incomplete mileage logs can result in lost deductions, misreported data, and fines. A profit and loss statement is an accounting tool used to calculate net income. It lists all revenue and expenses for a set period of time (usually quarterly or annually). A profit and loss statement can also be used to calculate cost-per-mile, helping you choose loads that will maximize your business income. Additionally, Quickbooks integrates with multiple trucking management solutions so companies that start with Quickbooks can always add on additional trucking software down the line.