Independent Trucking Company Services

Therefore, owner-operators should look to maintain their books as frequently as possible and no fewer than once a week. Today, technological breakthroughs have also impacted the trucking industry for the better. Owner-operators can explore effective accounting software in carrying out various administrative aspects of their trucking businesses. As such, truck drivers and owner-operators are capable of handling most of their bookkeeping without professional help. A prevalent method truck owner-operators employ for bookkeeping is tracking all costs, including fuel purchases and meal expenses, and keeping track of distance traveled.

Having a separate account will also give you easy access to necessary information if you are audited. Scanned images of receipts are acceptable, but keep original paper copies for warranty purposes for any big-ticket items you purchase. While you wait for your USDOT Number, let us help you prepare for your audit. We give you the right resources to help you comply with federal regulations.

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Outside of your company’s stellar reputation, a stable roster of customers and a fleet that doesn’t need to be micromanaged, trucker bookkeeping keeps businesses afloat. Plus, bookkeeping for truckers is a fundamental step in making sure your expenses do not outweigh your profits. Trucking accounting differs from regular business accounting in several ways.

Yes, trucking bookkeeping can be incredibly affordable, especially when you consider the potential tax deductions you could find. Trucking management software (TMS) can help you keep track of everything easily. You can handle most tasks in the comfort of your cab using a smartphone, tablet, or laptop.

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For instance, unlike QuickBooks, you can’t customize the chart of accounts and generate recurring invoices in Q7. To develop this guide, we carefully examined the features required for the efficient operation of trucking businesses. If necessary and available, we sign up for these platforms and closely study how the features work in real-world scenarios. Save yourself the trouble at the end of every month by applying for a business credit card and bank account. 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.

Keep records of each purchase’s amount, date, location, and business purpose. Accounting is one of the least exciting aspects of small business ownership for many owner-operators. However, truckers bookkeeping you can’t afford to neglect it since your responsibilities can quickly become overwhelming if you fall behind. Bookkeeping is a part of business that must be tended to on a daily basis.

Use an Accounting System

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. 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. Quickbooks does not have a specific IFTA option, but by briefly customizing the software, this problem can be easily rectified. This is the important final step in making sure all of your transactions from the previous month are accounted for or reconciled. 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.