Since drivers can be compensated by the truckload or miles driven instead of receiving a monthly or weekly paycheck, it can be confusing and time-consuming without a proper system. Working with the right payroll provider can be the key to saving time and avoiding unnecessary paperwork. See our top-recommended fuel cards and find the one best suited for your trucking business. Otherwise, check our guide to the best business credit cards for small businesses to find additional options.

That’s where bookkeepers like me who know the industry (like me and the people I’ve coached) come in to help. At ATBS, we understand that trucking businesses can take many different shapes and forms. That’s why we provide several different packages, including Essentials, Professional, and Enterprise.

What to look for in trucking accounting software

You’ll also have an easier time tracking and documenting your spending, as most accounting software can integrate with your bank account. One of your most powerful trucking bookkeeping resources comes in the form of a tiny slip of paper—receipts! Without them, you run the risk of losing hundreds, even thousands, in taxes. Avoid missed payments and stay on top of the money going out of your bank account by switching to electronic billing. That way, all of your bills can be accessed through any computer or mobile device, no matter where you are in the world. 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.

He has been an auditor of international companies and a tax strategist for real estate investors. He now writes articles on personal and corporate finance, accounting and tax matters, and entrepreneurship. That’s another reason paying for tax services is essential for the transportation business. IFTA compliance is one of the additional accounting responsibilities unique to trucking companies. Fortunately, it doesn’t have to take up too much time or energy if you plan ahead.

Calculate Taxes

You must be strategic about which tools you invest in to avoid wasting resources, but it’s worth utilizing in many areas. In addition to keeping records of your expenses, you should have documents that prove their validity, such as receipts, trip logs, and account statements. https://www.bookstime.com/articles/how-to-calculate-sales-tax It’s often even more difficult for truck drivers, whose gas and food expenses could easily be personal costs if they occurred outside of a trucking trip. As a result, you probably shouldn’t try to manage your trucking business’s accounting function without help.

• That’s why we’ve put together a few truckers’ bookkeeping tips to simplify your bookkeeping process.
• For example, accounting errors could cause you to miss out on valuable financing or get you in trouble with the Internal Revenue Service (IRS).
• It can also enhance the professional image of your business because it shows customers and vendors that you have a separate financial identity and you’re managing your business responsibly.
• The software is made up of modules that can be combined in various ways, so it can be customized for a large variety of trucking company types and interface with an array of systems.

Quickbooks Online is not an accounting solution that was not designed strictly for any one industry and certainly not for trucking businesses. However, those in the trucking industry, specifically the truckers themselves, can use Quickbooks’s accounting tools for the business needs of trucking management. You must keep all records used to prepare your tax return for three years from the date you filed the return.

AccountEdge

If you are a business owner who prefers to track expenses via a template, that’s a great way to organize expenses in one easy to access place. To simplify your accounting tasks, it’s beneficial to develop trucking-specific templates and forms. These will help you easily track trucking expenses such as fuel costs, truck maintenance fees, payroll expenses, etc. The beauty of this method is that you can customize your template to your liking in a way that best suits your accounting needs. TruckingOffice bills itself as “trucking management software,” but many of its functions are geared toward accounting for trucking companies.

• Our innovative trucker accounting services help trucking companies enhance efficiency, standardize operations, and attain maximum visibility into their finances.
• We have decades of experience in serving dental practices from across the world.
• Meanwhile, the HVUT is an annual fee that truckers must pay if they drive a vehicle that’s at least 55,000 pounds for more than 5,000 miles on public highways.
• Because separating your business finances also helps with building business credit, you could choose to apply for a credit card and establish utility accounts under your company’s name.
• Trucking business owners can tailor Quickbooks for some specific trucking business needs, including managing trucker employees, time tracking, payroll and even tax penalty protection.

As a truck driver, you may have a hard time keeping good records while on the road. That’s why it may be best to look into using a bookkeeping service for your business that works specifically with owner-operator truck drivers. It’s also important to keep detailed information on mileage and trips, no matter the size of your business. The ideal accounting solution will provide all of this truckers bookkeeping service information and offer trucking management tools, such as fleet maintenance tracking. Trucking companies have certain bookkeeping requirements that make them different from other businesses. For example, you should be able to manage loads and dispatches and generate data that will help you file your IFTA reports, which is one of the trucking accounting best practices already mentioned.