From P&L statements to emergency bookkeeping services, one of these truck bookkeeping services will perfectly fit your needs. With ATBS’ bookkeeping and tax preparation services, you can streamline your back-office processes and invest in the future of your business, saving you both time and money. Research credit cards and find one with a low-interest rate that doesn’t have an annual fee and, ideally, a generous rewards plan. Pay the balance in full every month to ensure you aren’t racking up additional business debt. Having a credit card for operating expenses is another way to make recordkeeping easy since you can often separate charges into categories (gas, food, maintenance, etc.).
Trucking accounting differs from regular business accounting in several ways. If you have employees, you must also be able to manage payroll for different types of pay and have flexible payment options. It’s also important to keep detailed information on mileage and trips, no matter the size of your business. The ideal accounting solution will provide all of this information and offer trucking management tools, such as fleet maintenance tracking.
We will customize a plan to fit your budget and management style.
IFTA compliance is one of the additional accounting responsibilities unique to trucking companies. Fortunately, it doesn’t have to take up too much time or energy if you plan ahead. To stay in compliance, file Form 2290 with the IRS and pay any applicable taxes by the last day of the month after the month you first used the vehicle on public highways. For example, if you place your truck into service in July, the due date is August 31. In addition to keeping records of your expenses, you should have documents that prove their validity, such as receipts, trip logs, and account statements.
- Most trucking businesses use either a cash-based or accrual-based accounting method.
- Bookkeeping and tax services specially designed for trucking companies also make it easy to access and complete all required tax forms for your business.
- Trucking bookkeeping services have several benefits, such as receipt scanning, tax calculation, money management, document storage, and invoicing.
- You can simplify the bookkeeping for your trucking company by following these 11 simple practices that will translate into higher profit with less hassle.
- This includes things like when you wash your truck at a coin-operated facility or need to record mileage for business use of your personal vehicle.
Timely invoicing also helps with maintaining accurate financial records and regulatory compliance. 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 truckers bookkeeping and the gallons purchased. These reports will determine either the amount of tax still owed or the refund you are due. The IFTA office in your trucking company’s home state will notify you of your refund or debt. Trucking accounting software has unique features, such as the ability to dispatch drivers and track load status.
Keep Your Business and Personal Accounts Separate
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. The accrual basis of accounting requires that you recognize revenues when you earn them and expenses when you incur them, regardless of when funds enter or leave your accounts. It takes more work, but it also documents your profitability more accurately. Because working in the trucking industry involves taking on significant risk, you’re often better off taking the time to form a limited liability company (LLC) or a corporation.
- Save yourself the trouble at the end of every month by applying for a business credit card and bank account.
- Another benefit of working with a trucking accountant is that they can provide expert financial advice.
- Collaborating effectively with your accountant is key to establishing a productive partnership.
- It will not only become overwhelming but separating personal expenses from your business expenditure will prove to be super difficult later.
- Trucking accounting involves keeping track of income, expenses, taxes, and compliance with various regulations.
- One of the primary problems with managing your small business accounting is the sheer amount of time and energy it takes.
Meanwhile, Tailwind TMS missed a few points for ease of use because it’s difficult to customize the dashboard. Also, it could have done better in customer service if it offered live chat support and there was easy access to professional bookkeepers who are knowledgeable of the software. ATBS is the largest tax, consulting and bookkeeping firm in the transportation industry, with over 20 years of experience working with owner-operators and independent contractors. Keep an envelope in your truck for collecting receipts, or use the dedicated folders on your computer or in a cloud for e-receipts. Use the folders for your monthly profit-and-loss statements and accurate quarterly tax estimates.
