Bookkeeping for Owner-Operator Truck Drivers

Here is an example of a very straightforward recordkeeping system for an owner-operator. One out of every 25 owner-operators gets audited by the IRS for taxes each year. You want to avoid that happening to you, but you want assurances that you’ve done everything right if it does. Having a separate account will also give you easy access to necessary information if you are audited. Prior to working with TransPress, we handled our logistics internally, which proved to be extremely time consuming. Now I can log onto one site and see all the freight rates at once instead of having to visit numerous sites.

Not all businesses or self-serve operations provide receipts upon you making a purchase. For this reason, a notebook or specialized app is another way to stay on top of accounting as a trucker. Though bookkeeping is a catch-all term for a range of different processes, here are 11 basic bookkeeping tips for truckers. From records of your profits and losses, to tax estimates, profit planning, and other budgeting resources, our bookkeepers will scan and document your critical business information.

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To learn more about the cost of bookkeeping, follow this small business guide. In addition to the core products listed above,  we offer an array of assorted services available for owner-operators who are in need of specific business assistance. Our RumbleStrip Essentials product is best for owner-operators who are no strangers to the trucking industry but are looking for efficient and convenient back-office solutions. No matter where you are in your driving career, we have a service package that will match your needs.

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. Whether you opt for basic bookkeeping or full-service bookkeeping and accounting, either option can help you be better prepared come tax season. Full-service bookkeeping is everything you’d find in basic bookkeeping with additional accounting services and financial statement analysis. Our flagship product, RumbleStrip Professional, is designed for owner-operators who want to grow their businesses. Rest easy knowing that everything from bookkeeping, accounting, taxes, and business planning is handled by a trusted expert.

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This is the simplest system to make sure you keep track of everything. Keep your trucking company operations legal, saving you time and the costs of expensive fines. ETrucking Solution is a premier American company catering to all the needs of the trucking companies irrespective of their size.

The IFTA is a way to redistribute the fuel taxes truck drivers pay in the lower 48 states and the 10 Canadian provinces. It ensures your funds go to the areas where you used your fuel instead of the ones where you purchased it. All businesses need to keep track of their expenses, but it’s more challenging in some industries than others.

Tax Preparation and Bookkeeping – Together

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. 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. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.

Additionally, there could be instances where business owners forget the source of some transactions after a long time. All in all, updated financial records mitigate the risks of errors and missed deductions. For owner-operators looking to learn and personally engage https://www.bookstime.com/ in bookkeeping processes, some tips make the whole process much more straightforward. Here are the best tips for managing the bookkeeping for a trucking business. Today, technological breakthroughs have also impacted the trucking industry for the better.

Alongside its standard accounting features, Q7 offers a number of useful functions for owner-operators including dispatch software and a freight billing component. That means you’ll be able to manage all areas of your business from one place. Keep reading to learn more about the fundamentals of bookkeeping for truckers, starting with what bookkeeping is in general.

• Let our experts help with permitting, compliance, insurance down payments, and more so you don’t have to tackle it all alone.
• For any bills that don’t have an option to go digital, you can use Shoeboxed to scan your paper copies and save them to the cloud.
• You never know when you might experience a hard drive crash, lose your phone, or delete your data by accident.
• Keep track of what specific payments are for, even if they aren’t immediately recorded since this will allow you to deduct as many genuine charges as possible.
• That means you’ll be able to manage all areas of your business from one place.
• These accounts come with credit cards that interface directly with the bank and function best for business-related transactions.

And now that you know the answer to the question “How much does a bookkeeper cost? ” you may wonder what exactly a bookkeeper does and the different types of bookkeeping services you can pay for. According to Glassdoor, it costs about $42,000 a year to hire a bookkeeper for your small business. But, this cost can vary based on additional truckers bookkeeping service factors such as your bookkeeping needs and where you run your business. Keeping compliant is as important as finding loads to haul and keeping a well-maintained vehicle. If you decide to hire a compliance service, this e-book will guide you through some of the regulatory and safety questions to help you get the most for your money.