Though bookkeeping is a catch-all term for a range of different processes, here are 11 basic bookkeeping https://www.bookstime.com/articles/remote-bookkeeping tips for truckers. Every month, your dedicated bookkeeper categorizes your trucking business transactions and prepares financial reports. If they require any additional information from you, they’ll make contact. We manage the accounting for owner-operator and small fleet trucking businesses. 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.
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- I have been in and around the trucking industry for over 15 years.
- Make sure that you are keeping every record of all of these things.
- Even if you are updating your books daily, you still need to check your finances regularly.
- It’s just not going to work the way you want it to, no matter how many times you try.
We’ll set everything up and can even train the relevant team members on the new capabilities. Your business systems will seamlessly integrate to reduce manual work and increase financial visibility. Track everything and always have the documentation to support a compliant approach. For example, it’s likely to need an MOT, VED (vehicle excise duty), regular servicing, and possibly repairs.
Fractional CFOs for Trucking Companies
Keep an eye on the money going in and out of your bank account to ensure you are getting paid what you’re owed. For accurate bookkeeping, trucking companies must track the date, location, amount, and reason for each expense to meet tax obligations and comply with IRS regulations. At BRONX TAX MAN CORP., we are committed to providing efficient, expert tax and accounting solutions to businesses and individuals. In this 21st century, there’s software to manage many aspects of a trucking business. After implementing the solution, Decimal will look for ways to improve processes. With new technology being introduced every day, we’ll always be looking for ways to keep elevating accounting operations.
- Up-to-date financials for your trucking company make it easier to build the strategy.
- For starters, you should make sure you have all of the tools you need.
- Outsourced accounting lets you select only the specialized accounting services you need, keeping your costs down.
- Determining the cost per mile is pretty straightforward; thus, business owners need to calculate the number of miles traveled in a month and divide it by fixed and variable costs.
- You may dread them, you may forget to do them, but they’re necessary and have to be done eventually.
- If there’s one thing we know about running a trucking company, it’s that the program that works for other businesses isn’t necessarily going to work for your trucking company.
Do a month-end close
On the last day of the month, schedule time for yourself to do a month-end close. As the name suggests, a month-end close is the final moment to close out all of your accounts. If you have performed all of these tasks thoroughly and successfully, your books should automatically be audit-proof. But just in case, you should review these steps and make sure that you have your records in order with physical records safely stored as well. In today’s digital world, you do not have to keep bookkeeping for truck drivers a physical copy of every receipt that you accrue.
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However, you can’t afford to neglect it since your responsibilities can quickly become overwhelming if you fall behind. If there is a discrepancy, you want to catch it quickly before it becomes a bigger problem for your trucking business. Shoeboxed’s scanner and organizer web app takes your physical documents, digitizes them, and https://x.com/BooksTimeInc saves them to the cloud, so they’re accessible anytime, anywhere. There is one major factor you’ll want to consider when deciding how you want to manage your bookkeeping—time. At BRONX TAX MAN CORP., our continuing mission is to fill your tax and accounting needs with the highest level of integrity, expertise, and professionalism possible.