Your fixed costs per mile, such as insurance, should drastically fall as the number of miles driven increases. You may wish to calculate cost-per-mile separately for each category, for example—drivers, equipment, states, or customers—to spot trends or areas for improvement. IFTA truckers bookkeeping was put into place to redistribute the tax to the states where the fuel is being used, not where it’s purchased. If you’re trying to decide whether to buy fuel in one state compared to another, then you’ll need to subtract the state fuel tax from the retail price you pay.
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- A CPA for 20 years, most of her professional career has been spent providing accounting, attest and consulting services to nonprofit organizations of all sizes.
- Small-scale businesses are, however, advised to stick to essential software.
- After choosing to focus on raising her son for several years, she returned to work preparing payroll for a small trucking company and accounting services to Leggett Eldridge and Company.
- IFTA was put into place to redistribute the tax to the states where the fuel is being used, not where it’s purchased.
You must keep all records used to prepare your tax return for three years from the date you filed the return. As an owner-operator, effective bookkeeping is essential to maintain the profitability of your trucking business. If you choose to do it yourself, these tips will help you maintain a healthy profit margin and make effective decisions that benefit your company in the long run. Trucking bookkeeping is crucial for managing cash flow, calculating profits, and fulfilling tax obligations. It also helps trucking businesses make informed business decisions by providing insights into key financial metrics, such as operating expenses, revenue per mile, and profit margins.
Calculate Taxes
At the start of her career, Kerri Moore was the office manager and bookkeeper for a large insurance company. After choosing to focus on raising her son for several years, she returned to work preparing payroll for a small trucking company and accounting services to Leggett Eldridge and Company. She has provided bookkeeping services to various companies for the last twenty years.In her spare time, Kerri proudly holds the position of treasurer for her son’s football booster club.
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From there, you can export the information directly for use in your ledgers. Now that you know what bookkeeping is, let’s explore how bookkeeping works https://www.bookstime.com/articles/accounts-payable-outsourcing when it is put into action. With secure 24/7 access to your documents, you can rest assured that your most important resources are always at the ready.
Benefits of Trucking Bookkeeping Services
- Using a business credit card can help simplify your bookkeeping, and most accounting systems sync with your bank and credit card accounts.
- You must keep all records used to prepare your tax return for three years from the date you filed the return.
- With automated spreadsheets, you can develop a money management plan that keeps your business on track and profitable.
- In addition, we can assist with preparing your taxes and ensure you’re taking advantage of all possible deductions.
- Bookkeeping incorporates the processes involved in maintaining the financial records of a trucking business’s daily transactions using a general ledger.
Keeping your fleet well-maintained is also essential, and this includes getting regular oil changes and other standard maintenance on time. The best way to save on gas prices is to download an app like GasBuddy, which will help you identify the best-priced gas in your vicinity. Whether you’re just starting out, an experienced owner-operator, or anywhere in between, we have a service package that’s just right for you. TBS has the knowledge and experience to help you navigate through trucking permitting services across state lines. If there is a discrepancy, you want to catch it quickly before it becomes a bigger problem for your trucking business. Your logbook and/or electronic log devices (ELDs) are your best proof of entitlement to per diem expenses and record of your drive time, breaks, and miles driven.
Save Your Records
- Though plenty of accounting software fits the bill, we would recommend starting with TruckingOffice.
- A feature of our broker software is that you can search and narrow down carriers by any criteria you choose, such as load type and destination.
- Make sure you research any and all deductibles your owner-operator trucking business could be eligible for.
- Keeping accurate books may not be the most exciting aspect of managing your trucking business, but it’s essential to maintaining its success.
- They can be digitized in the same way that receipts can, whether that be in a TMS or a digital logbook that declutters your office.
She also provides consulting services related to strengthening internal controls in finance offices including those with limited human resources. She has written accounting policy and procedure manuals for clients as well as assisted in interviewing accounting personnel being considered for client positions. She has a passion for teaching the idiosyncrasies of fund and church accounting as well as serving as a consulting resource to nonprofit management and finance/business office personnel.
- Deferring your expenses to a business credit card and paying them off in full before interest accrues can be a helpful way to purchase what you need right away.
- There is one major factor you’ll want to consider when deciding how you want to manage your bookkeeping—time.
- Kathy’s educational background brings unique perspective related to client service.
- Our team of professionals is well-versed with regulations pertinent to truck driving and will tailor their approach to your business’s distinct requirements.
- Doing so will help you save time and money, making it a solid baseline for accounting as a truck driver.
Bookkeeping Tips for Truckers: The Basics
Create a Business Bank Account
