Bookkeeping for Owner-Operator Truck Drivers

Bookkeeping for Owner-Operator Truck Drivers

bookkeeping for truck drivers

Bookkeepers can be a great source of financial knowledge and may be able to share valuable insight that can improve your business’ overall performance. There are many benefits that come with using a bookkeeping service for your trucking business. In this article, we will discuss important things to consider when you search for one. By updating your books daily, you will have a better idea of how your business is doing and be able to manage your cash flow more easily. Plus, if you do lose a receipt, you will still have the record in your files. Keep an envelope in your truck for collecting receipts, or use the dedicated folders on your computer or in a cloud for e-receipts.

How do I make an invoice for a trucking company?

Details of the job that you are billing (shipper & consignee details, truck number, driver name, rate, and subtotal) The name and address of sending checks. The total amount for the job and the due date of payment. Notes relevant to the task and a thank you message.

If you are using an electronic logging device (ELD) for bookkeeping for truck drivers, ensure that you have it set up to save your history. While it may be tempting to use your personal checking account for your business, it’s not a good idea, and it will make taxes or audits much more complicated. If the fees are too high for a business account (which they can be), consider opening a separate personal checking account for the business, which could save you money. Deposit any work-related checks you receive into this account, then pay yourself from these funds, and use the account to pay all expenses.

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From P&L statements to emergency bookkeeping services, one of these truck bookkeeping services will perfectly fit your needs. As a result, many truck drivers handle a significant portion of their bookkeeping without much assistance. For example, it’s usually best for a driver to keep track of their miles, fuel purchases, and meal expenses while on the road.

Our team will help you with all the paper work your transportation company needs, this way you can get home after long hours on the road and spend quality time with your family. This includes your work cell phone/computer, tools & equipment, education, bookkeeping for truck drivers and even insurance. If you’re interested in getting started with entrepreneurship, then we’d be a great fit. You can learn the ropes of the industry, get insider information, and get started on a business roadmap that will gear you for success.

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Though plenty of accounting software fits the bill, we would recommend starting with TruckingOffice. You could also try a template for bookkeeping that is specifically for truckers, as offered by QuickBooks. One of the most common mistakes small business owners make is putting their accounting responsibilities on the backburner for too long. 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. In broad terms, bookkeeping involves maintaining financial records of your trucking business’s day-to-day transactions in a general ledger.

bookkeeping for truck drivers

Though bookkeeping is a catch-all term for a range of different processes, here are 11 basic bookkeeping tips for truckers. Nick Gallo is a Certified Public Accountant and content marketer for the financial industry. He has been an auditor of international companies and a tax strategist for real estate investors.

Best Trucking Bookkeeping Services

If your client has a CPA or on staff accountant, often the bookkeeper will simply record transactions or other steps of the process. Make sure you and your client are clear on the scope of services you are responsible for and that you put this agreement in writing, signed by both parties. Offers a complete suite of bookkeeping tools, including invoicing, income and expense tracking, Accounts Receivable and Accounts Payable management, and financial reporting. There are several bookkeeping software programs on the market that claim to be the best for businesses of trucking. As a result, leveraging software in the trucking business can help to save time and money.

bookkeeping for truck drivers

Bookkeeping for trucking companies can be complex, but it is essential for keeping track of expenses, revenues, and mileage. Bookkeepers help trucking companies keep track of financial statements and give them a better idea of how their businesses are performing. Even if you are updating your books daily, you still need to check your finances regularly. A major problem with bookkeeping for truckers is the sheer amount of credits and debits from all over the country that takes place as part of keeping your company in business.

Keep track of all your receipts

Bookkeeping is an important part of running your business as an owner-operator truck driver. It allows you to keep your financial statements organized and gives you an idea of how your business is performing. As a truck driver, you may have a hard time keeping good records while on the road.

  • In addition, a good consultant will have a network of contacts in the trucking industry, which can be invaluable when it comes to finding new customers or suppliers.
  • Yes, to get you started and help you along the way, we have a number of easy to follow instructional video’s on our FAQ page.
  • That means you’ll be able to manage all areas of your business from one place.
  • Join over 1 million businesses scanning receipts, creating expense reports, and reclaiming multiple hours every week—with Shoeboxed.